{"id":55641,"date":"2023-10-27T16:12:43","date_gmt":"2023-10-27T16:12:43","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa"},"modified":"2023-10-27T16:41:40","modified_gmt":"2023-10-27T16:41:40","slug":"warning-for-solar-tax-breaks-in-south-africa","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa","title":{"rendered":"Warning for solar tax breaks in South Africa"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The National Treasury desperately needs to raise revenues and may end the solar tax rebate soon.<\/p>\n

The weaker-than-expected GDP will likely increase the budget deficit further than the National Treasury\u2019s initial 2023 forecasts.<\/p>\n

\u201cFor 2023\/24, we expect a shortfall in taxes of around R47 billion accompanied by higher expenditure of R56 billion, pushing the deficit to 5.5% of GDP. The outcome is markedly higher than the National Treasury\u2019s target of 4%,\u201d economists at Nedbank said.<\/p>\n

\u201cThe commodity price upcycle, which led to a windfall in tax revenues last year, has turned sharply, significantly reducing corporate tax collections.\u201d<\/p>\n

Despite lessening intensity over the last few days, load shedding has also hurt growth.<\/p>\n

Total revenue for the five months that ended August dropped by 0.7 y\/y, with corporate taxes declining by 13.7%.<\/p>\n

Although personal income taxes (8%) and value-added tax (VAT) (5%) increased, it was at a slower pace compared to the same period last year.<\/p>\n

With this in mind, Nedbank said that revenue will only grow by 1%, far lower than the 3.5% pencilled in the 2023 budget.<\/p>\n

For the Medium-Term Expenditure Framework (MTEF) period, revenue is expected to be R156 billion lower than the Budget 2023 projections.<\/p>\n

That said, South Africans should not expect anything major from next week\u2019s Medium Term Budget Policy Statement (MTBPS).<\/p>\n

\u201cNo major revenue measures will be announced in the MTBPS, and budget developments over the remainder of FY2023\/24 will determine whether we can expect tax changes in the February 2024 budget statement,\u201d Nedbank said.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. The National Treasury desperately needs to raise revenues and may end the solar tax rebate soon. The weaker-than-expected GDP will likely increase the budget deficit further than the National Treasury\u2019s initial 2023 forecasts. \u201cFor 2023\/24, we expect a shortfall in taxes of around R47 billion accompanied by higher expenditure of R56 billion, […]<\/p>\n","protected":false},"author":84,"featured_media":55640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-55641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nWarning for solar tax breaks in South Africa - South Africa<\/title>\n<meta name=\"description\" content=\"The National Treasury desperately needs to raise revenues and may end the solar tax rebate soon. The weaker-than-expect ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Warning for solar tax breaks in South Africa\" \/>\n<meta property=\"og:description\" content=\"The National Treasury desperately needs to raise revenues and may end the solar tax rebate soon. The weaker-than-expect ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-27T16:12:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-27T16:41:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698412238.456108.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Warning for solar tax breaks in South Africa\",\"datePublished\":\"2023-10-27T16:12:43+00:00\",\"dateModified\":\"2023-10-27T16:41:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa\"},\"wordCount\":260,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698412238.456108.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa\",\"name\":\"Warning for solar tax breaks in South Africa - South Africa\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698412238.456108.jpg\",\"datePublished\":\"2023-10-27T16:12:43+00:00\",\"dateModified\":\"2023-10-27T16:41:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The National Treasury desperately needs to raise revenues and may end the solar tax rebate soon. The weaker-than-expect ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698412238.456108.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698412238.456108.jpg\",\"width\":1024,\"height\":683,\"caption\":\"Warning for solar tax breaks in South Africa\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/south-africa\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Warning for solar tax breaks in South Africa\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#website\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/\",\"name\":\"South Africa\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/south-africa\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Warning for solar tax breaks in South Africa - South Africa","description":"The National Treasury desperately needs to raise revenues and may end the solar tax rebate soon. The weaker-than-expect ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa","og_locale":"en_US","og_type":"article","og_title":"Warning for solar tax breaks in South Africa","og_description":"The National Treasury desperately needs to raise revenues and may end the solar tax rebate soon. The weaker-than-expect ...","og_url":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa","og_site_name":"South Africa","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-10-27T16:12:43+00:00","article_modified_time":"2023-10-27T16:41:40+00:00","og_image":[{"width":1024,"height":683,"url":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698412238.456108.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Warning for solar tax breaks in South Africa","datePublished":"2023-10-27T16:12:43+00:00","dateModified":"2023-10-27T16:41:40+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa"},"wordCount":260,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698412238.456108.jpg","keywords":["Africa Press","Africa Press-South-Africa","South-Africa"],"articleSection":["all news","economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa","url":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa","name":"Warning for solar tax breaks in South Africa - South Africa","isPartOf":{"@id":"https:\/\/www.africa-press.net\/south-africa\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698412238.456108.jpg","datePublished":"2023-10-27T16:12:43+00:00","dateModified":"2023-10-27T16:41:40+00:00","author":{"@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The National Treasury desperately needs to raise revenues and may end the solar tax rebate soon. The weaker-than-expect ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#primaryimage","url":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698412238.456108.jpg","contentUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1698412238.456108.jpg","width":1024,"height":683,"caption":"Warning for solar tax breaks in South Africa"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/warning-for-solar-tax-breaks-in-south-africa#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/south-africa\/"},{"@type":"ListItem","position":2,"name":"Warning for solar tax breaks in South Africa"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/south-africa\/#website","url":"https:\/\/www.africa-press.net\/south-africa\/","name":"South Africa","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/south-africa\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts\/55641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/comments?post=55641"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts\/55641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/media\/55640"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/media?parent=55641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/categories?post=55641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/tags?post=55641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}