Budget Speech

Breakdown of Budget 2020

A proposal to cut the state’s wage bill by R160.2 billion over three years as Treasury warns of ever-rising debt repayment costs, was one of the key announcements in the 2020 Budget. “For the credibility of our fiscal stance, that R160 billion or so needs to be found,” Mboweni told[…]

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De Lille welcomes aspects of Mboweni’s budget speech

The GOOD Party leader, Patricia de Lille, says that she welcomes Finance Minister Tito Mboweni’s identification of the six priorities, during his Budget Speech, which the government will have to act on if it plans to fix South Africa. These six priorities are achieving higher economic growth, increasing tax revenue, incurring expenditure[…]

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Mboweni likely to increase fuel, RAF levies

Consumers should brace for tougher times ahead. Finance Minister Tito Mboweni is likely to announce levy increases to the fuel and Road Accident Fund (RAF) in his 2019 Budget Speech on Wednesday. In 2018, Mboweni warned that the Road Accident Fund liability would increase. He said the 30-cents-a-litre increase was not be enough.[…]

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Mboweni expected to give details on unbundling of Eskom

Eskom will be at the top of the agenda when Finance Minister Tito Mboweni unpacks his 2019 budget speech on Wednesday. The state owned power entity is in a serious financial crisis and could run out of money by April. President Cyril Ramaphosa in his State of the Nation Address (SONA) announced the unbundling of[…]

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Growing opposition to proposed VAT hike

A number of civil society organisations are mobilising against the proposed VAT hike, which has raised the ire of most South Africans. In his budget speech last week, Finance minister Malusi Gigaba announced that a proposed Value Added Tax (VAT) increase from 145% to 15%, with effect of 1 April[…]

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Fees saga set to take center stage at Mid-term Budget

Chief Economist of Nedbank Group Limited Dennis Dykes says the Finance Minister’s Mid-term Budget will be closely watched to see how most universities will cover the 0% fees increases for families earning below R600 000. Speaking on Morning Live he says, “On a broad level he would need to cover[…]

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Taxpayers will feel brunt of Gordhan’s whip

This afternoon Finance Minister Pravin Gordhan will arguably give the most significant speech of his political career when he delivers the Budget for 2016/17 in parliament. Economically speaking the odds are against South Africa with record-low growth rates, the worst drought in history, and an unsustainable debt to GDP ratio,[…]

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Parties react to 2015/16 budget

Finance Minister Nhlanhla Nene’s 2015/16 budget took the correct approach in dealing with power utility Eskom’s financial issues, ANC treasurer general Zweli Mkhize said on Wednesday. “I’m pleased that there’s a very strong effort to deal with the Eskom issues,” he said. “The allocation from government… and balancing out of[…]

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SACCI, Black Sash give expectations for budget speech

The South African Chamber of Commerce and Industry (SACCI) has suggested that any major tax increase announcement during finance minister, Nhanhla Nene’s budget speech could be detrimental to the small and medium sized enterprises (SME) sector. The minister is expected to deliver his annual address on Wednesday, with all eyes[…]

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