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HSBC Sees Lower Tax Shortfall in Feb Budget

  • HSBC sees a lower than expected tax shortfall at the Feb budget: R251bn vs R300-330bn prior & deficit at 13.5% of GDP vs 15.7%.
  • Cites a boost in tax revenues from VAT, fuel taxes and excise duties, while rise in personal income tax, corporate and international transactions was more muted.
  • Says reduction in tax shortfall & willingness to issue bonds will provide a buffer against fiscal slippage.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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