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Could capital gains tax be increased?
- 02 February 2015
- Corporate Tax
- Ingé Lamprecht
Important:
This article is based on tax law for the tax year ending 28 February 2016.
Author: Ingé Lamprecht (Moneyweb)
How government is likely to plug its fiscal deficit.
Finance minister Nhlanhla Nene will probably announce changes to a range of tax categories to raise the additional taxes government needs, tax experts argue.
Government is under pressure to collect more revenue as economic growth continues to disappoint. Ratings agencies have also been keeping a watchful eye on South Africa’s fiscal health.
Speaking at a Deloitte roundtable, Nazrien Kader, managing partner for Deloitte Taxation Services Africa, said raising taxes is going to be unpopular, but it is going to happen.
But what options will the minister likely have considered before he tables his budget in Parliament on February 25?
Kay Walsh, economic consulting leader at Monitor Deloitte, said last year the main sources of revenue for the fiscus were personal income tax (35%), value-added tax (26%) and corporate income tax (20%).
Nene already announced that government would need to raise at least R27 billion in additional tax revenue over the next three years, which equates to around R9 billion per annum.
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This article first appeared on moneyweb.co.za