File: Finance Minister Malusi Gigaba said he was weighing whether to back the Reserve Bank in seeking a court review of a recommendation that its mandate be changed.
CAPE TOWN - South Africans will know on Wednesday whether they&39;ll have to fork out more for tax.
The country is short of cash.
To meet its targeted responsibilities, government needs R50-billion more than it’s expecting in taxes.
A percentage point increase in the 14 percent VAT you pay, could bring in about R22-billion to the fiscus.
The R4.78 you pay in levies for a litre of petrol could rise.
Duties on alcohol and tobacco are also set to be hiked.
Government will also gain from those earners shifting into higher income brackets.
What is certain is that South Africa will be joining 30 countries worldwide taxing sugary drinks.
* Watch the full video report by Devan Murugan in the gallery above.