South Africa’s Minister of Finance delivered the 2020 Medium Term Budget Policy Statement on 28 October 2020.
Key tax highlights from the reading include:
- No new tax proposals were introduced. The Government continues to project R5 billion (b) of tax increases in 2021/22.
- The current year’s tax revenue is projected to be R8.7b lower than the June budget estimate. Gross tax revenue will be 17.9% lower than collections in 2019/20 (representing a R312.8b shortfall against the 2020 Budget for…