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Dawn Ridler tells BizNews that although there’s a hole in funds, government needs to be careful of killing the golden goose – SA taxpayers.
‘Only 12% of South Africans actually pay personal income tax. Two thirds of them pay less than a fifth of the total’, writes Alec Hogg.
Treasury has outlined its progress on the economic recovery plan, with the focal points being electricity generation and job creation.
‘We will not rest until we have fundamentally altered the structure of this economy’. Read Finance Minister Tito Mboweni’s 2021 Budget Speech here.
With Covid-19 dealing the economy a R230bn blow (quantified today in Treasury documents), the tide has well and truly gone out.
SA’s economy is being strangled by unstable power supply and post lockdown recovery will be poor if Eskom doesn’t improve, but it says it has a plan.
Electricity supply needs to be improved, economic reforms implemented and Covid vaccination ramped up to push SA on upward growth trajectory.
A Treasury assessment determined the 12J tax incentive did not achieve its objectives of generating economic activity and job creation.
The 2021 Budget graphs paint an uphill battle for SA Finance Minister Tito Mboweni and its taxpaying citizens.
The executive summary of the budget speech outlines Tito Mboweni’s fiscal dilemma with a variety of taxes set to increase in the near future.