Page 4 - Nexia SAB&T Property & Tax Guide 2022

2022/2023 BUDGET HIGHLIGHTS

◆ Personal Income tax
❖ Inflationary relief through a 4.5 per cent adjustment in the tax brackets and
rebates.
◆ Employment tax incentive
❖ Expanded through a 50 per cent increase to R1 500 per month.
◆ Fuel & RAF levies
❖ No change to the general fuel levy or the Road Accident Fund (RAF) levy.
◆ Excise duties
❖ Increases of between 4.5 per cent and 6.5 per cent on alcohol and tobacco.
◆ Corporate Income Tax
❖ Effective for tax years ending on or after 31 March 2023 the rate is reduced
to 27%.
◆ Disclosure of wealth
❖ It is proposed that all provisional taxpayers with assets above R50 million be
required to declare specified assets and liabilities at market value in their 2023
returns.
◆ Assessed losses
❖ The offsetting of the balance of assessed losses brought forward will be limited to
80% of taxable income for years of assessment ending on or after 31 March 2023.
◆ Carbon Tax
❖ The first phase will be extended by three years for the period 1 January 2023 to
31 December 2025.
◆ Plastic bag levy
❖ Increase to 28c/bag from 1 April 2022.
◆ Health Promotion Levy
❖ Beverages with more than 4g of sugar per 100ml will have a levy of 2.31c/g from
1 April 2022.

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