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What can we expect from this week's budget?

19 February 2018 8:22 AM
Tags:
Budget
Tax
Finance Minister Malusi Gigaba
Finance experts give their predictions on what we can expect from Wednesday's budget.

We're being told to brace ourselves for tax hikes during the finance minister's budget on Wednesday.

Experts are predicting that Malusi Gigaba may increase the current rate of VAT from 14 percent to 15 or 16.

We may also see rate hikes on luxury goods and fuel levies in a bid to close the massive revenue gap.

Speaking to Kieno Kammies, City Press business editor Justin Brown says sources close to Treasury claim Gigaba will be looking to make up the shortfall.

Right now there's about 51 billion rand expected shortfall in tax collections because of the economy and some people also say because Sars hasn't been doing its job.

Justin Brown, City Press, business editor

But Brown admits it will be an unpopular move by Gigaba.

Obviously there could be quite a backlash against people who've actually supported Cyril Ramaphosa in his campaign, which was the Sacp and Cosatu.

Justin Brown, City Press, business editor

Experts say it will be a tough job getting South Africa's economy back on track.

The legacy that Jacob Zuma has left and including some of the ministers, including Minister of Finance Malusi Gigaba, they have, through their extraction and looting of state enterprises primarily, they have created this massive gap, on top of it they've ground the economy to a halt.

Dr Iraj Abedian, CEO, Pan-African Investments & Research Services

Dr Abedian says Sars also has a lot of work to do in closing the revenue gap.

Sars has to wake up and claim back this unpaid money which runs into billions. That will cover about 10 to 15 percent of the gap.

Dr Iraj Abedian, CEO, Pan-African Investments & Research Services

Treasury is set to present its 2018 budget to parliament on Wednesday.


This article first appeared on CapeTalk : What can we expect from this week's budget?


19 February 2018 8:22 AM
Tags:
Budget
Tax
Finance Minister Malusi Gigaba

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