The national treasury is a pivotal institution in south africas. Medium term budget policy statement by the minister of finance october 2015. Extracts from the budget speech are included below. The build up to the 2018 budget speech was surrounded by a veil of mixed emotions. General south africa ratings lowered to bb from bb as covid19 further impairs fiscal and growth prospects. It is our mandate as the office of the premier to ensure a balance between. Pravin gordhans full 2016 budget speech africas best read.
Budget speech by the minister of finance february 2015. In 2014, the south african economy is projected to have grown by only 1. The latest news, opinions, pictures, reactions and videos of budget 2017. The national budget speech 2015 western cape government. In south africa, we stabilised our economy after the 2008 crisis. Latest south african budget news and insights business report. Rationalisation of staff in the mpumalanga provincial government 31. In most quarters, as expected, the individual was once again. On the other hand, the soft recovery in commodity prices, improvement in agricultural output as well as continued flow of capital to the region support a moderate growth recovery going forward. A period of unprecedented monetary stimulus in response to the 2008 recession is not yet over, and global. This budget is about making south africa work smarter, harder, and differently. Mutati mp, minister of finance delivered to the national assembly on 29th september, 2017. The big talking point of the 2017 budget speech related to the supertax on higherearning individuals, which serves as a good starting point for this article.
Medium term budget policy statement 2018, 24 october. Download the 2018 2019 c2m in your interest booklet coming soon. A tax pocket guide can be obtained from your nearest sars branch. The budget for 201819 was presented to parliament by the minister of finance on 21 february 2018. South africa could now be said to be entering its own adulthood as a country. Finance republic of south africa private bag x115, pretoria, 0001 tel. 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 minister of finance delivered his 2017 budget speech on 22 february 2017, of which some of the key points we have summarised below. Executive summary of sas 2017 national budget speech. The debt service costs will rise from r142 billion in 201617 to over r200 billion per annum over the mtef. Budget tax guide for 2015 for the 2016 year of assessment 1 march 2015 29 february 2016 please note. South africas response to coronavirus covid19 pandemic. The impact of spending reprioritisation announced in south africas mediumterm budget policy statement is to unlikely meaningfully. South africas economic prospects are intertwined with global economic developments. Thanks to that effort, the books have been balanced. Februarys budget speech is expected to hit a slightly more optimistic note as a result of resurgence in business and consumer confidence. By head of tax practice, ernest mazansky, as well as directors, leon rood and michael honiball. Debt service costs pose a very serious risk in south africa.
Developing economies in africa, latin america and south asia will play an. He indicated that south africa needs to raise an additional r28billion in tax revenues and reduce spending. For details with respect to indirect taxation, see south africa1, news 22 february 2018. The year 2015 marks the 60th anniversary of the adoption of the freedom charter, which is a vision for a united, nonracial and democratic south africa.
South africa, and the united states also score well across the. Developing economies in africa, latin america and south asia will play an increasingly important role in the global economy in coming years as incomes rise and poverty falls. Madam speaker mr president mr deputy president cabinet colleagues governor. Au bureau of heads of state and government meeting with african business leaders. The newly released nation budget for 2015 for your perusal and information. South africas economic outlook south africas economy has continued to grow, but at a slower rate than projected at the time of the 2012 budget. With over 58 million people, it is the worlds 24thmost populous nation and covers an area of 1,221,037 kilometres 758,717 mi. Department of economic development and tourism budget speech 2015. It sets out how resources will be generated and allocated to achieve the governments objectives. On wednesday, 25 february 2015, finance minister nhlanhla nene delivered his first budget speech in parliament at 14. Department of economic development and tourism budget. What is needed is a largescale resistance to zuma and his colleagues impunity.
