Budget Speech

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  • Budget shows treasury is desperately short of ideas to fix South Africa's economic woes
    on February 28, 2020 at 1:48 pm

    South Africa’s finance minister, Tito Mboweni, ahead of his budget speech. EPA/Nic Bothma</span>At the core of this year's budget proposals from South Africa's national treasury is the admission that national debt is no longer expected to stabilise. In previous years, bar one brief exception, budgets and medium-term budgets repeatedly promised that debt would stabilise even as previous years' promises were broken.Read more... | Send to a friend

  • #Budget2020 highlights...
    on February 27, 2020 at 1:43 pm

    "Ex Africa Semper aliquid novi," winning requires hard work, focus, time, patience and resilience. Finance Minister Tito Mboweni delivered his National Budget Speech on 26 February 2020, leaving South African taxpayers pleased by the implementation of tax relief on personal income tax, but disappointing those who indulge in alcoholic beverages and heated tobacco products.Read more... | Send to a friend

  • #Budget2020: Billions allocated for improved education
    on February 27, 2020 at 11:34 am

    Government expenditure on learning will in three years reach R434.2 billion, Finance Minister Tito Mboweni has revealed.Read more... | Send to a friend

  • #BudgetSpeech2020: Experts deliver their verdict
    on February 27, 2020 at 4:49 am

    Finance Minister Tito Mboweni</span>Finance Minister, Tito Mboweni's 2020 Budget Speech wasn't as dire as some commentators expected. In fact, it depicted a government that is reform-minded and ready to flex its muscles, which sparked an immediate celebration in the rand and bond markets. The experts give their opinions.Read more... | Send to a friend

  • Mboweni's tough juggling act
    on February 26, 2020 at 3:28 am

    Smokers and drinkers are likely to feel the pinch. Image source: Getty/Gallo</span>A raft of tax increases and curtailing the public sector wage bill are just some of the interventions anticipated to be announced by Finance Minister Tito Mboweni when he delivers the 2020 Budget later on today.Read more... | Send to a friend

  • How should I tax thee? Let me count the ways
    on February 24, 2020 at 1:01 pm

    Image source: Getty/Gallo</span>If Finance Minister Tito Mboweni announces significant changes to individual taxes during his Budget Speech on 26 February it could have wide-ranging implications for South Africa's heavily burdened tax base.Read more... | Send to a friend

  • Of wishlists and tax incentives
    on February 24, 2020 at 12:34 pm

    Image source: Getty/Gallo</span>Every year, when I start thinking about the annual Budget Speech, I wonder what is to come. Is this the year that the corporate tax rate will change? Maybe capital gains will finally be 100% taxable? Or something more low key, like an increase in the Securities Transfer Tax? Our President, Cyril Ramaphosa, has been in power for over two years and our Finance Minister, Tito Mboweni, certainly has his opinions. As I write this, I am sitting by candlelight, happy that my laptop has a fully charged battery. And I wonder, where is the money going to come from to help our country do what needs to be done to satisfy the ratings agencies?Read more... | Send to a friend

  • #BizFinFocus: Exploring alternative sources of state income
    on February 12, 2020 at 5:22 am

    Christian Wiesener</span>Times are tough for the South African economy and this is further negatively affecting state finances with a significant deficit of several billion rands every month. Therefore, all eyes go to the Minister of Finance, Tito Mboweni, who will present the 2020 Budget on 26 February.Read more... | Send to a friend

  • #BizFinFocus: More taxes needed, but there's little wiggle room
    on February 10, 2020 at 6:48 am

    Patricia Williams, tax partner at Bowmans and Saica Income Tax Act committee member</span>The minister of finance, National Treasury and the South African Revenue Services (Sars) are facing a challenging tax revenue environment. Following the finance minister's Medium Term Budget Policy Statement on 30 October 2019, the revised tax revenue targets for the current year, 2019/2020, and subsequent two financial years, reflect a cumulative downward adjustment of R251.2bn, and budgeted expenditure is anticipated to significantly exceed revenue collections for the foreseeable future. Finance Minister, Tito Mboweni, indicated that future tax is on the cards, to mitigate the revenue shortfall.Read more... | Send to a friend

  • #MTBPS2019: Little growth expected in mining sector
    on October 31, 2019 at 7:07 am

    Image source: Getty/Gallo</span>While mining is barely touched on, the Medium Term Budget Policy Statement (MTBPS) anticipates little to no growth in the sector, primarily because "lingering domestic regulatory uncertainty and slowing global economic growth, particularly in China, which is a large commodity importer" are leading to a decline in production. In the absence of plans to support the competitiveness of the mining sector, this view is likely to be fulfilled.Read more... | Send to a friend