ANALYSIS | Hereâs how your taxes could change after next weekâs Budget 2021 Feb 19, 2021, 05:10 PM
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The 2021 Budget speech will require a careful balancing act from finance minister Tito Mboweni.
Some taxes may be revised, but he is likely to prioritise economic growth rather than just pushing up tax rates.
Personal income tax rates probably won t increase, they ll just miss out on the usual relief.
A VAT increase could be announced – for implementation in future years rather than immediately.
Here is how VAT specialist Charles de Wet believes taxes could change thanks to the new national budget.
Finance minister Tito Mboweni is due to deliver his 2021 budget speech on Wednesday.
Fears of tax revolt as alcohol firms struggle with excise taxes due to booze ban The liquor industry is calling on government to provide some relief when it comes to specific taxes this year. FILE: The liquor industry is calling on government to provide some relief when it comes to specific taxes this year. Picture: EWN
93 days ago
JOHANNESBURG - There are growing concerns that alcohol companies restricted by government s lockdown simply can t afford to pay their excise tax, which would have a massive impact on the state s finances and could lead to a tax revolt down the line.
There are just a few weeks to go before Finance Minister Tito Mboweni will announce new tax proposals in his budget speech next month.
Is liquor industry s plea for tax break the start of unaffordable tax revolt ?
13 January 2021 7:09 PM
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The industry wants excise tax payment deferred until the alcohol ban is lifted. Wide-ranging reaction on The Money Show.
South Africa s big liquor players want the payment of excise taxes deferred while the alcohol sale ban is in place.
The SA Liquor Brand Owners Association (Salba) says the re-imposition of the ban has left it no choice.
The group says says the industry pays the South African Revenue Service (Sars) an average of R2.5bn per month in excise taxes.
But alcohol companies have to pay the tax on end products which are sitting in their warehouses and can t be sold during the prohibition.