Civil society groups mobilising against social impact of Treasury budget cuts This as many services, mainly at grassroots, suffer the consequences of allocation reductions in human settlements, health and transport among others. Finance Minister Tito Mboweni delivers the Medium-Term Budget Policy Statement for 2019 in Parliament on 30 October 2019. Picture: Department of Treasury
37 days ago
JOHANNESBURG - Civil society organisations said that they were mobilising against the social impact of budget cuts instituted by Treasury during October’s medium-term budget statement.
This as many services, mainly at grassroots, suffer the consequences of allocation reductions in human settlements, health and transport among others.
Mboweni unveils R2 trillion Budget, focus on vaccine rollout, efficient spending
24 February 2021 2:02 PM
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With the ravages of COVID-19 and the associated lockdowns eroding an already shaky economy, the Finance Minister and his team at Treasury have a particularly hard task this year.
CAPE TOWN - Every national budget, in every nation across the globe, is a balancing act. But this year, with the ravages of COVID-19 and the associated lockdowns eroding an already shaky economy, the Finance Minister and his team at Treasury have a particularly hard task.
Treasury has had to rein in government spending and show clearly that the days of willy-nilly taxpayer-funded bailouts to badly managed SOEs are over; that they are serious about trimming the fat, and ensuring government spends efficiently, while simultaneously ensuring they spend enough to help the most vulnerable in society keep the wolf from the door.
Jacques Stander
In light of improvements in tax revenue collections in recent months, government has withdrawn a proposal to introduce tax measures to raise revenue by R40 billion over the next four years.
However, this year it will implement increases to indirect taxes – mainly an 8% increase in excise duties on tobacco and alcohol as well as inflation-linked increases in the fuel levy.
Tax revenue estimates are R99.6 billion higher than what was projected in October 2020 – reducing the tax revenue shortfall to R213 billion.
South Africans have been spared increases on their direct taxes, but they will have to fork out more money for alcohol and tobacco products.
Mboweni on taxes: We ll have the largest shortfall ever, but we have a plan While we will have the highest tax shortfall ever on record - mostly due to the COVID-19 pandemic - government has a few plans to ensure it acquires as much income as possible. Sars online tax return revenue service 123rfbusiness 123rfpersonalfinance
43 days ago
JOHANNESBURG - The pandemic, the associated lockdowns and the global slowdown have severely affected SARS revenue. However, there’s some good news in that the under-collection of revenue was not quite as bad as was predicted in the Medium Term Budget Policy Statement (MTBPS) last October.
Finance Minister Tito Mboweni said government would not budge from its plans to wrest the public service wages in multiple ways, including holding off on wage increases.