Every year, the South African government presents its annual budget review on the last Wednesday of February. This review outlines all of the changes in taxes, spending, and other fiscal matters for the upcoming year.
But what happens when that date falls close to the start of a new financial year? In years where this occurs, an exception is made and the budget review is moved to the second-to-last Wednesday of February.
This year is no different: The 2023 South African Budget Review will be presented on Wednesday 22 February 2023.
For businesses and payroll departments across South Africa, this news comes as a welcome relief. With just one week between the budget review and the 1st of March, there is very little time in which payroll suppliers can implement those requirements of the budget that are legally effective from the 1st of March. This gives businesses more time to prepare for any necessary changes before they go into effect on the 1st of March 2023.
The annual budget review includes a range of changes across various sectors of society including taxes, health care benefits, education programs, and more. It also usually contains a range of fiscal policies that could affect businesses—including changes in capital gains tax or corporate income tax rates—as well as proposals for public spending initiatives such as infrastructure projects or unemployment benefits. Additionally, it may contain announcements regarding changes in social welfare programs or public services such as health care or education.
The results of this year’s budget review could have far-reaching implications for businesses and individuals alike—from changes in tax rates to new public spending initiatives that could benefit local communities or businesses alike.
It is important that business owners keep abreast of any developments during and after the presentation so that they can make timely decisions regarding their operations and future plans accordingly.
The importance of staying informed about these changes cannot be overstated; it can help business owners make timely decisions regarding their operations and future plans accordingly. Join our Payroll Manager’s Tax Year-End Seminar online or in person on 9 March 2023. We will be covering the Budget Speech and the deeper impact on businesses. Book now: https://payrollseminars.co.za/