Slowing domestic growth, a shortfall in the collection of individual taxes and company taxes and strike action in key economic sectors will prevent Government introducing tax cuts to provide economic stimulus and could leave SARS having to adapt their tax collection focus in 2013.
The pressure is on SARS to collect as much tax as possible. Given that the tax collection estimate for 2012/13 had to be adjusted downwards by R5 billion, and that it may not be feasible to introduce more cost-cutting strategies, Government will have little option but to examine other avenues to collect tax revenues as increased tax rates in this environment will not be popular
Deloitte will provide insights from leading Tax and Economic experts around Budget 2013/14. We unlock the numbers and provide real insights into what they mean for your business, ensuring you are always at the forefront of South Africa’s most dynamic tax and economic issues.
We look forward to sharing our insights on the Budget with you on 27 February 2013.
With so much nervousness around whether Minister Gordhan would announce any significant increases in tax rates, it is fair to say that the Budget 2013/14 presentation will probably go down in history as the most ‘uneventful’.
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