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KPMG Family Office & Private Client Alert

KPMG Family Office & Private Client Alert

South Africa | How is National Treasury going to fund the COVID-19 stimulus package?

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KPMG Family Office & Private Client Alert

With the emergency budget tomorrow (24 June 2020), the question on everyone’s minds is, how will our Minister of Finance fund the cost of the government’s COVID-19 stimulus package? There is little room to move as we are seeing a decrease in tax revenue collections which is anticipated to be further exacerbated by the pandemic – a drop of between 27% - 32.5% in tax collections has been forecast as a result of the pandemic1. National Treasury (NT) and the South African Revenue Service (SARS) may have to consider new avenues in order to fund this package as well as support the economy going forward.

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