SARS to squeeze an extra R17bn from 2017 taxpayers
Treasury warns of revenue-collection risks
SA was "at a crossroads" and "tough choices" had to be made in preparing the 2017-18 budget, Finance Minister Pravin Gordhan said while delivering proposals that will slap high-income earners and shareholders with heavier taxes. Treasury officials warned that there are "significant risks" to revenue collection and economic growth going forward and that these remained high. They described the budget as providing a "measured, prudent course of fiscal consolidation" that aimed to narrow the budget deficit and stabilise debt. The Treasury has made no change in the 2017-18 budget to the economic growth forecasts it made in the medium-term budget policy statement (MTBPS). Growth of 0.5% was forecast for 2016, 1.3% for 2017, 2% for 2018 and 2.2% for 2019. Inflation is expected to remain outside the inflation targeting band at 6.4% this year, falling to 5.7% next year. As is always the case, these forecasts are more optimistic than the forecasts of economists and the Reserve Bank and are cr...
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