The Minister of Finance presented the 2023 Budget Review in Parliament on 22 February 2023.
The most important tax changes proposed by the Minister of Finance, which will be effective from 1 March 2023 to 29 February 2024, are summarised below.
Subsistence Allowances and Advances
The daily amounts for overnight allowance in respect of travelling for business purposes (including at least one night away from home) in the Republic are:
- R522 per day for meals and incidental costs
- R161 for each day for incidental costs only
Rate per kilometre (AA rate)
The prescribed rate per kilometer has been increased from R4,18 per km to R4,64 per km. This rate is applicable at the option of the recipient where no other form of compensation is received for business travel purposes.
To download the detailed tax guide, follow the link.
For expert advice and guidance contact CRS Technologies at info@crs.co.za.
