Tax expert Professor Keith Engel says that the finance minister’s hands are tied by the government’s economic fumbles – and won’t be donning a cape to save us any time soon.
South African Institute of Taxation CEO, Professor Keith Engel, says that finance minister Enoch Godongwana’s hands are tied – and he can’t “save the day” for South Africa’s low-growth economy.
“Incentives have a muted effect, and they’re paltry, like the renewable incentive. They really make no difference whatsoever.” “The growth factor is outside the minister of finance’s hands; all he can do is balance the budget. The minister can’t save the day for growth. It’s up to the rest of the government – and this comes down to President Cyril Ramaphosa. If he can’t do anything, can’t save the day.”According to Engel, every year a few weeks before the budget, analysts and taxpayers get worked up into a frenzy about possible tax hikes as the government looks for revenue to plug the budget deficit.
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