{"id":60970,"date":"2024-02-14T06:45:25","date_gmt":"2024-02-14T06:45:25","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/vat-should-be-godongwanas-target-says-pwc"},"modified":"2024-02-14T07:10:09","modified_gmt":"2024-02-14T07:10:09","slug":"vat-should-be-godongwanas-target-says-pwc","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/vat-should-be-godongwanas-target-says-pwc","title":{"rendered":"VAT should be Godongwana\u2019s target, says PwC"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s National Treasury may have to hike value-added tax on some goods and services to bring in new revenues, accounting firm PwC said.<\/p>\n

Finance Minister Enoch Godongwana in November, signalled that he would announce new tax measures to raise an additional R15 billion in his Feb. 21 budget.<\/p>\n

The country is facing spiralling debt and growing spending needs that may be exacerbated by elections in which the ruling African National Congress risks losing its national majority for the first time since it took power in 1994.<\/p>\n

\u201cWe really don\u2019t have scope from a corporate income tax point of view,\u201d Kyle Mandy, PwC South Africa tax policy leader, told reporters Tuesday.<\/p>\n

\u201cNor do we really have scope from a personal income tax perspective.\u201d<\/p>\n

To raise the 15 billion rand, the Treasury would have to increase VAT by 0.5% to 15.5%, Mandy said, adding that personal income tax has largely been exhausted and corporate taxes in recent years have been a \u201cvolatile\u201d and \u201cunreliable\u201d revenue source.<\/p>\n

That\u2019s in part due to mining companies, which have contributed to previous windfalls, facing a knock to their profits from lower commodity prices, power cuts and logistics snarl-ups.<\/p>\n

\u201cThat leaves VAT,\u201d he said, but the question is \u201c, Are they brave enough to go and raise the VAT rate\u201d in an election year?<\/p>\n

The last time South Africa ratcheted up the levy was in 2018, when it hiked it to 15% from 14%, with the expectation of boosting revenues following hefty spending commitments.<\/p>\n

A VAT increase could be made more palatable if it is tied to a popular 350 rand monthly social relief of distress grant for the unemployed, said Mandy.<\/p>\n

Last week, President Cyril Ramaphosa pledged to extend and improve the stipend.<\/p>\n

Treasury could employ a model similar to the VAT increases of 2018, which then Finance Minister Malusi Gigaba said would be used in part to fund free higher education announced the prior year, Mandy said.<\/p>\n

\u201cThey actually have an opportunity to actually link a VAT increase or justify a VAT increase by linking that to the SRD grant.\u201d<\/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. South Africa\u2019s National Treasury may have to hike value-added tax on some goods and services to bring in new revenues, accounting firm PwC said. Finance Minister Enoch Godongwana in November, signalled that he would announce new tax measures to raise an additional R15 billion in his Feb. 21 budget. The country is […]<\/p>\n","protected":false},"author":84,"featured_media":60969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-60970","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":"\nVAT should be Godongwana\u2019s target, says PwC - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s National Treasury may have to hike value-added tax on some goods and services to bring in new revenues, a ...\" \/>\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\/vat-should-be-godongwanas-target-says-pwc\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VAT should be Godongwana\u2019s target, says PwC\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s National Treasury may have to hike value-added tax on some goods and services to bring in new revenues, a ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/vat-should-be-godongwanas-target-says-pwc\" \/>\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=\"2024-02-14T06:45:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-14T07:10:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1707881938.935177.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\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\/vat-should-be-godongwanas-target-says-pwc#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/vat-should-be-godongwanas-target-says-pwc\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"VAT should be Godongwana\u2019s target, says PwC\",\"datePublished\":\"2024-02-14T06:45:25+00:00\",\"dateModified\":\"2024-02-14T07:10:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/vat-should-be-godongwanas-target-says-pwc\"},\"wordCount\":358,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/vat-should-be-godongwanas-target-says-pwc#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1707881938.935177.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\/vat-should-be-godongwanas-target-says-pwc#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/vat-should-be-godongwanas-target-says-pwc\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/vat-should-be-godongwanas-target-says-pwc\",\"name\":\"VAT should be Godongwana\u2019s target, says PwC - 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