HOW WILL TAX RATES AFFECT YOUR BUSINESS IN 2021?

HOW WILL TAX RATES AFFECT YOUR BUSINESS IN 2021?

24 February 2021 – Tax Rates changes
As per the Minister of Finance’s Budget Speech on 24 February 2021, for the 2022 year of assessment (1 March 2021 – 28 February 2022), the changes are:
R87 300 if you are younger than 65 years.
If you are 65 years of age to below 75 years, the tax threshold (i.e. the amount above which income tax becomes payable) increases to R135 150.
For taxpayers aged 75 years and older, this threshold is R151 100.

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