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Govt to raise billions through tax revenue adjustments, but details sparse

28 October 2020 7:52 PM
Tags:
Tito Mboweni
The Money Show
Bruce Whitfield
MTBPS
mini budget
Personal taxes
Economic Recovery Plan
increasing taxes
2020 medium term budget policy statement
Le Roux Roelofse
fiscal deficit
tax increases

Should taxpayers be worried? Bruce Whitfield interviews Le Roux Roelofse (Deloitte) after the Medium-Term Budget Policy Statement.

The Finance Minister's Medium-Term Budget Policy Statement (MTBPS) contained worrying news for tax payers.

Tito Mboweni says in order to reduce South Africa's fiscal deficit, taxes will increase by R5 billion in 2021/22.

Further increases are set to follow until the 2024/25 financial year.

"Government has projected tax increases of R5 billion in 2021/22, R10 billion in 2022/23, R10 billion in 2023/24 and R15 billion in 2024/25."

RELATED: How worried should we be about speculation that Mboweni will increase taxes?

On The Money Show, Le Roux Roelofse (Tax Director at Deloitte) says the outlook for taxpayers may not be as bad as we might think.

There's a frank acknowledgement in the detailed framework that was released that increased taxes will probably have a negative effect on growth, and it acknowledged that growth is the way with the reduction in the public wage bill, to tackle the debt crisis.

Le Roux Roelofse, Tax Director - Deloitte

What we may find and what some people expected is that we could see a solidarity- or a surcharge-type tax to get us through the next year or two or three, while we're consolidating the debt.

Le Roux Roelofse, Tax Director - Deloitte

That would be plugging some holes in the dyke, but ultimately I think the acknowledgement here is that you can't kill the patient to save his life!

Le Roux Roelofse, Tax Director - Deloitte

Listen to more 'mini-budget' reaction in the audio below: (Roelofse is at 1:54)


28 October 2020 7:52 PM
Tags:
Tito Mboweni
The Money Show
Bruce Whitfield
MTBPS
mini budget
Personal taxes
Economic Recovery Plan
increasing taxes
2020 medium term budget policy statement
Le Roux Roelofse
fiscal deficit
tax increases

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