Budget 2022 | Tax relief for the working class

CAPE TOWN – Finance Minister Enoch Godongwana says this year’s budget has been compiled with the people in mind.

He has announced numerous tax relief measures to ease the burden on the working class.

Godongwana’s also announced the expansion of the employment tax incentive.

READ: Budget 2022 | Excise duties on alcohol, tobacco increase

He’s also reaffirmed the reduction of corporate tax from the current 28 percent to 27 percent.

This will take effect for companies whose tax year ends on or after 31 March 2023.

READ: Budget 2022 | No increase in general fuel levy

“Households and businesses are still under financial pressure and are coping with higher obligations, the effects of COVID-19 and increased fuel prices,” Godongwana said

“Now is not the time to increase taxes and put the recovery at risk. Accordingly, we have decided to keep money in the pockets of South Africans. 

“This budget includes R5.2-billion in tax relief to help support the economic recovery, provide some respite from fuel tax increases, and boost incentives for youth employment.”

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