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Feb 25, 2021
South African Finance Minister Tito Mboweni delivered the 2021/22 Budget on Wednesday that treads a pragmatic path between over-spending and too much austerity, as the economy grapples with the impact of Covid-19 and lockdowns.
By Wesley Grimm, Joon Chong, Cor Kraamwinkel from Webber Wentzel
The minister clearly listened to widespread calls to avoid raising taxes but also to allocate more funds to rolling out vaccines. Overall, it was an optimistic budget, but with some stings in the tail.
The Budget delivered good news for taxpayers on a number of fronts: Households, particularly lower-income groups, will benefit from the above-inflation 5% increase in personal income taxes and rebates.