Media reports in recent weeks have suggested that the Minister of Finance, Enoch Godongwana, could announce tax increases in the November ‘mini budget’. Such tax hikes have been proposed as a means to fund the National Health Insurance (NHI) scheme and a Basic Income Grant (BIG), and to help prevent a full-blown debt crisis as government debt escalates beyond control. Already, the country is spending R1 billion per day servicing its debt.
Given the fiscal timebomb he inherited and the election boondoggles his party is desperately wanting to promise, Minister Godongwana deserves some sympathy for the unenviable predicament he finds […]
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