SA to take tax hit in February budget - while SARS clampdown intensifies
South Africa will be hit by a R15 billion tax hike in February as Treasury scrambles to deal with government overspending and rocketing borrowing costs.
On Wednesday, the Medium-Term Budget Policy Statement was released, which makes provision for R15 billion in"tax measures" to increase government revenue next year. This is part of a crisis plan to tackle a fiscal blowout, with government debt now expected to reach almost 80% of GDP in the next two years.
Treasury officials did not want to comment on which tax or taxes could be affected, but stressed to News24 that government spending cuts will be prioritised – while taxpayers will face the"lowest burden".South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
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.
Coronation Fund Managers counts cost of Sars tax battleAsset manager issues a cautionary; shareholders are told to expect earnings per share to fall 45-55% after an adverse court judgment.
Read more »
SARS makes big changes to international transfersSouth African emigrants must deal with a new system when making payments internationally.
Read more »
Plans to reconfigure state will be announced in FebruaryAfrica's Best Read
Read more »
Was Sars’s budget realistic?'Compared to the original February estimate, we are R1bn over that – but we are also paying out more in refunds, and we are paying them faster': South African Revenue Service Commissioner Edward Kieswetter.
Read more »
Gauteng Deputy Speaker's discharge application over assault dismissed - SABC NewsSergeant Lizzy Mojapelo was pregnant at the time of the alleged assault in February 2020.
Read more »
When does the 2024 Six Nations start?We have to wait until February for top-tier men's international rugby and the return of the Six Nations.
Read more »