According to reports in the South African media this week, bumper tax collections over the current financial year have set the scene for Finance Minister, Trevor Manuel to offer substantial tax cuts in his forthcoming budget.
The Business Report news service revealed on Monday that government revenues could exceed the budget by between R15 billion and R21 billion by the end of the financial year, leaving Mr Manuel a substantial sum with which to grant tax relief.
Speaking to Business Report, consultancy firm Econometrix welcomed the news, suggesting that the implementation of tax cuts of equivalent value to those granted last year: 'would provide a significant boost to economic activity and would go a long way towards neutralising the negative impact of [last year's] rise in inflation and interest rates'.
This follows a recent announcement by the South African Revenue Service (SARS), which revealed that it had closed several popular loopholes for employees as part of its ongoing campaign to combat tax evasion.
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