Govt to raise billions through tax revenue adjustments, but details sparse
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."
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)
IDC head of Corporate Affairs Tshepo Ramodibe explains why the funding application for Green Scooters was rejected.Read More
Our long-term focus keeps us steady and we remain resilient says the Government Employees Pension Fund's Musa Mabesa.Read More
According to a report by Bloomberg News, the funds would be used to re-capitalize the reformed South African Airways.Read More
Various witnesses have implicated Matshela Koko in corruption, but he was his confident self before the State Capture Commission.Read More
The platform offers anything from a personalised recipe from a celebrity chef to a virtual locker room huddle with a sports star.Read More
Well-known communicators Mike Stopforth and Victor Dlamini have partnered up to launch a 48-hour social media crisis consultancy.Read More
On Wednesday's PowerBall draw - It's when we see an obvious pattern that we get suspicious says statistics expert Johan Ferreira.Read More
One of the worst years this century did not stop some industries from having their best year yet.Read More
There's no scientific evidence the restaurant industry has contributed to the rising infection rate says Rasa's Wendy Alberts.Read More
Checkers has given its own twist to Bobby McFerrin's 80s hit song. The TV campaign gets Andy Rice's advertising hero award.Read More