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Tax hikes and taxpayer revolt

Wednesday, 03 December 2014   (0 Comments)
Posted by: Author: Ingé Lamprecht
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Author: Ingé Lamprecht (Moneyweb)

While the introduction of some form of tax hikes seems imminent, any potential increases would have to be carefully considered and introduced.

Government is under pressure to raise more revenue in a tough economic environment, but any potential tax hikes would likely be highly controversial if measures to address corruption and wastage do not bear fruit.

In his medium-term budget policy statement, finance minister Nhlanhla Nene, indicated that "efforts to improve value for each rand spent will include strengthened measures to identify, prevent and combat corruption in both the public and private sectors”.

While investigations by government’s anti-corruption task team has led to R1.8 million in assets frozen and R105 million in assets forfeited by September this year, amounts like these are relatively small compared to the revised expenditure estimate of R1 136.3 billion for 2014/2015.

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