Treasury pivots on budget, scraps tax hikes
SA signalled a shift in budgetary policy, backtracking on planned tax increases as it switched focus to growing the Covid-19 battered economy.
SA signalled a shift in budgetary policy, backtracking on planned tax increases as it switched focus to growing the Covid-19 battered economy.
The rand strengthened by 1% against the dollar following the commencement of Tito Mboweni’s 2021 budget speech.
Zimbabwe’s markets have been roiled after a tax increase last week triggered panic buying of gasoline and spurred individuals to turn to equities.
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Pravin Gordhan announced tax increase, some tax relief and fresh taxes on the horizon at this years budget. The income tax table for individuals and trusts is attached.
Pravin Gordhan’s budget task is not easy in a slow growth environment as he seeks to close a R48 billion budget contraction by further tax increases and cost cutting.
While Pravin undertook to cut the civil service and sell a minority stake in SAA, he should have proposed the privatisation of Eskom, says Sibanye Gold CEO Neal Froneman.
Moody’s says South Africa’s budget has not identified specific revenue measures to achieve smaller deficits.