ECONOMIC WEEK AHEAD: Moyane to launch tax season
The Absa purchasing managers’ index (PMI) is expected to show a muted result for June following recovery in May
Tax season 2017 will be officially launched on Monday in Soweto, where South African Revenue Service (SARS) commissioner Tom Moyane will be joined by Finance Minister Malusi Gigaba and his deputy, Sfiso Buthelezi.Earlier in 2017, taxpayers were hit with the highest marginal tax rate in 23 years when the Treasury added a super-tax bracket of 45% for high-income earners. However, an increase in unemployment and a decline in GDP growth are likely to constrain revenue collection in 2017.Also on Monday, the Absa purchasing managers’ index (PMI) is expected to show a muted result for June following recovery in May.First National Bank senior economist Mamello Matikinca says: "We expect the index to hover around the 50 [point] level. We anticipate that manufacturers most likely remained constrained by weak demand over the month."Investec forecasts a PMI reading of 50.9 points. A reading below the 50-point mark indicates activity in the manufacturing sector is probably contracting.The Absa P...
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