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Author:  Maryna Botha
24 February 2021

2021 BUDGET NEWS

Wednesday, 24 February 2021
Earlier this afternoon the Minister of Finance, Mr Tito Mboweni, delivered the National Treasury’s budget for 2021/2022.

The following stands out:

  • Capital Gains Tax effective rates remain unchanged:

Individuals and special trusts – 18%
Companies – 22.4%
Other trusts – 36%

  • Estate Duty remains unchanged at 20% on the first R30 million, and 25% for the amount above R30 million.
  • Withholding tax remains unchanged at 7,5%, 10% and 15% on the sale of immovable property by a non-resident.
  • Income tax thresholds have increased to:
Taxable Income (R) Rate of Tax (R)
1 – 216 200 18% of taxable income
216 201 – 337 800 38 916 + 26% of taxable income above 216 200
337 801 – 467 500 70 532 + 31% of taxable income above 337 800
467 501 – 613 600 110 739 + 36% of taxable income above 467 500
613 601 – 782 200 163 335 + 39% of taxable income above 613 600
782 201 – 1 656 600 229 089 + 41% of taxable income above 782 200
1 656 601 and above 587 593 + 45% of taxable income above 1 656 600

  • The general fuel levy increases by 15 cents per litre, and the road accident fund levy increases by 11 cents per litre on 7 April 2021.

The original article can be viewed here: