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In this year’s Budget, I’d like to see a number of things: I would like to see attention being focused on travel allowances and taking the process of travel reimbursements to its logical conclusion. I would like to see the Employment Tax incentive Act continuing for the sake of the youth of the country… What I’m scared of in the Budget is the raising of personal income tax rates.
High political drama in the opening weeks of Parliament aside, most South African business and personal taxpayers are expecting tax hikes across the board from the Finance Minister’s Budget Speech on 21 February. Government already faces a yawning budget deficit, aggravated by the need to find billions of rand to fund a new and unbudgeted-for commitment to free tertiary education.