Budget 2017

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Tax predictions for Budget 2017: Raising revenue in a disruptive world

14 February 2017

Since 2009, National Treasury has embarked on fiscal expansion to enhance the public sector’s infrastructure programme and support future economic capacity in South Africa. However, anaemic global economic growth over the last nine years has left the Treasury’s countercyclical expenditure programme unable to lift the GDP growth above 2% per annum.

Budget preview – balancing act between raising revenues and maintaining growth

14 February 2017

During the Medium Term Budget Policy Statement, Finance Minister Pravin Gordhan paved the way for significant fiscal consolidation in the coming financial year. In total, National Treasury proposed that spending be cut by R20 billion and taxes raised by R28 billion, amounting to a R48 billion contraction in the 2017/2018 fiscal budget.

Tax increases are likely in the 2017 National Budget Speech

30 January 2017

In the Medium-term Budget Speech, on 26 October 2016, Finance Minister Pravin Gordhan indicated that there would be tax increases of R13bn in 2017, and provisionally further tax increases of R15bn in 2018. These are in addition to the approximately R15bn tax increases that were introduced in 2016. This is according to Patricia Williams, Tax partner at Bowmans law firm, who notes that middle to high-income earners can expect further tax increases in the National Budget Speech next month.