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Finance Minister Tito Mboweni's 2021 Budget sees property transfer duty remaining at the rate set in 2020, the planned finalisation of 1 409 restitution claims, and an allocation of R7 billion to the Land Bank.
Many taxpayers will breathe a sigh of relief following Finance Minister, Tito Mboweni’s, 2020 Budget Speech. Many pundits predicted that the Minister’s hands were tied and he would have no choice but to increase the VAT rate or at least tax rates across the board. Instead, the Minister afforded some relief to taxpayers with an above-inflation increase in the personal income tax brackets and rebates.
The spirited Budget Speech given by Minister Tito Mboweni this Wednesday may have given many taxpayers a sense of cold comfort in otherwise tumultuous economic conditions in South Africa. However, aside from the quips about pot plants and there being no VAT increase, the proposals made are simply not enough for taxpayers anymore.