By Thalia Holmes
Brandishing his “bitter aloe”, quoting Oliver Twist and everything in the “good book” from Zachariah to Isaiah, Finance Minister Tito Mboweni did his best to introduce some light-heartedness to his maiden Budget Speech on Wednesday. But underlying it all was the grim reality of a lawmaker facing slow economic growth, high levels of national debt, a litany of failing state-owned companies, fierce trade unions and a disgruntled electorate angered by low levels of service delivery and the legacies of corrupt administration.
The tax debacle
Add to this another key disappointment: lower-than expected tax revenue. The hike in Value-Added Tax from 14% to 15% introduced in last year’s budget was initially projected to bring an additional R22.9 billion in to the fiscus over the year. This golden goose was what treasury had hoped would slightly ease fiscal pressure and allow funds to appease the voting public in
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