The National Budget Speech scheduled for this week is unlikely to bring any relief to long-suffering taxpayers. Despite the economic growth projections of nearly 1% this year, tax experts have warned that the country’s fiscal situation remains precarious.
South Africa’s revenue shortfall highlighted in the Medium-Term Budget Policy Statement is projected to reach R56 billion this year. Experts say that the government will have limited flexibility to provide additional tax relief to consumers despite it being an election year. Associate Professor at the University of Cape Town, Deborah Tickle says there is no room to reduce tax.
Bryan Hirsch from Bryan Hirsch Colley and Associates says the implementation of the two-pot retirement system is anticipated to start on September 1st this year. Under this system, Pension Fund Members will have the option to withdraw up to R25 000 from their pension fund. However, the drawback is that this withdrawal is likely to be subject to taxation at a lower tax rate.
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