Tax hikes on the cards for the rich in South Africa
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GUEST – Ettiene Retief, Chairman of the SAIPA National Tax and Sars Committee
The South African government desperately needs more revenue, with potential tax hikes on the cards for the wealthy.
During the 2023 Medium Term Budget Policy Statement (MTBPS), Minister of Finance Enoch Godongwana outlined several cost-cutting measures expected to be integrated into the 2024 Budget, which will take place next week. Forecasts expect a widening budget deficit for the country, exceeding the 6% estimate provided in the November MTBPS.
The South African government desperately needs more revenue, with potential tax hikes on the cards for the wealthy.
During the 2023 Medium Term Budget Policy Statement (MTBPS), Minister of Finance Enoch Godongwana outlined several cost-cutting measures expected to be integrated into the 2024 Budget, which will take place next week. Forecasts expect a widening budget deficit for the country, exceeding the 6% estimate provided in the November MTBPS.
