CAPE TOWN – Finance Minister Tito Mboweni turned a deaf ear to the tobacco industry’s desperate calls to not increase the interest on tobbacco from their current level.
The minister, however, announced that there would be a special unit focused on tax evasion in order to ensure maximum tax revenue is realised.
“Fiscal prudence requires some tax changes. We propose additional revenue measures of R15 billion in 2019/20. There will be a slight upward adjustment of the tax-free threshold for personal income taxes, with no change in the current personal income tax brackets. Together these will raise R12.8 billion.
Madam Speaker, excise duties on alcohol and tobacco will be increased, as follows: