Keith Engel, CEO of the South African Institute of Tax Professionals .
This week, President Cyril Ramaphosa signed a slate of new finance-related bills into law. The list includes the Rates and Monetary Amounts and Amendment of Revenue Laws Act, the Taxation Laws Amendment Act, and the Tax Administration Laws Amendment Act.For ordinary South Africans, Engel says the bills signed are nothing new and are simply a ratification of finance minister Tito Mboweni’s budget from 2020.
As a result of these competing factors, Engel says reprioritisation of other types of spending is likely to be a big theme of the upcoming budget. The trend has already been set after the finance ministry had to shift national spending when lockdowns started in 2020.
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