- The 2023 Medium Term Budget Policy Statement prioritizes growth, fiscal stability, and assistance for marginalized groups
- Government plans to focus on GDP expansion through infrastructure improvements and state restructuring
- South Africa needs to raise additional revenue, leading to discussions about increasing the Value Added Tax (VAT) rate
- Finance Minister aims to raise an additional R15 billion in revenue for the 2024/2025 financial year
- Auditing firm PwC suggests increasing VAT for economic efficiency and revenue generation
- Compensatory measures may be needed if VAT is increased to mitigate the impact on low-income individuals
- Some experts propose exploring alternative revenue collection methods to avoid a VAT increase
- Uncertainty surrounds the government’s decision on VAT increase due to potential pushback from stakeholders.
Source: africataxreview.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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