Expert predicts SA taxes will increase

taxesSOUTH Africa’s growing current account deficit was not sustainable and it needed to embark on a major drive to reduce expenditure‚ experts said yesterday.

Ettienne Retief‚ chairman of the tax stakeholder committees at the SA Institute of Professional Accountants, said Finance Minister Pravin Gordhan would be a “superhero” if he could allocate the budget to all necessary areas without increasing the deficit too much.

Gordhan will deliver his budget speech on February 26.

South Africans had to realise taxes would be increased at some point‚ as the country could not continue borrowing without further negative effects.

Zweli Mabhoza‚ head of tax services at accounting and auditing firm SizweNtsalubaGobodo‚ said the government’s intentions to implement “cost containment” in its supply-chain management and reduction of cabinet expenditure sent the right message but was unlikely to substantially reduce expenditure.

He said the government should consider withholding money allocated to government departments and municipalities which received disclaimer audit reports. “Perhaps then taxpayers will begin to see value for their taxes.” – Amanda Visser

 

6 thoughts on “Expert predicts SA taxes will increase

  • February 19, 2014 at 3:52 pm
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    Zuma wants to extend the Nkandla home.

    Reply
  • February 19, 2014 at 1:03 pm
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    increase taxes in this country just mean more maney in someone elses pocket. we would not such a large deficit if our monies were not being defrauded and abused.people we need to vote right this year. The ANC is abusing the power given to them by us. Dallas

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  • February 18, 2014 at 3:58 pm
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    why must 5mil people support 50mil people?
    not to mention all the corruption going on in this country!

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  • February 18, 2014 at 2:15 pm
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    Why am I not surprised!!! They can’t afford the 4x4s and Gucchi’s without the tax-payers money.
    Spaza shops etc have to be maintained
    Their salaries were increased by huge percentages that some of us do not even get!

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  • February 18, 2014 at 10:34 am
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    How about cutting the salaries of Parliament members instead? Why must the poor hardworking citizens be taxed to death every time the government needs money?

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  • February 18, 2014 at 10:19 am
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    I`m not surprised,SABC debacle the Prez`s expensive wants corruption et al we the paying public foot the bills.

    Reply

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