Possible VAT changes in 2018 Budget Speech
DATE: 30 January 2018
AUTHOR: Risk Africa Magazine
February’s budget speech is expected to hit a slightly more optimistic note as a result of a resurgence in business and consumer confidence. But South Africa’s growing debt levels and alarming budget deficit means that consumers should still prepare for the possibility of an increase in the VAT rate, cautions Maarten Ackerman, chief economist and advisory partner at Citadel.
This follows finance minister Malusi Gigaba’s recent statement that the country is facing a difficult fiscal framework, and that South Africans will have to bear some pain as a result of tough decisions being made to stabilise debt levels.
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