Budget Speech by the Minister of Finance of the Republic of South Africa, Mr. Pravin Gordhan. Cape Town, 22 February Honourable speaker. Feb 27, Read the full National Budget Speech document delivered by Finance Finance Minister Pravin Gordhan alongside ministry of finance officials As we pointed out in the Budget, global economic uncertainty will. Feb 22, Minister of Finance Pravin Gordhan will be in the spotlight as he delivers the government’s Budget Speech.
| Author: | Maugor Gardazuru |
| Country: | Malta |
| Language: | English (Spanish) |
| Genre: | Music |
| Published (Last): | 11 December 2018 |
| Pages: | 73 |
| PDF File Size: | 12.84 Mb |
| ePub File Size: | 17.27 Mb |
| ISBN: | 785-4-91752-674-9 |
| Downloads: | 75386 |
| Price: | Free* [*Free Regsitration Required] |
| Uploader: | Kegal |
I want to thank Ministers Mthetwa and Radebe for the cooperation of departments and agencies under their control. In respect of beer and spirits, an increased benchmark tax burden is proposed, to be phased in over two years.
To mitigate the impact on middle-income earners, the various exclusion thresholds are increased. Both the National Development Plan and the New Growth Path recognise that to compete in the global economy requires flexibility, innovation and leadership, in government and the private sector.
Project allocations of over R1 billion have been committed, and a second round of project applications will be announced shortly. A mortgage support facility is under consideration. Overview of the Budget We remain steadfast in addressing the challenges of creating jobs, reducing poverty, building infrastructure and expanding our economy.
With effect from April:.
It is important to remember that road-user charges also serve an important demand management function on roads that are heavily congested. Technical assistance to municipalities yordhan also provided through the neighbourhood development programme, which supports over projects aimed at catalysing business investment in township partnership projects.
Improvements are being made to economic infrastructure such as ports, roads and electricity generation to cater for the needs of business. To accommodate provision of antiretroviral treatment at the CD4 threshold ofan additional R million is made available over the medium term.
A venture capital incentive is available for junior mining companies. It is spwech discussion at Nedlac, where the labour constituency has expressed reservations. As announced last year, we intend to shift towards a twin peaks system for financial regulation, where we separate prudential from market conduct supervision of the financial sector. Ian Mrozek offered an interesting variation on the idea of a youth subsidy – he proposes that it speevh go to new business start-ups as a tax incentive, which would encourage entrepreneurs and business innovation.
Since 1 April SARS has issued over taxpayers with administrative penalties for failing to submit an income tax return on time as required.
Newsletter.
Economic outlook In building partnerships that will take us through this crisis, Mister Speaker, we have to implement a strategy for faster and more inclusive economic growth.
The proposal is that individuals should be permitted to save up to R30 a year, with a lifetime limit of Rin registered savings or investment products that would be free ;ravin tax on interest, dividends or capital gains.
Deputy Minister Nene has taken seech an expanded set of responsibilities over the past year, and is an indefatigable Deputy! Our development requires every one of us to ask – what can I do for my country, my people, our future!
The Honourable Thaba Mufamadi and Charel de Beer who chair the Standing and Select Committees on Finance respectively, and the chairs of the Appropriations committees, the Honourable Elliot Sogoni and Tebogo Chaane, who continue to maintain rigorous oversight and encourage very constructive public participation.
Budget Speech by the Minister of Finance of the Republic of South Africa, Mr. Pravin Gordhan
The Tax Administration Bill has been approved by Parliament. So we shall step up the quality of planning, costing and project management, so that infrastructure is delivered on time, and gorxhan budget. An amount of R million is added to the baseline of the national department over the three-year spending period to extend the national assessments system. National Treasury will appoint a Chief Procurement Officer who will have overall responsibility for monitoring procurement across government.
The difficult task of moderating and reversing inequality requires active government intervention. The draft National Development Plan identifies several key objectives:. A gy of public transport services to metropolitan municipalities will be phased in over the period ahead, allowing for better integrated gorrdhan transport networks including rail and bus rapid transit systems. An additional R million is allocated to improve university infrastructure, including student accommodation facilities.
Both the National Development Plan and the New Growth Path recognise that to compete in the global economy requires flexibility, innovation and leadership, in bkdget and the private sector. Transactions for the broker’s benefit will be taxed at a lower rate.
It is proposed that the current exemption for brokers should be abolished. I turn now, Mister Speaker, to the revenue estimates and tax proposals.
Allow me to reflect briefly, Mister Speaker, on the global environment and the historic shift in economic power that is taking place. Sentech will receive funding over the MTEF period for the dual illumination of analogue and digital television, and for digital broadcasting infrastructure. And so the quality of the poverty reduction we achieve over the decades ahead will depend on our success in broadening development to include historically disadvantaged sectors and communities, as envisaged in our New Growth Path and draft Development Plan.
The Minister of Trade and Industry has published draft legislation to provide for the creation of special economic zones.
Mister President through your leadership we are able to say to South Africa and the world that we have a vision for our country and our economy – where we want to get to in the next 20 years. It is my privilege to introduce the third budget of President Zuma’s administration.
The idea of unity in action, working oravin to realise practical goals, must be revived. Not just by business.
We can draw pride from the celebration of the ANC’s centenary, and build on this past to get things done today. At the same time, the crisis and its aftermath have revealed intractable problems in the old system. Initiatives in progress to strengthen support for business sector growth include the following: History suggests that such times of transition, however inevitable and however just, are fraught with conflict and instability.
A revised financial sector charter code will be gazetted shortly for public comment by the Minister of Trade and Industry. Mister Speaker, I am pleased to report that progress is being made on several financial sector reforms. The legacy of our past is not only that of difficulty and despair. The inclusion of financial derivatives in the base of the securities transfer tax is also under consideration.
Revenue estimates and tax proposals I turn now, Mister Speaker, to the revenue estimates and tax proposals. R1 billion is allocated for national health insurance pilot projects and increasing primary health care visits. The draft National Development Plan identifies several key objectives:. Reprioritisation, savings, haircuts — these have been executed with singular determination. Reducing unemployment is the centrepiece of our approach to reducing poverty, Mister Speaker, but it is not the only measure.