#Budget2023: No tax increases, debt relief for Eskom

There were no big surprises in the 2023 budget, and taxpayers can breathe a sigh of relief.

The South African Revenue Service (Sars) collected a substantial R94 billion more than expected in February last year which, bar sin taxes, prevented any rise in taxes (including the fuel levy).

Finance minister Enoch Godongwana announced inflationary relief for the adjustment of tax brackets which will put around R16 billion back in consumers’ pockets.

Some of the big, but expected, announcements were that the government would offer Eskom tax relief of R254 billion and further bailouts for Transnet, the Post Office, SAA and the Land Bank. The R350 grant was also extended for another year, which could amount to a cost of around R55 billion in total.

Businesses and households that install solar solutions to mitigate load shedding also received relief of around R13 billion.

Visit Moneyweb.co.za for full details and analyses of the significant announcements.