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The positive news in the lead-up to the 2018 Budget Speech is that the broad macro-economic environment is less confining than this time last year.
South African taxpayers have to prepare themselves for several tax increases this year in order for the government to plug the gaping revenue deficit, warns Ettiene Retief, chairman of the national tax and South African Revenue Service (SARS) committee at the South African Institute of Professional Accountants (SAIPA).
Werksmans Attorneys director and tax specialist Doelie Lessing says she expects two major tax changes in Wednesday’s budget - but only one will have a real impact on South Africa’s fiscal shortfall.
For the first time in many years, the South African public can look forward to the National Budget with a renewed sense of optimism that the economy is on the verge of growth. Finance Minister Malusi Gigaba should see this as a positive but be aware that he faces a balancing act of doing the right thing politically and doing what is in the public’s best interest.
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