South african minister of finance tito mboweni delivers his 2019 budget speech in the south african parliament, on february 20, 2019, in cape town. Waldo swiegersbloomberg budget in a nutshell for 201718. Statistics south africa stats sa reported on april 22 that consumer price inflation decreased from 4. I think the governmant must focus more on job creation as promised in the speech of the nations address and the budget speech. The speech is shorter and tighter than gigabas previous budget speeches, as if to underscore the gravity of how much things have changed. As always, government will be spending more on grants and interventions to help the poor, but the key message of todays speech is that there is a new focus on f iscal responsibility and sustainability. South african budget disappoints investors seeking bold. Trevor manuel gave the widely anticipated budget speech to parliament earlier today. What will the 2020 budget speech mean for you and your business.
National treasury budget highlights 2,173kb peoples guide to the budget. There will be an increase of 1% in personal tax for all taxpayers earning more than r181 900 per annum. Government will lower the expenditure ceiling by r10bn in 201718 and r15bn in 201819 by. South african finance minister pravin gordhan delivered his first budget speech yesterday.
The south african minister of finance delivered his 2017 budget speech on 22 february 2017, of which some of the key points we have summarised below. Minister gordhan had a tough message for south africans in wednesdays budget speech in the national assembly, with the introduction of a new tax bracket for the very rich, state debt creeping up and almost all economic indicators and fiscal numbers weaker than in last years budget. Our experts will share their insights before and after the budget announcement. South africa, and the entire african continent, stand to gain from expanding global trade within what minister davies has described as a more inclusive progressive multilateralism, characterised by real cooperation and solidarity, sensitive to the needs of. Tax pocket guide for 20 for the 2014 year of assessment 1 march 20 to 28 february. The lack of training the soldiers have has to be seen to be believed. The budget for 201819 was presented to parliament by the minister of finance on 21 february 2018. The honourable minister of finance read the 2016 south african budget speech on 24 february 2016. South africa s economic outlook south africa s economy has continued to grow, but at a slower rate than projected at the time of the 2012 budget. South african finance minister pravin gordhan pledged to cut the civil service and increase wealth taxes to help bring down the budget deficit and stave off a. He indicated that south africa needs to raise an additional r28billion in tax revenues and reduce spending. Sa business mood has worst start to year since 1993.
South africa 2018 budget speech in full allnet africa. Ryk is also the anchor of the largest national business radio show in south africa. Agency for public information svg recommended for you. As this budget speech has received an unusual amount of interest, we have set out the tax proposals in. The 2020 budget will be delivered later this month amid low economic growth, the impact of power cuts and a heightened risk of a. An increase in valueadded tax vat, fuel levy and a higher estate duty tax are just some of the things south africans will be faced with this year.
The strategic plans of government and the mediumterm expenditure plans will be aligned to realise our objectives. I have the privilege to present our governments budget for the fiscal year 201718, and the framework for the next three years. Finance minister pravin gordhans budget speech is his fifth and last budget speech under the current jacob zuma administration. The 20 budget takes the national development plan as its point of departure. All eyes are on parliament in cape town where finance minister tito mboweni is delivering the 2020 budget speech. South african finance minister pravin gordhan delivered the national budget speech for 201718 on 22 february in pretoria. This means, in simple terms, that expenditure in the south african. Budget speech by the minister of finance 26 february 2020. Budget speech 2010 2 on matters of concern to all of us building a better south africa for our children and grandchildren. In october of last year manuel said that he has been in his current position too long, and discussed his future with anc leaders. The south african national budget speech 20 our tax. The 2012 medium term budget policy statement noted that if the economic environment were to. Do we have the right policies, conditions and boldness to enable south african businesses to gain from these immense shifts in the patterns of production and trade.
