No tax has been raised in the so-called emergency budget.
Finance Minister Tito Mboweni announced no changes to any taxes on Wednesday – not even the so-called probe tax (excise on liquor and cigarettes).
However, the minister warns that the Treasury is likely to make adjustments in 2021.
He said new tax measures of R40bn would have to be introduced over the next four years. It’s the kind of “anonymous” new tax that is often entered into medium-term budget speeches and can involve anything from wealth tax to new tax cuts. It may not be realized at all either.
For now, Treasury says, there is still relief for companies and individuals to help them through the crisis, as previously announced.
