There is not much to report on for the property sector following today’s budget speech by Minister Mboweni. Transfer duties will remain unchanged.

It was nice to hear that R9.3 billion had been allocated to finance 1409 land restitution claims, as this means that land will be redistributed, and owners will be compensated. It was however disappointing that R7 billion had to be allocated to bail out the Landbank.

Other general points of interest were:

• the shift of the personal tax brackets upwards by 5%. This will mean that all of us who are taxpayers will pay slightly less tax;
• the reduction of company tax by 1% to 27% (but this will be partially offset by a limitation in interest deductions and assessed losses);
• an increase in the fuel levy by 27c per litre; and
• (as usual) an 8% increase in excise duties on alcohol and tobacco.

Warmest regards
Miltons Matsemela