Claire Bisseker writes
The good news, in the budget announced by finance minister Tito Mboweni this week, is the National Treasury’s surprise move — enabled by a lucky R100bn revenue overrun — to reduce the corporate income tax (CIT) rate to 27% and scrap R40bn in intended tax hikes over the medium term.
It’s likely to boost business confidence and lift the nation’s flagging spirits far more significantly than anything President Cyril Ramaphosa said during his state of the nation address earlier this month.
During Mboweni’s budget speech, the rand firmed to an intraday best level last seen in January, of R14.39/$. Local bonds also strengthened.
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