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Tito Mboweni Faces Tough Time Raising Money from Overburdened Taxpayers

Feb 20, 2019

 

Faizel Patel, Radio Islam News – 20-02-2019

(Twitter: @FaizelPatel143)

 

The co-founder of a tax company Tax Trim has told Radio Islam Finance Minister Tito Mboweni will have a tough time raising more money from already over-burdened taxpayers.

Mboweni faces a baptism of fire when he presents his maiden budget on Wednesday in Parliament.

Last year the more than R 6.8 billion Rand squeezed from taxpayers including the 1 percentage point VAT increase thrust South Africans into a very difficult economic climate.

Marc Sevitz says Taxpayers should be concerned about how the country will fund Eskom SAA SABC bailouts with labour unions already warning of dire consequences should any restructuring plans result in job losses.

He says Mboweni will have to find the money elsewhere.

“Maybe something on dividends tax or capital gains tax from the wealthier taxpayers. But I don’t see much happening in an election year where money actually needs to be raised. So the question is where does it come from? Those are things like fuel and cigarettes and alcohol and levies and maybe there’s where they are going to raise money.”

Sevitz has emphasized Mboweni is going to have to look at stimulating growth for the next few years, but says this worrying because year on year, the growth forecast has actually declined.

 

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