Finance Minister Tito Mboweni delivered his much anticipated National Budget speech which promised sustainable finances by containing the budget deficit and stabilising public debt.
The Budget Announcement made it very clear that increased tax revenue collection is a key priority with an immediate process announced for the hiring of SARS tax experts, which is expected to be completed in April 2019. These tax experts will come from the private sector and may even include international experts.
They will be expensive for SARS to entice to come over, but a good private tax expert will be worth his or her weight in gold. Taxpayers must take advice earlier rather than later on ensuring they are compliant and well armoured in case of tax audits. The adopting of a proactive stance on tax compliance and planning is the only sensible path in weathering the storm promised by a new SARS Commissioner on strong performance conditions, a new Inspector General for Taxes and newly hired private sector tax experts.
For your convenience, we have compiled a Tax Guide highlighting the top outcomes of the 2019 Budget Speech and updated Tax Tables for 2019/2020.