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Mboweni announced that corporate income tax will be lowered by 27%.
Briefly.co.zatakes a look at some of the key points discussed by the minister in his speech.
Finance Minister Tito Mboweni has made quite a few increases in the 2021 National Budget Speech. Image: Waldo Swiegers/Bloomberg and Dwayne Senior/BloombergSource: Getty Images
R11 billion is being augmented for the Presidential Youth Employment initiative.
The gross loan debt will increase from R3.9 trillion to R5.2 trillion in the 2023/24 fiscal year.
2021 Personal Income Tax Brackets
Personal income tax brackets will be increased by 5%.
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This will provide R2.2 billion in tax relief.
Mboweni said this will reduce the tax burden on lower and middle-income households.
It will also be expanding specialised audit and investigative skills in the tax and customs areas.
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Briefly.co.zaearlier spoke to anexpert who gave insight into the Budget Speech.
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Source: Briefly News
Reeshni ChettyReeshni Chetty is a senior current affairs reporter.
Reeshni has a passion for breaking the stigma surrounding mental health issues.
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