Taxes may rise for wealthy in mini budget, says expert
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.
“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.
Read the full story here: http://www.fin24.com/Budget/taxes-may-rise-for-wealthy-in-mini-budget-says-expert-20161023
You may be interested
22 people dead in 12 hours on KwaZulu-Natal roadsNews Guy - Dec 10, 2018
Twenty-two people died on KwaZulu-Natal roads on Saturday, with one accident on the N2 near Empangeni claiming 15 lives alone.…
Loadshedding Schedule: Saturday 1 December 2018 – Stage 2News Guy - Dec 01, 2018
Dear Ballito, We have upsetting news for you. Eskom announced that they need to implement Stage 2 loadshedding from 16:00…
Eskom implements stage 2 loadshedding on Friday – Ballito you are affectedNews Guy - Nov 30, 2018
Eskom announced on Friday that it would implement 13 hours of stage 2 load shedding between 09:00 and 22:00. Ballito…