· Tax revenue collection is R10.3 billion higher than estimated in the 2022 Medium Term Budget Policy Statement and R128 billion higher than the revenue collected in the previous tax year. The improvement in revenue is due to higher collection in corporate and personal income taxes, and customs duties. However, VAT collections were lower than expected.
· Fifty-seven percent of the higher-than-expected revenue will be used to reduce the fiscal deficit rather than used for new spending. This will have a positive impact on debt levels in the future.There are no major tax increases planned and the budget review states that “government intends to avoid tax increases while the economy is recovering from recent shocks”.· Tax tables will be adjusted for inflation with the tax-free threshold increasing from R91 250 to R95 750.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Government to take on Eskom's debt of R254 billion | The Citizen💡Government will take over Eskom’s debt of R254 billion to restore the struggling power utility’s financial viability - Godongwana BudgetSpeech2023 Budget2023 Eskom LoadsheddingUpdate Catch up on what's happening here⬇️
Source: TheCitizen_News - 🏆 6. / 75 Read more »
Eskom getting R254 billion government bailout to help end load-sheddingFinance minister Enoch Godongwana announced a debt-relief arrangement for Eskom during his 2023 Budget Speech. Absolute joke ! Bailout after bailout … this money will be burnt to keep generators on 🤣 Just to be looted by syndicates and mafia?
Source: mybroadband - 🏆 11. / 67 Read more »
Budget 2023: Eskom clinches another bailout worth billionsFinance Minister Enoch Godongwana said the R254 billion bailout of the ailing utility would span three years, with Eskom's debt currently at R423 billion. Is money being given to SAA again? PresidencyZA CyrilRamaphosa
Source: ewnupdates - 🏆 30. / 53 Read more »
Eskom bailout mandates partial privatisation of South Africa's power grid - TechCentralEskom will receive R254-billion in debt relief over the next three years, provided it partially privatises the country's electricity transmission network and coal-fired power plants.
Source: TechCentral - 🏆 8. / 71 Read more »