Taxpayers are expected to shoulder the country’s dire financial burden as experts predict a 1% increase in VAT in Wednesday’s Budget speech in Parliament by Finance Minister Tito Mboweni. Budget2020
Durban - Taxpayers are expected to shoulder the country’s dire financial burden as experts predict a 1% increase in VAT in Wednesday’s Budget speech in Parliament by Finance Minister Tito Mboweni. The country’s economic growth projection for the next year is expected to dip to 0.8%, according to the International Monetary Fund, and a tax revenue collection shortfall has already been foretasted.
“Pragmatically, we cannot raise corporate taxes because it would scare off investors and we are already highly taxed as individuals. That leaves us with VAT, which is effectively tax on spending,” said Joubert.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Budget 2020: DA expects Gauteng e-tolls to stay despite Makhura's promise | IOL NewsThe DA in Gauteng says it expects Finance Minister Tito Mboweni to announce during his budget speech this coming week that e-tolls are here to stay. Budget2020
Read more »
WATCH: What to expect from budget 2020Saica’s David Warneke talks to Business Day TV about what might be in finance minister Tito Mboweni’s speech
Read more »
If Sona 2020 bears fruit, SA is set for a digital transformationFrom robotics in our primary schools to building a smart city from scratch, the future for SA and its innovation could be bright, writes Ryan Jamieson
Read more »
If Sona 2020 bears fruit, SA is set for a digital transformationFrom robotics in our primary schools to building a smart city from scratch, the future for SA and its innovation could be bright, writes Ryan Jamieson
Read more »
If Sona 2020 bears fruit, SA is set for a digital transformationFrom robotics in our primary schools to building a smart city from scratch, the future for SA and its innovation could be bright, writes Ryan Jamieson
Read more »