TAX EXPERTS have warned of further misery for consumers already hit by an interest rate hike and two petrol price increases this year, after the Budget is delivered on Wednesday by Finance Minister
He said South African taxpayers should expect tax increases in the short to medium future.
Retief warned that even if none of these predictions were realised, recent increases in living costs dictate that consumers have no choice but to change their spending habits.
"The delayed gratification of sufficient savings has a lot more longevity, and offers more security, than the fleeting satisfaction of 'keeping up with the Joneses', by spending money you don't have on status items.
"Consumers are urged to spend in ways that are sustainable. It is most probably not the last time that rates and fuel costs increase."
Cooper said as far as increasing tax rates was concerned, the general expectation was that tax rates would be lowered, but only enough to cater for inflation increases.
He said last year the personal income tax relief for individuals amounted to R7 billion.
"In our current times of financial stress, one wonders whether this can be repeated in 2014."
"Local and foreign investors need to be reassured that the country is a good place for them to invest time, money and resources."
Hurwitz said unemployment and poverty continued to be a challenge in
Mohr added that government was eager to encourage savings, particularly retirement savings.
"Government has been introducing measures to improve the attractiveness of retirement fund contributions and could be looking to change the way interest income is taxed."
He said slower government spending growth could also affect the
"It is therefore crucial that next week's Budget speech tackles the growing financial burdens and concerns of the SME (small and medium enterprises) sector, which includes tax and regulatory measures."
Aitchison said last year Gordhan indicated in the Budget that the government was working to simplify tax requirements for small businesses.
"Based on the 2013 Budget indications by Treasury, we expect Minister
Most Popular Stories
- High-Tech Home Theaters Undergoing a Revolution
- Amazon Prime Grabs Classic HBO TV Series
- Sales of New Homes Fell 14.5 Percent in March
- Obama Opens Japan Trip with Sushi Stop
- Procter & Gamble Income Up on Cost Cutting
- Boeing Flying High With Strong First Quarter
- Hollywood Bets Big Again on Summer Movies
- Nestle, Superior Grocers Promote Healthy Meals
- Google, SunPower Team Up on Solar Power
- Bernanke Wishes He'd Explained the Crisis Better