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.
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Progress in these areas will strengthen the public health system, paving the way for the introduction of national health insurance. Many of these recommendations find resonance in the contents of the budget and our spending proposals.
Over the MTEF period ahead, approved and budgeted infrastructure plans amount to R billion, of which just under R billion is in the energy sector and R billion in transport and logistics projects. Additional allocations of R Not just by business.
Budget Speech by the Minister of Finance of the Republic of South Africa, Mr. Pravin Gordhan
Expansion of further education and skills development is a key long-term priority, alongside improving the quality of basic education and broadening access to adult education programmes. We will continue to increase allocations to this programme over time. A sustainable fiscal framework, based on the principles of counter-cyclicality, debt sustainability and intergenerational equity underpins our growth strategy.
Budgett a major mining economy, we should be benefiting more from the continued buoyancy in commodity markets internationally. In our spending recommendations, Mister Speaker, we have taken advice from Amanda Mzulwini.
We have to say to our people that economic uncertainty will be with us for some time, yet we have a programme of economic change that can steadily roll back unemployment, poverty and inequality. Government has expanded social assistance to households over the past decade, but employment and economic growth have to be the main future drivers of income growth and poverty reduction.
We must do this in order to restore the trust of our people in our capacity to govern. A sustainable fiscal framework, based on the principles of counter-cyclicality, debt sustainability and intergenerational equity underpins our growth strategy.
Improvements are being made to economic infrastructure such as ports, roads and electricity generation to cater for the needs of business. Expansion of further education and skills development is a key long-term priority, alongside improving the quality of basic education and broadening access to adult education programmes.
We are mindful that these increases may need to be reassessed if inflation continues to rise. This means that government departments and municipalities that do not spend, under- spend or mis-spend their allocated funding, will be at risk of losing the allocations. Our development requires every one of us to ask – what can I do for my country, my people, our future! The relevant officials will also be held liable for such misdemeanours. A similar base will be used to tax the national lottery.
There is now agreement between stakeholders on enhanced targets for empowerment financing and access to financial services. But of course, redistribution is not a substitute for economic growth and budgeg creation.
Pravin Gordhan`s budget speech – DOCUMENTS | Politicsweb
Poor tax compliance is also apparent in respect of trusts and in parts of the construction sector, and the role of tax practitioners and other intermediaries will come under scrutiny. Members of the Ministers’ Committee on the Budget have engaged with the policy choices that had to be made with vigour and wisdom. In respect of job creation, a wide range of government programmes and policies have come under scrutiny over the past year.
These are initiatives which have strong community-based employment benefits, and they are allocated an additional R1. This is good advice. Today, the western dominance of at least two centuries is under severe challenge. These reforms will significantly improve the fairness of the personal income tax system.
Further steps will be taken to limit excessive debt financing Amendments to the mark-to-market taxation of foreign currency and other financial instruments will be phased-in The governance and tax treatment of property loan stock entities will be aligned with the present treatment of regulated property unit trusts Tax relief is proposed for housing developers and employers who provide housing below R a unit.
Progress in these areas will strengthen the public health system, paving the way for the introduction of national health insurance.
We are not doing well enough in growing our economy and creating jobs for our young people. Ten years ago there were fewer spesch 10 million internet users on the continent. Full details of the proposals are in the Budget Review.
Our development strategy requires a capable state, and active citizens. The secondary tax on companies will be terminated on 31 March and a withholding tax on dividends will be implemented on 1 April Sleech devolution of public transport services to metropolitan municipalities will be phased in over the period ahead, allowing budvet better integrated public transport networks including rail and bus rapid transit systems.
Given the current global economic context, there is understandable caution in the business sector about investment and future growth prospects.
There should be little overall impact on electricity tariffs. Many of these recommendations find resonance in the contents of the budget and our spending proposals. Financial sector development Mister Speaker, I am pleased to report that progress is being made on several financial sector reforms.