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Don't panic! This is the best a taxpayer could have hoped for

Thursday, 27 February 2014   (0 Comments)
Posted by: Author: Professor Matthew Lester
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Author: Professor Matthew Lester (Moneyweb)

The overall picture

Introduction: South Africa’s fiscal problem in a nutshell

In the history of South African tax, previous finance minister Trevor Manuel could perhaps be described as ‘a great batsman on an easy wicket. Somewhat like Jacques Kallis but never as dull as Kepler Wessels.’

Prior to 2008, driven by growth rates above 4% per annum South Africa’s tax engine was firing on all cylinders. The going was easy for Trevor Manuel. But South Africa’s national budget contained no contingency for the slowing of economic growth that emerged from 2011.

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