Budget Speech

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  • Illegal traders to profit from excise tax increase - tobacco alliance
    on February 25, 2021 at 12:43 pm

    ©Sergiy Tryapitsyn via [[www.123RF.com 123RF]]</span>"Ridiculous" is how the South Africa Tobacco Transformation Alliance (Satta) has described the 8% increase in the excise charged on tobacco products, announced in the Budget Speech last night. Read more... | Send to a friend

  • Agriculture on positive growth trajectory, key to economic recovery
    on February 25, 2021 at 10:33 am

    In the South African National Budget Review for 2021, it was revealed that government's recovery plan focuses on raising the economy's long-term growth rate by supporting industries with high employment potential, such as agriculture. Read more... | Send to a friend

  • 3 ways the Budget Speech impacts healthcare in SA
    on February 25, 2021 at 8:58 am

    Ahmed Banderker, CEO, AfroCentric Group</span>From a healthcare perspective, this year's Budget Speech is significant in three key ways. Obviously the main message of this year's budgeting process is the prioritisation of the Covid-19 vaccine rollout. But it's also clear that the minister and his team focused on supporting economic growth, which correlates with medical aid membership levels. Although National Health Insurance (NHI) initiatives were less prominent in the speech this year, funding to keep these in motion was included in the detail, continuing to build towards accessible quality healthcare for all South Africans. Read more... | Send to a friend

  • #BudgetSpeech2021: Tax relief, further fiscal consolidation welcomed
    on February 25, 2021 at 8:01 am

    Apart from the commitment made to the urgent rollout of the vaccination programme, of comfort to debt-burdened consumers is the announcement in the National Budget Speech that there will be no increase in personal income tax, but instead, a 5% adjustment in the personal income tax brackets which will combat fiscal drag and provide R2.2bn in tax relief - targeting lower and middle-income households. Read more... | Send to a friend

  • Above-inflation increase to excise tax troubles SA alcohol industry
    on February 25, 2021 at 7:57 am

    ©donato via [[www.123RF.com 123RF]]</span>The South African alcohol industry says it's gravely concerned that excise tax will be increased by 8%, which will exceed the targeted excise duties for wine, beer and spirits set by Treasury itself, at 11, 23 and 36% respectively. Read more... | Send to a friend

  • #BudgetSpeech2021: Mboweni delivers a few glimmers of optimism, but there are risks
    on February 25, 2021 at 6:36 am

    Finance minister, Tito Mboweni. Image: [[www.sanews.gov.za sanews.gov.za]]</span>Judging by the reaction of the markets and an initial strengthening of the rand, finance minister Tito Mboweni's budget went down well. But while there are notes of hope, this budget also demonstrates a number of key risks, overly optimistic assumptions and potential weaknesses, pointing to an extremely challenging path ahead for the country. Read more... | Send to a friend

  • Positive budget welcome news for homeowners and consumers
    on February 24, 2021 at 2:07 pm

    Finance minister Tito Mboweni presented a "positive budget" under challenging circumstances, perhaps the most challenging over the last 27 years. We welcome the focus on economic recovery, relief for households, vaccinations and the various reforms proposed, including in corporate tax, the public sector wage bill and state-owned enterprises. Read more... | Send to a friend

  • #BudgetSpeech2021: Education to remain a priority in 2021
    on February 24, 2021 at 2:03 pm

    While education continues to be a priority, Finance Minister Tito Mboweni has announced that government will in the next three years trim expenditure in the learning and culture function. Read more... | Send to a friend

  • Excise duties shoot up
    on February 24, 2021 at 1:48 pm

    ©foodandmore via [[www.123RF.com 123RF]]</span>Government will increase the excise duties on alcohol and tobacco products by 8%, the National Treasury said on Wednesday. This comes as the National Treasury took a decision to reverse its earlier announcement of additional tax measures that would have raised R40bn amid a revenue shortfall. Read more... | Send to a friend

  • The basis of South Africa's annual budgets needs an overhaul. Here's why, and how
    on February 23, 2021 at 10:20 am

    This week South Africa’s finance minister Tito Mboweni will deliver the country’s budget. Photo by Jeffrey Abrahams/Gallo Images via Getty Images</span>Governments in most developing countries use medium-term expenditure frameworks as fiscal policy instruments to match the imperatives of policy, planning and budgeting over the medium-term horizon. Read more... | Send to a friend