Tax increases you will probably see next week, and the ones you won’t
Analysts and economists detail their predictions for Finance Minister Tito Mboweni’s budget speech on February 24, with a particular focus on taxes.
The February budget generally focuses on government revenue collection efforts, and medium-term budget policy later in the year, around October, focuses on spending.
With the onset of the Covid-19 pandemic last year, the 2020 budget was largely out of step with the realities presented by the outbreak and the national shutdown, resulting in the presentation of the ’emergency’ budget. ‘ in June.
The new budget has left the fiscus in a vulnerable position, and the National Treasury is expected to record a budget deficit of at least 14% and fiscal revenues to be around R312.8 billion lower than projections in the .. .