– 1% for employee and employer
– Limited to R148.72 each per month
R148.72 employee
R148.72 employer
R297.14 total
– 1%
– -Payroll of >R500 000 annually
Who qualifies:
– 18 to 29 years old
– Not domestic worker / connected person
Benefit:
– R1 000 for employees earning up to R4 500 (previously R4 000)
– Reduced to nil at the maximum monthly income of R6 500 (Previously R6 000)
The 2024 Budget Speech in South Africa has unveiled a series of fiscal measures and spending programs that aim to balance economic growth with fiscal responsibility. This year’s budget is particularly noteworthy given its proximity to the upcoming elections, a factor that seems to have influenced the government’s cautious approach to major tax changes. The
There has been a warning to taxpayers who fail to provide pertinent documentation in a timely manner to support their value-added tax (Vat) filings. Effective immediately, the South African Revenue Service (SARS) will start providing estimated assessments. After the estimated assessment is released, the Vat vendor will not be able to file a request for adjustment
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