2023 Budget Speech | Key Property Takeaways
Galetti Corporate Real Estate
Galetti Corporate Real Estate is one of South Africa’s leading commercial and industrial real estate consultancies.
2023 Budget Speech | Key Property Takeaways
Transfer Duty
The brackets of the transfer duty table will also be increased by 10 percent, allowing properties below R1.1 million to avoid any transfer duty payments.
UDZ Zone
The urban development zone tax incentive will also be extended, by two years, to allow for the review of the incentive to be completed.
Renewable Energy Fiscal Support Package
From 1 March 2023, businesses will be able to reduce their taxable income by 125% of the cost of an investment in renewables.
No thresholds on the size of the projects that qualify
There will be no thresholds on the size of the projects that qualify, and the incentive will be available for two years to stimulate investment in the short term.
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New tax incentive for individuals to install rooftop solar panels
As announced by the President, we will also introduce a new tax incentive for individuals to install rooftop solar panels to reduce pressure on the grid and help ease loadshedding.
Rebate of 25 percent of the cost of the panels
Individuals who install rooftop solar panels from 1 March 2023 will be able to claim a rebate of 25 percent of the cost of the panels, up to a maximum of R15 000. This can be used to reduce their tax liability in the 2023/24 tax year. This incentive will be available for one year.
Solar-related loans for small and medium enterprises
The government will guarantee solar-related loans for small and medium enterprises on a 20 percent first-loss basis.
Energy Bounce Back Scheme
National Treasury will launch the Energy Bounce Back Scheme in April 2023.
UDZ Zone and Fiscal support package
The UDZ Zone and Fiscal support package may be of particular interest. The government will guarantee solar-related loans for small and medium enterprises on a 20 percent first-loss basis.