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The decision to increase excise tax risking job losses

The Minister of Finance Tito Mboweni made the awaited budget presentation on Wednesday afternoon. There had been different expectations from different sectors.

For some sectors the budget presentation was welcomed. However, it was a different story for the alcohol sector as the adjustments will work against them.

It is highlighted that the South African Liquor Brand owners made revelations that the adjustments that were made by the Minister Tito Mboweni would have devastating effects. It was revealed that the decision to increase excise tax by 8 percent risked job losses.

The budget presentation saw the Minister increasing the excise tax by 8 percent. Sibane Mngadi who is from the association reportedly highlighted that an increase connected to inflation would have worked out better. He reportedly highlighted that some business would not recover as a result of what was decided.

The alcohol sector recently lost billions in potential revenue during the ban in 2020 and the one that ended recently. It yet to get back on its feet.

https://www.enca.com/news/increase-excise-tax-risks-job-losses-says-liquor-association

Content created and supplied by: Mahwira (via Opera News )

Finance Sibane Mngadi Tito Mboweni

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