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SOUTH AFRICA: COVID Recovery Plan Imposes New Taxes

Cyril Ramaphosa

The Advisory Committee appointed by President Cyril Ramaphosa, wants more means to fight the coronavirus pandemic. The Committee urged the Head of State to find financial means to generate more money from the Treasury. The goal is to be able to better deal with the health crisis.

in 2020, like all countries around the world, South Africa was affected by the spread of covid-19. President Cyril Ramaphosa’s ambition is to unveil a national economic recovery plan called the “Covid Recovery Plan”. The implementation of this plan could lead to new taxes that were not foreseen according to local newspapers. Levies could also increase to the detriment of consumers and businesses that are already faced with finances in the dark. This situation concerns South Africans, who already face a low minimum income.

The advent of the coronavirus in the country, has had direct and severe repercussions in all sectors of the country. A financial gap has been noted in the state coffers for 2020.

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The solidarity tax, the financing of the basic income subsidy, the fuel tax, property taxes, all could see their increases. The Advisory Committee is sounding the alarm. In order to avoid the country facing a possible recession, President Cyril Ramaphosa must find a solution to generate more financial flows in order to find a solution.

However, even if this measure is likely to be poorly received by South Africans, to save the economy, the government has no other choice, according to a Bloomberg report.


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