On 24 February, at 2pm, Finance Minister, Pravin Gordhan will deliver the Budget for the 2016 financial tax year. With a number of tough choices to make, there is great anticipation in hearing what steps will be taken to avoid credit rating downgrades.
Some speculation includes potentially increasing Securities Transfer Tax rate from 0.25% to 0.5%, alternatively to increase the VAT rate from 14% to 17%. Cuts to government expenditure are expected and we have been warned of the potential for an increase in personal income tax.
Minister Gordhan has asked for South Africa’s views on this years’ budget, and how South Africa can achieve economic growth.
Want to send your tips to our Finance Minister? – go to http://www.fin24.com/Budget/budget-2016-gordhan-wants-to-hear-sas-views-20160209