The 2017 Budget in review: The good, the bad and the taxes

2017-03-01 08:55
Finance Minister Pravin Gordhan. (File, AFP)

Finance Minister Pravin Gordhan. (File, AFP)

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In this first edition of a series of conversations between Old Mutual Investment Group and Fin24, we chat to Tinyiko Ngwenya, a chartered accountant and economist.

Focussing on the Finance Minister’s presentation of the budget last week, Ms Ngwenya told us that the budget was broadly in line with expectations and that the fact that the rand was largely unmoved seemed to suggest the markets were satisfied.

The minister avoided hiking VAT as a politically unpalatable way of raising taxes, and instead focussed on trying to keep the tax burden firmly on the wealthy, and away from the poor, who have little room to manoeuvre. 

The new marginal tax rate of 45% for those earning more than R1,5m a year was also considered in line with some international best practice, she said, but pointed out that there is some concern about the value for money people are getting for their taxes. 

In general terms, the budget successfully focused on the fiscal deficit, meaning the potential for looser monetary policy later in the year was still likely.

Save and share to listen to the interview again later: 

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