Publication
The Rising Impact of Secondary Perils
It has been reported that at the beginning of June 2024 nine people died and over 2000 households have been demolished due to sever flooding in the Eastern Cape.
In line with the hopeful message delivered in the State of the Nation address by the President, the Minister of Finance delivered a measured budget which did not shy away from the difficult questions being asked of Treasury.
In line with the hopeful message delivered in the State of the Nation address by the President, the Minister of Finance today delivered a measured budget which did not shy away from the difficult questions being asked of Treasury.
There is no doubt that the tax adjustments announced will hit South Africans in their pockets. However, Treasury failed to panic in the face of a slow economy and a growing deficit, and implemented some difficult changes which will hopefully make a material difference to the budget.
At the same time, statements regarding the realignment of tax incentives and the crack-down on illicit financial flows suggest that Treasury realises that increasing tax rates is not the only way to encourage economic activity and to bulk up the fiscus.
The Minister should be applauded for an honest medium term budget in October 2017, followed by an even better performance this year which can only strengthen the perception that Government is learning from its past mistakes and placing the country on a better course.
The main budget proposals for the 2018-19 fiscal year include –
Publication
It has been reported that at the beginning of June 2024 nine people died and over 2000 households have been demolished due to sever flooding in the Eastern Cape.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023