South African government not to introduce any tax increases in 2021
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Update time : 2021-02-26 20:04:59
According to Tito Mboweni, the Minister of Finance of South Africa, the government will not introduce any tax increases this year as the tax collection in the previous fiscal year was nearly 100 billion rand higher than expected.
Due to the recovery of consumption and production during the October-December 2020 period and the increased income tax gained by the mining industry, South African tax collection in the fiscal year 2020-21 was expected to be 99.6 billion rand higher than the estimate in mid-2020.
As the tax revenue collection was expected to be improved, the government will withdraw the tax increase plan of up to 40 billion rand which was previously announced.
