Government Finances
The revelation at the Nugent enquiry that the South African Revenue Services (SARS) may be more than R200bn short of its revenue targets in the current financial year is very disturbing because it makes further tax increases inevitable. We have already had an increase in the marginal tax rate to 45% and a 1% increase in VAT. These will most probably be followed by another jump in VAT to 17% or 18% and maybe increases in personal and company tax. Read More