Enoch Godongwana dismissed concerns about South Africa running out of money, stating that governments can always tax people.
Finance Minister Enoch Godongwana says the government is not running out of money and can never run out of money because it can always tax its citizens.
In response to these concerns, Godongwana said the government is working to manage public finances prudently and sustainably. “Unless there are too many excessive expenditure increases, which will require a tax increase, you will see in our assumptions over the next three years that we’re not planning major tax increases.”tabled in February this year, the budget deficit for 2023/24 is estimated to worsen from 4% to 4.9% of GDP compared to just a year ago.
PIT generates around 40% of South Africa’s entire tax revenue, much more than the revenue generated from value-added tax and corporate income tax .
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