2020 Budget Speech Tax Highlights-03

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 are tied and will 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.