Winners and losers from South Africa’s budget

The minister announced some tax relief to boost investment and consumer spending, which should help stimulate the economy. However, he had to balance that with measures to stabilize and eventually reduce government debt.Corporates:

Below-inflation adjustments to personal income tax brackets and fuel levies are usually an easy source of extra revenue for the state.Welfare Recipients: In addition to increases of 5.5% to 6.5% in the levies on tobacco products, the government proposed a flat excise duty on nicotine and non-nicotine solutions. That will add to the price of vaping products.The budget continues last year’s shift to more market-friendly policies, with windfall revenue partly from a commodities boom used to reduce taxes and the deficit.The consolidated budget shortfall is forecast at 5.7% of gross domestic product for the fiscal year to end-March.

First phase of the carbon tax, with its tax-free allowances and revenue-recycling measures, is extended for three years until the end of 2025. The government plans to progressively increase the carbon price each year.

Source: News Formal (newsformal.com)

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