BUDGET 2023: The Highlights
- A tax rebate to individuals for solar PV panels of 25% of the cost for a limited period, subject to certain conditions, and capped at R15 000 per individual.
- An expanded tax incentive for businesses of 125% of the cost of renewable energy assets used for electricity generation, brought into use during a period of 2 years from 1 March 2023.
- Granting tax relief by adjusting personal income tax brackets and rebates for the effect of inflation.
- Adjustments to tax tables for transfer duty, retirement fund lump sum benefits, and retirement fund lump sum withdrawal benefits, to take into account for the effect of inflation.
- As in the 2022 Budget, government again proposes no changes to the general fuel levy or the Road Accident Fund levy.
- To limit the impact of the energy crisis on food prices, the diesel fuel levy refund will be extended to manufacturers of foodstuffs for a period of 2 years, from 1 April 2023 until 31 March 2025.
View the TAX GUIDE from SARS.