Save south africa and other organisations are working hard to do just that, yet its a battle for the long haul. M a masina 2015 is a monumental year in the history of our country. Details of the budget with respect to direct taxation, which, unless stated otherwise, will apply from 1 march 2018, are summarized below. Budget speech by the minister of finance 26 february 2020 budget tax guide for 2020 for the 2021 year of assessment. This is the challenge of our time, to build a south africa in which all people have a decent standard of living. South africa 2018 budget speech in full allnet africa. Following a trend which commenced in 20, the number and scope of proposed changes to the various fiscal acts mainly the income tax act and vat act continue to fall. The governments expenditure proposals and revenueraising intentions are set out in a collection of documents for the budget period. Presenting his maiden budget speech in parliament on wednesday, nene said the 2015 tax proposals aimed to increase revenues, limit the. Highlights of south africas national budget speech 2017. Medium term budget policy statement 2017, 25 october. Implementing the open budget survey 2015 and calculating the open budget index and other scores 61.
During the department of agriculture budget speech yesterday, i reported on the key points discussed at the agriprocessing design lab held last week. Finance minister malusi gigaba delivering the budget speech, 21 february 2018, cape town. Then use our free online 20202021 income tax calculator to calculate your new tax rates based on your monthly salary. All of theactionfiscal targets presented today provide for budget balance for the next five fiscal years, that is, until 20202021. Read more use our 2020 tax calculator to work out how much tax you will be paying and find out more about our taxefficient solutions to. Budget speech is the new state of the nation address. South africa has an opportunity to build on the positive developments that have emerged in recent months.
For the peoples tax guides for 2015, visit the treasury website. Tabling the 2018 budget speech in the national assembly on wednesday, the minister said increasing vat was unavoidable, as there was a need to maintain the integrity of public finances. As the president, jacob zuma encouraged during his 2015 state of the nation address, we need to go the extra mile in building a united, democratic, nonsexist and prosperous south africa. Waldo swiegersbloomberg budget in a nutshell for 201718. We have a vision of south africa in which black and white shall live and work together as equals in conditions of peace and prosperity. Highlights of south africas national budget speech 2017 by sa commercial prop news 20170222 12. The south african national defence force sandf has been a source of national pride. The budget is a plan for a certain time, often a year.
South africas invitation to join the bric economies1 reflects this broadening of. Highlights of the south african national budget speech 201516 delivered by finance minister nhlanhla nene to parliament on wednesday, cape town. Mpc commentary south african reserve bank cut rates by 100 basis points massive fuel drop helps offset cost pressures for the. What the everyday person needs to know about the budget speech. The info box lists the key budget documents in south africa. Although our fiscal position is constrained, there are considerable financial strengths on which south africas growth strategy can build. But south africas growing debt levels and alarming. South africa, officially the republic of south africa rsa, is the southernmost country in africa. On the one hand, concerns were raised about the widening budget deficit, which was further exacerbated by the. The minister of finance earlier today delivered his budget speech for 201718 amidst depressed gdp prospects, and negative balance of payment figures. Budget speech 201516 by the executive mayor of stlm, cllr. The economy has performed slightly faster than expected, with economic growth now projected to be 1 percent cent in 2017, 1.
In the framework set out in the 2015 medium term budget policy statement, government has adapted to this turbulent environment, through measures to maintain the health of the public finances and support the social and economic transformation south africa needs. In the defence budget speech on the 4th of may 2010, the following direction was. Budget speech 4 20152016 this control of spending, confirmed in recent months, is the result of a collective effort, of all quebecers. Sa needs a longterm growth plan pwc focus on cpi inflation declines to 4. Republic of south africa national treasury budget at a glance macroeconomic outlook summary percentage change 2014 2015 2016.
This will be offset by lower tariffs for services provided by the national health laboratory service. The finance minister, tito mboweni, delivered the national budget speech on 26 february, announcing the governments planned expenditure for 2020. Budget speech 8 20162017 maintaining sound public finances we must keep our public finances sound so that we have a strong foundation for future government. The national budget speech is an opportunity for government to tell you about its public spending plan for the year. This is slightly lower than what was expected in october as higher economic growth led to a r2. It is the 52nd anniversary of the organisation of african unity now known as african union au under the stewardship of our own nkosazana dlamini zuma.
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