Tito Mboweni’s Budget Speech 2021

Finance Minister Tito Mboweni delivered the budget speech yesterday, 24 February 2021.  This year’s budget has taken into consideration the impact that Covid-19 has made on all South African’s, households and businesses alike. As a recap, some of the highlights which...

Should I file a tax return for the 2020 tax year?

In response to COVID-19, the South African Revenue Service (SARS) has tried to simplify the tax filing process for individual taxpayers and remove the need to visit branches. SARS has introduced a four-phased approach to filing season this year:  1. Phase one:...

Finance Minister Tito Mboweni’s budget speech

Finance Minister Tito Mboweni delivered the budget speech on Wednesday the 26th of February 2020.  Given everything that has transpired since then, it certainly feels like a lifetime ago.  However, we are already in the second month of the 2021 tax year. As a recap,...

2020 Budget speech update

by Faizil Jakoet Head of Retail Client Services – AllanGray During the much-anticipated Budget speech, the Minister of Finance announced tax relief for individual taxpayers, signalling that tax brackets will be adjusted and personal income tax rebates will...

Getting back from the Taxman

The end of the 2020 tax year is fast approaching with many of our clients looking to maximise the benefits afforded to them by the tax man. This can be done by “topping-up” your retirement annuity and tax-free savings account. Retirement Annuities Currently all...

Unravelling your residencies – exchange control, tax and citizenship

Unravelling your residencies – exchange control, tax and citizenship South Africans who live and work abroad are not currently subject to income tax on the income they earn outside of South Africa, provided they spend more than 183 full days (including a continuous...