Mboweni withdraws R40bn tax proposal amid smaller-than-projected revenue shortfall

As was widely anticipated, Finance Minister Tito Mboweni refrained from announcing any new tax measures in his 2021 Budget, citing the need to support the pandemic-afflicted economy’s recovery. In addition, he announced a surprise withdrawal of previously announced hikes worth R40-billion, which had been signalled in the 2020 Medium-Term Budget Policy Statement (MTBPS).

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