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Tax Changes

Money is tight and the Government are looking to limit spending and increase income this year.

While no new surprise taxes were added and while no changes were made to VAT there are some things small and micro business owners should be aware of.

The tax brackets for small and micro businesses have not been adjusted higher to offset inflation and currency devaluation this year. This may result in you crossing from a lower tax bracket into a higher tax bracket.

You can check the chart below to see what those different tax brackets are and what the tax in each bracket is.