Big tax hikes coming in South Africa ? Experts
Staff Writer4 February 2020
Big tax hikes coming in South Africa ? Experts
Finance Minister Tito Mboweni will deliver the 2020 National Budget on 26 February, and both Absa and Efficient Group chief economist Dawie Roodt predict significant tax increases this year.
"Speaking to ENCA, Roodt said the state?s debt has reached such high levels that it is now in deep financial trouble.
He said the rate at which the government is borrowing money is increasing much faster than the rate at which the economy is growing.
According to Roodt, South Africa has reached a point where it is extremely difficult to turn the situation around.
To improve the country?s financial situation, the government will either have to cut spending or increase taxes.
With the government?s unwillingness to cut the public sector payroll or state spending, the only other option is to increase taxes.
Roodt said this means that tax hikes are not a possibility, but a certainty. The only question is which taxes will be increased."
Get out if you can.
It is not like the graffiti on the walls in Yeoville that read " would the last person to leave the country please turn off the lights"
The lights are out already.
God help us
Staff Writer4 February 2020
Big tax hikes coming in South Africa ? Experts
Finance Minister Tito Mboweni will deliver the 2020 National Budget on 26 February, and both Absa and Efficient Group chief economist Dawie Roodt predict significant tax increases this year.
"Speaking to ENCA, Roodt said the state?s debt has reached such high levels that it is now in deep financial trouble.
He said the rate at which the government is borrowing money is increasing much faster than the rate at which the economy is growing.
According to Roodt, South Africa has reached a point where it is extremely difficult to turn the situation around.
To improve the country?s financial situation, the government will either have to cut spending or increase taxes.
With the government?s unwillingness to cut the public sector payroll or state spending, the only other option is to increase taxes.
Roodt said this means that tax hikes are not a possibility, but a certainty. The only question is which taxes will be increased."
Get out if you can.
It is not like the graffiti on the walls in Yeoville that read " would the last person to leave the country please turn off the lights"
The lights are out already.
God help us
