Budget 2023 | All the big tax announcements | Business

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Budget2023 | This year's Budget brings some relief to taxpayers, and where there are tax hikes, they are relatively benign. As for businesses and households that are planning to install solar, a mini tax bonanza awaits. | News24_Business

Currently, businesses that launch solar photovoltaic projects below 1MW are able to deduct 100% of the cost from their tax liability in the first year.

These limits on generation have now been scrapped – and businesses can deduct a whopping 125% of the value of the project in the first year. That's the cost of the project plus an additional 25%. The incentive will be granted for new projects that were brought into use between 1 March 2023 and 28 February 2025.Households will get a tax rebate of 25% of the cost of new solar PV panels for the next year. The rebate can offset your income tax liability up to a maximum of R15 000. For example, if you buy 10 solar panels at a cost of R40 000, this means your personal income tax liability for the 2023/24 tax year will be reduced by R10 000.

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_Business This isn't a budget, this is waste of billions of rands. Bailing out SOE's that have been plundered and destroyed by the ANC. How much longer are we going to keep on allowing this ? These billions could be used for the poor and other essentials. VoetsekANC

_Business Those who are financially in a good position are being helped to get off the grid, wait for eskom to turn around and cry about lost revenue hence higher increases to the people who can't afford to get off the grid. 🤡🌎

_Business Askies ur loss I guess

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