South Africans’ pockets will welcome the personal income tax relief that Finance Minister Tito Mboweni has granted through an above inflationary adjustment. busrep
CAPE TOWN – South Africans’ pockets will welcome the personal income tax relief that Finance Minister Tito Mboweni has granted through an above inflationary adjustment.
“Each year that passes without clarification causes more anxiety for stakeholders. It is clear from the Budget Speech, however, that the original deadlines are not feasible, given the current economic climate and government’s lack of capacity.” As expected, further assistance was offered to state-owned entities . The fiscus, as it stands, leaves the government between a rock and a hard place, especially as sovereign debt continues to rise at increasingly unsustainable levels.The fiscal deficit remained largely unchanged. The estimate for the main budget balance is expected to widen to -6.8 percent of GDP in fiscal year 2020/21 before narrowing marginally to - 5.9 percent in 2022/23.
With the steady increase in property prices over the past 24 months, this is a welcome relief to individuals wanting to enter the property market. The race threshold for transfer duties, is positive news as it provides some relief for first time owners.This Budget Speech actually struck a delicate balance by being both bond and equity friendly. Generally what would happen is an equity friendly budget would not be a bond friendly budget.
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