Business
Midterm budget: South Africans can expect significant tax increases─── EARL COETZEE 18:38 Wed, 26 Oct 2016
Cape Town - Government is expected to increase tax revenue by R28 billion, while a further increase of R15 billion has been penciled in for the 2018/19 financial year.
These increases come amidst a revised 0.5% economic growth forecast, compared to the 0.9% projected in February.
Finance Minister, Pravin Gordhan, had a difficult job, finding a massive R17,6 billion to allocate to tertiary education over the coming three years. This money will go toward funding education for poor households. A further R10 billion was also allocated to the NSFAS programme, while child support grants have been increased by R10 per child.
It is not yet clear where the higher taxes will come from, but the possibility of higher income tax, Value Added Tax, and other personal taxes cannot be discounted.
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