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Tax hikes expected next week - including VAT

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Cabinet has reportedly backed a smaller VAT hike in the new budget - which means other tax hikes are likely to come in as well to make up the balance.
The article from BusinessTech discusses the anticipated tax hikes in South Africa as part of the upcoming 2024 Budget Speech. Finance Minister Enoch Godongwana is expected to announce increases in various taxes to address the country's fiscal challenges, including a potential rise in Value Added Tax (VAT) from 15% to 16%. This adjustment in VAT, along with possible increases in personal income tax, fuel levies, and sin taxes (on alcohol and tobacco), aims to generate additional revenue to manage the government's debt, which has been exacerbated by economic slowdown, state capture, and the impacts of the Covid-19 pandemic. The article also mentions that these tax hikes could lead to higher living costs for South Africans, potentially affecting consumer spending and economic growth. However, the government might also consider broadening the tax base or implementing austerity measures to mitigate the need for such increases.

Read the Full BusinessTech Article at:
[ https://businesstech.co.za/news/budget-speech/815856/tax-hikes-expected-next-week-including-vat/ ]