South Africa’s financial situation is dire and tough decisions have to be made – but the government is unlikely to do anything, economists say.
South Africa faces a fiscal cliff, but the government’s two options – either increase taxes or cut expenditure – are unlikely to happen before next year’s election.
This assumption and better-than-expected tax revenue collections fueled calls for increased spending, which Mhlanga said “drowned out good fiscal management.” This has resulted in tax revenue collections, mainly corporate income tax, falling far below budget expectations, with tax revenue collections about R22 billion behind expectations in the first five months of the year – implying a shortfall of R53 billion for the 2024/24 fiscal year.
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