Annual Budget and Tax Update I March 2023

The Annual Budget Speech remains one of the most anticipated events on the financial calendar. The Minister faces the continued challenges brought about by electricity constraints and their effect on the economy. While some sectors of the economy, tourism for example, are showing signs of a rapid post-Covid recovery, the issues of a stagnant economy, lack of investor confidence, high unemployment, and an ever-shrinking tax base remain. All these factors make it extremely difficult to ‘balance the budget.’

There is much speculation around the fiscal and tax policy changes the Minister may propose to both stimulate the economy and assist persons living below the poverty line. As taxes have a critical impact on taxpayers' profits and take-home pay, these announcements will have an important impact on financial and business decisions.

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