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SA expects lower tax revenues, higher borrowing this year – Mboweni

South Africa’s 2019/20 tax revenues could be “significantly lower” than budgeted for and it may need to borrow more than planned, Finance Minister Tito Mboweni said on Tuesday.

FILE: Finance Minister Tito Mboweni. Picture: GCIS

CAPE TOWN – South Africa’s 2019/20 tax revenues could be “significantly lower” than budgeted for and it may need to borrow more than planned, Finance Minister Tito Mboweni said on Tuesday, also citing the cost of support for struggling power utility Eskom.

“This could substantially increase the government’s borrowing requirements for 2019/20, which will require the government to revise its funding strategy and current weekly bond issuance at levels beyond what we had planned,” Mboweni told Parliament on Tuesday.