New taxes & tax increases: An explainer

Value for money: Tax payers will have to bear more weight this year PIC: MORERI SEJAKGOMO
Value for money: Tax payers will have to bear more weight this year PIC: MORERI SEJAKGOMO

The Minister of Finance & Economic Development, Dr Thapelo Matsheka announced a number of tax changes whilst presenting the national budget on Monday, February 1, 2021

These tax changes come against the backdrop of constrained government mineral revenues as well as a dip in SACU and domestic tax collections which were occasioned by COVID-19. Below are the tax changes the Minister proposed to Parliament.

VAT rises to 14%

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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