{"id":60972,"date":"2024-02-14T06:48:20","date_gmt":"2024-02-14T06:48:20","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-sends-a-warning-to-finance-minister-enoch-godongwana"},"modified":"2024-02-14T07:10:36","modified_gmt":"2024-02-14T07:10:36","slug":"nedbank-sends-a-warning-to-finance-minister-enoch-godongwana","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-sends-a-warning-to-finance-minister-enoch-godongwana","title":{"rendered":"Nedbank sends a warning to Finance Minister Enoch Godongwana"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Nedbank has warned the government and South African Finance Minister that raising taxes in a weak economy will do nothing but prolong financial woes amid the high cost of living in South Africa.<\/p>\n

South African Finance Minister Enoch Godongwana\u2019s plans to raise additional taxes as he tries to arrest runaway debt will be ineffective given the battered economy, according to the country\u2019s fifth-largest bank by value.\u201cRaising taxes in a weak economy is counterproductive; it will not raise that revenue,\u201d said Isaac Matshego, a senior economist at Nedbank Ltd.<\/p>\n

In November, Godongwana 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

Lifting taxes would likely squeeze already strained consumers and hurt corporates, particularly in the mining sector, where weaker commodity prices and higher operational costs due to incessant power cuts and logistics bottlenecks have hurt profitability.<\/p>\n

\u201cWe would not expect higher revenue to come from higher taxes. We saw that happening, for instance, with VAT,\u201d Matshego said.<\/p>\n

\u201cWith the higher VAT, people just spent less, and there was a drop in tax collections.\u201d<\/p>\n

South Africa in 2018 jacked up value-added tax on some goods and services to 15% from 14%. Nedbank sees the economy growing 1.1% in 2024, compared with an estimated 0.3% last year.<\/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. Nedbank has warned the government and South African Finance Minister that raising taxes in a weak economy will do nothing but prolong financial woes amid the high cost of living in South Africa. South African Finance Minister Enoch Godongwana\u2019s plans to raise additional taxes as he tries to arrest runaway debt will […]<\/p>\n","protected":false},"author":84,"featured_media":60971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-60972","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":"\nNedbank sends a warning to Finance Minister Enoch Godongwana - South Africa<\/title>\n<meta name=\"description\" content=\"Nedbank has warned the government and South African Finance Minister that raising taxes in a weak economy will do nothin ...\" \/>\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\/nedbank-sends-a-warning-to-finance-minister-enoch-godongwana\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nedbank sends a warning to Finance Minister Enoch Godongwana\" \/>\n<meta property=\"og:description\" content=\"Nedbank has warned the government and South African Finance Minister that raising taxes in a weak economy will do nothin ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-sends-a-warning-to-finance-minister-enoch-godongwana\" \/>\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=\"2024-02-14T06:48:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-14T07:10:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1707881971.765844.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\/nedbank-sends-a-warning-to-finance-minister-enoch-godongwana#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-sends-a-warning-to-finance-minister-enoch-godongwana\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nedbank sends a warning to Finance Minister Enoch Godongwana\",\"datePublished\":\"2024-02-14T06:48:20+00:00\",\"dateModified\":\"2024-02-14T07:10:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-sends-a-warning-to-finance-minister-enoch-godongwana\"},\"wordCount\":267,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-sends-a-warning-to-finance-minister-enoch-godongwana#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1707881971.765844.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\/nedbank-sends-a-warning-to-finance-minister-enoch-godongwana#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-sends-a-warning-to-finance-minister-enoch-godongwana\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/nedbank-sends-a-warning-to-finance-minister-enoch-godongwana\",\"name\":\"Nedbank sends a warning to Finance Minister Enoch Godongwana - 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