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Sanlam Corporate and Simeka Consultants and Actuaries weigh in on the Budget Speech

23 February 2023 Sanlam

Contributors:
Carien Veenstra – Senior Legal Advisor, Sanlam Corporate
PG Marais – Legal Advisor, Sanlam Corporate
Anita Roodman - Senior Manager: Legal and technical, Simeka Consultants and Actuaries
William Donachie - Legal and Technical Specialist
David Gluckman – Chairman, Sanlam Umbrella Fund
Danie van Zyl – Head of Smoothed Bonus Centre of Excellence, Sanlam Corporate: Investments
Dirk Oosthuizen – Head: Research and Development, Simeka Consultants and Actuaries

1. Introduction

Tax revenue collections for 2022/23 are expected to total R1.69 trillion. This exceeds the 2022 Budget estimate by R93.7 billion, and the 2022 Medium-term Budget Policy Statement (‘MTBPS’) estimate by R10.3 billion. Over the medium-term, revenue projections are R6 billion higher than the estimates of the 2022 MTBPS. As a result, there are no major tax proposals in this budget.

The 2023 Budget provides tax relief totalling R13 billion to support the clean energy transition, increase electricity supply and limit the impact of consistently high fuel prices. In addition, the budget provides inflation-related adjustments to the personal income tax tables, the retirement tax tables, transfer duties and excise duties for alcohol and tobacco. R4 billion in relief is provided for households that install solar panels, R5 billion is provided to companies through an expansion of the renewable energy incentive and there is no increase in the fuel levies, resulting in R4 billion in tax foregone.

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