The Budget proposals announced by Minister Gordhan reflect the themes foreshadowed in the mid-term Budget speech and the State of the Nation address. It is no surprise, therefore, to see a policy of investment in infrastructure and upliftment of the population through education, health and social assistance.
However, reduced revenue collections as a result of the slower economic environment, not only here but in most of South Africa’s main trading partners, have meant that the Minister has had to look elsewhere for the necessary additional revenues. The two most visible increases are in capital gains tax and in the new dividend withholding tax.
So, as was the case last year, the taxpayer will provide the funding for Government’s key objectives.
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