LIVE | Tax revenue collections for 2022/23 are expected to total R1.69 trillion, says Godogwana

Finance Minister Enoch Godongwana delivers his 2023 budget speech which analysts say will be a fine balancing act between competing needs.

Below is the Livestream:

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Tax

Tax experts say given the current difficult economic climate, increasing taxes is not an option. They say any increases to the corporate, personal, or value-added tax would be a huge blow to the government’s efforts to revive the economy.

Head of Tax at the auditing firm PricewaterhouseCoopers, Kyle Mandi, says Godongwana is unlikely to make major tax adjustments during his budget speech. However, Mandi says sin tax, fuel, and the road accident fund levy might see increases in line with inflation.

“Improving revenue collection through compliance activities, narrowing the tax gap, etc rather than raising the tax. What we might see however is some relief given to the business. The fuel taxes that they are paying on the fuel being used in diesel generators.”

Live:

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14: 27 Tax revenue collections for 2022/23 are expected to total R1.69 trillion, says Godogwana