The BLSA’s Busi Mavuso took to Twitter to share her thoughts on the MTBPS, as delivered by Minister Tito Mboweni, and advised against tax hikes to cover the budget deficit.
Business Leadership South Africa’s Chief Executive Officer (CEO), Busi Mavuso took to Twitter on Wednesday, 28 October 2020, to share a series of posts reflecting on the Minister of Finance, Tito Mboweni’s Medium-Term Budget Policy Statement (MTBPS). One of the matters that Mavuso remarked on was the continued call for an increase in taxes.
Mavuso was critical of the tactic, further cautioning against tax hikes as a means to cover the budget deficit. Mavuso claimed that it is a short-sighted remedy that will later adversely impact businesses and employment opportunities.
The continued increase in taxes could spark more outrage and protest action across the country from workers and unions, who are in an already pressurised labour market. Therefore, the move does not encourage employment, but rather, the continued drainage thereof.
See the post below.
Hiking taxes is not the solution to tackle the problem of the growing budget deficit.
Click here to watch https://t.co/2jpDFuoDXZ
— Busi Mavuso (@BusiMavuso2) October 28, 2020