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Higher taxes looming for South Africans

Pravin Gordhan's budget proposes cutting expenditure by R10b, with a R28b tax increase for next year.

Finance Minister Pravin Gordhan presents mid-term budget policy statement. Picture: YouTube Screengrab

JOHANNESBURG - Finance Minister Pravin Gordhan says the economy needs growth and revenue generation, which means raising taxes.

Gordhan today delivered his medium term budget in Parliament.

"We propose to raise an additional R43 billion through tax measures. R28 billion of which will be in the coming fiscal year."

The minister says more money is being set aside for tertiary education.

"We expect a better future for our children, particularly through education and the entire education system."

Economists say Gordhan has delivered a balanced medium term budget, addressing all the major concerns facing the economy.

The budget proposes cutting expenditure by R10 billion and increasing revenue, with a R28 billion tax increase for next year.

Investment Solution's Lesiba Mothatha says this will put additional strain on taxpayers.

"Not only are the households, which one can argue they are already stretched; considering in February a higher tax budget and taxing the rich more which looks like an outcome that will continue (sic)."

The South African Institute of Professional Accountants' Ettiene Retief said, "I think overall a balanced budget to try and repurpose where we put the majority of our funding and spending (sic)."

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