Speaking to the National Assembly on Tuesday, South African Finance Minister, Trevor Manuel announced that his 2003 budget is likely to contain 'moderate' tax cuts for individuals in the lower and middle income brackets.
Introducing the latest Medium-Term Budget Policy Statement (MTBPS), Mr Manuel revealed that revenue figures for fiscal 2002/03 have been revised upwards by R8.1 billion, mainly due to improvements in tax collection and higher than anticipated inflation.
Explaining the implications of this to Parliament earlier this week, the Finance Minister announced that: 'The robust revenue growth allows for a moderate real reduction in the personal income tax burden next year, concentrated on lower and middle income earners.'
He also announced the planned enactment of a new law reforming the taxation of retirement savings in 2004.
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