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Well aware that consumers are financially stretched, that the corporate sector is struggling – with the notable exception of mining – and that tax morality is, shall we say, challenged, the National Treasury surprised with limited tax relief for companies and consumers at Budget 2021.
Notably, it scrapped its R40-billion, three-year programme of planned tax measures that were announced at the Medium-Term Expenditure Framework in October. At the same time, Treasury provided above-inflation “bracket creep” relief for marginal-income taxpayers.
But where the taxman giveth, he also taketh away. As suspected, excise duties were hiked by 8%, double the inflation rate but unsurprising given the health concerns relating to smoking and drinking that have been raised during the Covid-19 crisis.
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defenceWeb
Written by defenceWeb -
Mortar team at work.
Compensation of employees (CoE) is the largest cost driver in the Department of Defence (DoD), according to the latest Estimates of National Expenditure (ENEs) released as part of Finance Minister Tito Mboweniâs national budget on Wednesday.
National Treasuryâs expenditure overview for Minister Nosiviwe Mapisa-Nqakulaâs area of responsibility notes the DoDâs core activities are labour intensive, accounting for 61.4% (R88.4 billion) of its total expenditure of R140.2 billion over the MTEF (Medium Term Expenditure Framework) period.
A reduction of R3.9 billion in the current financial year with further reductions of R5.3 billion in 2022/23 and R3 billion in 2023/24 was announced as part of a Cabinet decision to stabilise government debt over the medium term. Implementation will be via a freeze on salary increases for all employees in government service, including those in uniform.
Finance Minister Tito Mboweni has stuck to fiscal consolidation and reined in expenditure by proposing a wage bill cut of R300 billion in the next three years.