Cecil Kilpin | February 2017 Newsletter

By |2022-01-21T11:43:57+02:00Feb 14th, 2017|Business, Newsletter, Tax|

National Budget Day, 22nd February 2017 The Treasury recently confirmed that Finance Minister Pravin Gordhan will present South Africa’s National Budget to Parliament on Wednesday, 22nd February 2017. South Africa’s slower economy last year resulted in tax revenues falling well short of expectations, and this shortfall must now be dealt with.  To ‘balance the books’, government spending will have to be cut even more, and taxes will have to be raised. In October 2016, it was proposed in the medium-term budget policy statement (MTBPS) that a further R26-billion in reductions to the public expenditure ceiling would have to be implemented over the next two years.  New tax measures amounting to R13-billion in the 2017-2018 financial year were proposed. Combined with the higher taxes announced in [...]