PERSONAL TAX: Individuals spared an increase
Surprise relief for taxpayers in the form of above-inflation adjustments to the tax brackets
There was much speculation before finance minister Tito Mboweni tabled his 2020 budget that individual taxpayers would be hit with a tax hike. Some supposedly well-informed people talked of a 48% tax bracket being introduced for incomes over R2.5m.
This did not happen...