The speech will be delivered by finance minister pravin gordhan on wednesday 27 february. If youd prefer to skip the debate and fast forward to the actual results, we have prepared the following 2017 south african budget speech infographic below. Emphasising that south africans are resilient, committed and resourceful, minister of finance pravin gordhan delivered his 2016 budget speech to the national assembly in parliament on wednesday 24 february. Increase in bursary funds may avert more student protests. The budget is being watched for signs that the government will be. Budget 201617 budget in a nutshell february 24, 2016 february 24, 2016 nyasha musviba cape town finance minister pravin gordhans first comeback national budget tabled on wednesday afternoon in parliament was relatively calm and workmanlike one after all the expectations of tax hikes and spending cuts amid tough economic times. Then use our free online 20202021 income tax calculator to calculate your new tax rates based on your monthly salary. Delivering his first budget speech since he returned to the cabinet in. The 2009 south african budget, trevor manuels thirteenth, might very well be the last budget with him at the reigns. South african revenue service sars tax statistics davis tax committee. Allafrica is a voice of, by and about africa aggregating, producing and distributing 800 news and information items daily from over 140 african news organizations and our own reporters to an. Executive summary of sas 2017 national budget speech 24th february 2017 22nd february 2017 by alec hogg after a r30bn shortfall in last years expected tax receipts, a total swing of r38bn is budgeted in this years national budget. Finance minister malusi gigabas budget speech has seen him make difficult decisions to address a revenue shortfall and to fund free higher education. Sars has revised the estimate of the ideal amount in the vat credit book from.
Although the tax base has broadened in recent years to include over 10 million tax payers. Government proposes that all foreign businesses supplying ebooks, music. Honourable speaker, we deliver this vote 4 budget and policy speech exactly five days after celebration of the 50th anniversary of africa day and african unity. On the other hand, minister gigaba announced some relief for the poor and the working. South africas economic outlook is improving, but requires that we actively pursue a different trajectory if we are to address the challenges ahead. I have a simple message, finance minister pravin gordhan said in the introduction to his 2016 budget speech. Welcome to sa tax guide blog a dedicated to the next generation of taxation trainees and professionals.
Comments off on executive summary of sas 2017 national budget speech. Finance minister malusi gigaba delivered his maiden budget speech to the nation from parliament in cape town on wednesday afternoon. Watch our tax directors give pre and postanalysis of the south african budget speech on summit tv in the next week. Debt stock as a percentage of gdp is expected to stabilise at 46. The budget speech was received with much applause, criticism and debate. View the webcast of the post budget breakfast speech. Honourable speaker mister president cabinet colleagues and deputy ministers governor of the reserve bank mecs of finance fellow south africans ndi masiari sanibonani molweni goeie middag thobela dumelang avhusheni as i begin, let me first table before this august house. The south african budget finances the construction of houses and schools, the education of young people, care for the elderly and incomes of the most. South africas economy has continued to grow, but at a slower rate than projected at the time of the 2012 budget. New voice technology will identify south african fraudsters in real time.
Details of the budget with respect to direct taxation, which, unless stated otherwise, will apply from 1 march 2018, are summarized below. He was also acknowledged as the national press clubs editor of the year in 20. Executive summary of sas 2017 national budget speech. South african exports to the rest of africa now exceed r300bn a year, up from about r230bn just. The africa continent and the african diaspora joined hands in celebrating the rich diversity and achievements of africa on the 25th may 20. Highlights of south africas national budget speech 2017. New voice technology will identify south african fraudsters in real. Most south africans as well as the business community and financial markets should be pleased with a budget which takes the national development plan as its point of departure, and included tax relief of r7bn for individual tax payers in a challenging economic environment. For details with respect to indirect taxation, see south africa1, news 22 february 2018.
Debt stock as a percentage of gdp is expected to stabilise at 43. The implications of the 2015 budget can be summarised as follows. This is a budget in which there is limited room for expansion, yet there are significant opportunities for change. Budget 201617 budget in a nutshell south african tax. The main budget noninterest expenditure ceiling has been reduced by r25 billion over the next two years. It is no wonder that the man who turned the south african revenue services sars around commanded significantly more praise than the lacklustre efforts of president jacob zuma in his state of the nation address a week ago mr gordhans focus is clearly on establishing credible monetary policy. An overview of south africas 2019 budget speech, delivered by tito. Here you will be provided with resources on taxation. Budget speech 2018 thapelo lekabe and citizen team finance minister malusi gigaba delivering the budget speech, 21 february 2018, cape town. Latest south african budget news and insights business report. South african tax guide taxation made easy by nyasha musviba. Now, we must again use this remarkable national capability to energetically and urgently address the problems of jobs, growth and poverty. South african business confidence had the worst start to a year since 1993, increasing pressure on president cyril ramaphosa to.