No Tax Increases Expected In Budget

No Tax Increases Expected In Budget

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The SA Chamber of Commerce and Industry (SACCI) has released its expectations of Finance Minister Pravin Gordhan’s Budget speech, to be delivered on tomorrow, 26 February.

Neren Rau, SACCI CEO, said he would like to a see a balance between spending on social priorities and on productive assets that support sustainable economic growth.

Rau said that in the context of economic pressures face by households and business, he didn’t expect to see any tax increase.

What he would like to see was Minister Gordhan address the impact of global economic pressures, the weaker rand exchange rate and industrial action in the mining sector on investor confidence.

“SACCI would also like to see a firm stance on managing the budget deficit. The Minister can build on earlier calls to cut luxury spending by senior officials and rein in the growth of the public sector wage bill,” said Rau.

Rau said he’d also like to see Minister Gordhan provide an update on the progress made by the Tax Review Committee, specifically on ways to reduce the tax administration burden on SMEs.

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