Taxes may rise for wealthy in mini budget, says expert

News Guy
October 24, 2016
22 Shares 2987 Views

National Treasury may take a “tax heavy” approach to the budget, said Lesiba Mothata, chief economist at Investment Solutions.

Speaking to Fin24 by phone, Mothata shared expectations for tax revenues ahead of the medium-term budget policy statement – also referred to as the mini budget – to be presented by Finance Minister Pravin Gordhan on Wednesday, October 26.

[ads1]

“Coming from a ‘tax light’ budget in February, we are heading for tax heavy outcomes in the medium term,” he said.

A higher personal income tax bracket may be introduced. A wealth tax may be introduced as well, he said.

Higher corporate taxes are also possible following discussions at the G20 and authorities’ plans to clamp down on tax evasion and tax havens.

Overall, the aim is to shift tax benefits to those who earn less, explained Mothata. Essentially inflation will be covered by tax paid by middle to higher income earners, shifting tax benefits to those who earn less income.

Source: Fin24

Read the full story here: http://www.fin24.com/Budget/taxes-may-rise-for-wealthy-in-mini-budget-says-expert-20161023

[ads1]

Comments

You may be interested

Putt with purpose at the Annual Sunflower Fund Golf Day
Featured
1 shares325 views
Featured
1 shares325 views

Putt with purpose at the Annual Sunflower Fund Golf Day

Administrator - Jun 14, 2018

The fairway has been cleared for the 13th Annual Sunflower Fund Golf Day taking place on Tuesday 24th July at…

N3 offramp erupts into taxi war
Ballito News
31 shares1,237 views
Ballito News
31 shares1,237 views

N3 offramp erupts into taxi war

Administrator - Jun 01, 2018

The N3 offramp near Brookside mall should be avoided at all costs due to taxi drivers running around and shooting.…

Viral video of Dolphin hitting surfer
Featured
10 shares2,420 views
Featured
10 shares2,420 views

Viral video of Dolphin hitting surfer

Administrator - Apr 30, 2018

Being named the Dolphin Coast we thought to share this video from overseas of a dolphin accidentally knocking a surfer…

Leave a Comment

Your email address will not be published.

Time limit is exhausted. Please reload the CAPTCHA.