13/03/2025
Hi all
Finance Minister Enoch Godongwana delivered the 2025 Budget Speech yesterday. There are no major income tax hikes for individuals this year, but personal income tax brackets remain unchanged, meaning inflation could push you into a higher tax bracket.
Key Tax Updates:
VAT Increase – 15.5% from 1 May 2025, rising to 16% in 2026.
No Changes to Personal Income Tax Brackets – inflation could push you into a higher bracket.
Fuel Levies Stay the Same – some relief at the pumps.
No Increase in Medical Tax Credits – no extra relief for medical aid members.
Sin Taxes Up – expect to pay more for alcohol and ci******es.
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