2020/21 Budget News Hub

Time to Rebuild. Our theme for this year's seminal budget speech. What will this year's budget mean for you, your business and your customers? Find resources here to assist as well as insights shared by our tax and advisory experts.

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Tax-free bursary schemes loophole to be closed.

Tax-free bursary schemes loophole to be closed
The ability for employers and employees to structure their remuneration package to include a tax-free bursary or scholarship is one of the few mechanisms left to increase an employee’s take-home pay. Employees have been able to use their tax savings resulting from the tax-free bursary or scholarship to contribute to their own or children’s education and retirement savings.

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New exchange control and SARS procedures for emigrants.

New exchange control and SARS procedures for emigrants
Due to the change to the foreign employment exemption coming into effect on 1 March 2020, there has been a spurt of expats approaching both the South African Revenue Service (SARS) and the South African Reserve Bank (SARB) to formalise their permanent exit from South Africa, in order to not have to pay tax in South Africa on their foreign employment income.

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2020 Budget is the boldest in recent years.

Boldest budget in years
The 2020 Budget Speech, delivered on Wednesday 26 February by Minister of Finance, Tito Mboweni, contained several pieces of good news for taxpayers. At the same time, the Minister has taken a bold step in committing government to curtailing spending, which may have far-reaching consequences if it fails.

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Budget speech 2020 aims to win back investor confidence.

Winning back confidence - Bernard Sacks
Minister Tito Mboweni walked the tightrope in delivering his Budget Speech 26 February 2020. In an effort to preserve the last remaining investment grade status he had to demonstrate to the ratings agencies that South Africa was applying appropriate measures of fiscal discipline in cutting expenditure and limiting the amounts allocated to underperforming SOEs, whilst not overburdening South Africans with taxes.

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What should we really take away from the budget speech?

Budget 2020 News Hub
On 26 February 2020 our Minister of Finance Tito Mboweni delivered the annual budget speech. South Africans, still recovering from the 62 days long January, listened anxiously, or waited for the articles the next day, if there will be any tax increases.

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Budget 2020/21 Media Coverage

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Here you will find Mazars tax experts' comments appearing in the media regarding National Treasury's 2020/2021 Budget.

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The 2020 Budget will be an exercise in balancing Treasury’s books

Budget 2020 News Hub
South Africa is in critical need of a concrete plan from Treasury for the 2020/21 financial year if it is to overcome its existing economic challenges. Unfortunately, the 2020 Budget Speech, set to be presented by Minister of Finance Tito Mboweni on Wednesday, 26 February, is more likely be an exercise of balancing Treasury’s books, rather than presenting real solutions to the country.

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