Budget pain could have been much worse

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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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