Kobus Venter Sanlam, Sasolburg – Budget 2021: Tax changes you need to know about
Budget 2021: Here are the tax changes you need to know about
Personal income tax brackets will be increased by 5%, which is more than inflation. This will provide some relief that will reduce the tax burden on many South African households. Corporate income tax rate, on the other hand, will be lowered to 27% for companies with years of assessment commencing on or after 1 April 2022.
Use this Tax Calculator – to find out your monthly and annual income tax for the 2021/22 financial year.
While all this is great news, South Africans will pay more on fuel and sin taxes. See more updates from the 2021 Budget Speech Highlights.
It’s important that you are covered against life’s uncertainties, particularly those concerning your health. Speak to us via phone, email, social media or our website at www.sanlam.showme.co.za