Cape Town - Finance Minister Tito Mboweni has put R2billion back into the pockets of consumers after announcing a number of tax relief measures in his Budget speech on Wednesday.Mboweni told journalists in a pre-Budget briefing that he hoped they would reach an agreement with the unions on the wage cut.Cosatu spokesperson Sizwe Pamla said they would fight the decision.“You can’t provoke the public service. The public service is highly unionised. It’s 80% unionised.
Announcing the tax relief, Mboweni said rebates, in all brackets, would come into effect for the new financial year.“Indeed, there is some real personal income tax relief. This Budget means that a teacher who earns on average R460000 a year will see their taxes reduced by nearly R3400 a year. Hard-working taxpayers, who earn on average R265000 a year, will see their income tax reduced by over R1500 a year,” said Mboweni.
He said even if the tax increases were applied, this would not have been able to plug a hole in the fiscus.
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