Budget pain could have been much worse

Budget pain could have been much worse

Minister of Finance Tito Mboweni delivers the 2020 National Budget Speech at the Parliament House on February 26, 2020 in Cape Town. Picture: Gallo Images / Brenton Geach

Finance Minister Tito Mboweni treads softly with his budget and surprises with some relief for taxpayers, no one-off tax levy and no increase in VAT.

Finance Minister Tito Mboweni surprised many people – from economists to taxpayers – yesterday with a budget which was, in many respects, much softer than most had expected. There was no increase in VAT, nor a one-off tax levy. On the contrary, the minister announced slight relief for taxpayers earning less than R500,000 a year, as well as scrapping transfer tax on properties valued at less than R1 million. Financial pain will come through increases in sin taxes on alcohol and tobacco, as well as a hike in the levy on fuel to pay for road maintenance and the Road...




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