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Will Government hit punch-drunk South Africans with more tax hikes in 2019?
(The Money Show is brought to you by Nedbank. See Money Differently.)
How likely is it that Finance Minister Tito Mboweni will announce further tax hikes in his 2019 Budget?
That’s the question The Money Show’s Bruce Whitfield put to PwC's Kyle Mandy.
PwC released a report on tax revenue collections on Thursday.
Highlights from the report:
-
Corporate Income Tax (CIT) has tanked. Treasury is likely to revise forecasts for revenues derived from CIT downwards by between R8 billion and R14 billion.
-
Collections are on track to exceed forecasts. As at the end of August, total tax revenues were 11.2% up on 2017/18 on a year-to-date basis against a forecast increase of 10.6%.
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Revenue collections will exceed forecasts by between R8 billion and R11 billion if collections continue to perform as they have done in the first five months of the year.
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The main contributor to the strong growth in revenue collections is increased VAT collections.
For more detail listen to the interview in the audio below.
The only reason why we’re on track is the consumption taxes…
Kyle Mandy, PwC
The VAT increase was a good call, however difficult…
Kyle Mandy, PwC
There’s no wiggle room… Mboweni will remain conservative… The good news is, come February there’ll probably not be significant tax increases…
Kyle Mandy, PwC
He [Tito Mboweni] has no choice [but to be austere].
Kyle Mandy, PwC
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