2018’s budget does not go far enough. Perhaps Malusi Gigaba was caught up in the euphoria of the widely welcomed Sona by Cyril Ramaphosa
The proposed increase in value added tax will still be scrutinised, says ANC finance committee head
Critics dismiss treasury’s claims that the increase in value-added tax is the best way forward
Let’s not fool ourselves: this is not a budget that’s friendly to the poor or the vulnerable
Instead of hitting low earners hard, the budget should have raised wealth and corporate taxes
Spending cuts and VAT increase mean everyone will contribute to free higher education
“We’re worried about whether National Treasury has done an impact study to show its effect on the poor and lower income earners,” says Carrim
Whether measures announced by Gigaba will stave off a downgrade by the remaining credit rating agency remains to be seen.
Government bites the bullet and hikes VAT
Expect to fork out for budget shortfalls, free education and Eskom, but interest rates, fuel and food could provide some relief
Sars says despite tax policy reforms which were meant to increase revenue collection, the expected gains didn’t materialise due to a weak economy.
An extra R43-billion has to be raised through tax in the next three years, and this may be one option.
A wealth tax would bring in an additional R10-billion for government spending, making the rich an easy target for Finance Minister Pravin Gordhan.
There should be few exemptions, and complexity and compliance costs must be considered.
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/ 24 February 2012
Some small businesses are likely to benefit from minor tax tweaks but there is no relief on the jobs front.
With ambitious state projects planned, Finance Minister Pravin Gordhan faces a tough call in his 2012 budget speech: Should he raise taxes or not?
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/ 12 September 2011
An increase in the rate of Value Added Tax would be the most effective way of funding the National Health Insurance, economists say.
On paper the new tax system looks promising, but you need to consider your options carefully.