Government proposes tax relief totalling R13 billion in 2023/24 to support the clean energytransition, increase the electricity supply and limit the impact of consistently high fuel prices.
R4 billion in relief is provided for individuals that install solar panels, and R5 billion tocompanies through an expansion of the renewable energy tax incentive.
Inflation-related adjustments to the personal income tax tables, the retirement tax tables,and transfer duties are provided.
Excise duties on alcohol and tobacco will increase in line with expected inflation of 4.9 percent. The rate for sparkling wine is pegged at 3.2 times that of natural unfortified wine.
As in the 2022 Budget, government again proposes no changes to the general fuel levy orthe Road Accident Fund levy.
To limit the impact of the energy crisis on food prices, the diesel fuel levy refund will beextended to manufacturers of foodstuffs for a period of 2 years, from 1 April 2023 until 31 March 2025