Budget 2020: Read Finance Minister Tito Mboweni's full speech

Members of the Executive Committees for Finance Today I table:The 2020 Tax ProposalsThe Aloe Ferox survives and thrives when times are tough. It actually prefers less water. It wins even when it seems the odds are against it.

Now, even after a decade of weak economic performance, South Africa still boasts deep and liquid capital markets, strong institutions, the most diversified economy on the continent, and a young population. “Ex Africa semper aliquid novi”Achieving economic growth and higher employment levels requires a plan. “Do you not know that those who run in a race all run, but only one receives the prize? Run in such a way that you may win.”In 2020, global economic growth is expected to strengthen to 3.

Last year, the Government embraced the ideas contained in the document Towards an Economic Strategy for South Africa. This is our plan, and it contains the basic and fundamental pillars of our approach: Hard-working tax payers, who earn on average R265 000 a year, will see their income tax reduced by over R1 500 a year.

To support the property market, the threshold for transfer duties is adjusted. Property costing R1 million or less will no longer be subject to transfer duty. The carbon tax and other measures will help green the economy, and will bring in R1.75 billion over the next few months. This will be complemented by more focussed spending on climate change mitigation. We remain extremely concerned about plastic bags throughout the length and breadth of our country. In this regard, we have increased the plastic bag levy to 25 cents.But fiscal sustainability must be uppermost in our mind.

The total reduction is mainly the result of lowering programme baselines and the wage bill by R261 billion. These are partially offset by additions and reallocations of R111 billion. Of this, more than half, or R60 billion, is for Eskom and South African Airways. The first part is adjustments on programme spending of about R100 billion. Some of these were announced in the MTBPS. For human settlements, adjustments amount to R14.6 billion over the MTEF. There are also adjustments of R2.

Public servants do crucial work for our country, often in trying conditions. The governing party is a firm believer in the critical role of the state in development. For this reason, we need qualified, motivated and effective staff.

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Finance Minister Tito Mboweni should announce a tax on e-cigarettes in Budget Speech | IOL NewsE-cigarette taxation is necessary because e-cigarette use is harmful to health and increases the strain on the health care system and public purse. Taxation should be used on these kind of issues. But not on GORVENMENT spending. GORVENMENT spemding should be funded by the reserve Bank. Even if they act deaf we will make this msg loud and clear. This narrative is misleading Most people on E-cigarettes have access 2 private healthcare & people on the lower end of the spectrum (loose draws) couldn't be bothered 2 check in2 a public healthcare facility Besides, we lose more people in car accidents than we do 2 cigarettes Agree!!
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Ready to make the most of the budget, Tito?Dear tito_mboweni, savings desires a brave political party but MYANC is a party of cowards, prioritizing a sham party unity at the expense of the state. Half the cabinet shouldn't be there, get rid of all the useless Deputy Ministers, Get rid of all provincial governments!
Source: City_Press - 🏆 7. / 72 Read more »

BUDGET ANALYSIS: Tito Mboweni’s tight spot — will it be wage savings or a VAT hike?BUDGET ANALYSIS: Tito Mboweni’s tight spot — will it be wage savings or a VAT hike? 🔒
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Budget 2020: ‘Tito Mboweni will be walking a tax tightrope’ | Cape ArgusBudget 2020: A tax expert said Finance Minister Tito Mboweni would be walking a tightrope if he wanted to use more tax to raise government revenue. 😏they don't want to tax the filthy rich because they will remove them so they are taxing the poor. The rich are white and the poor are black Abramjee That expert is right Abramjee Stop corruption
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WATCH LIVE | Tito Mboweni delivers much anticipated budget speechBudgetSpeech2020 | As to the bane of the working class, it remains to be seen whether tax will be increased.
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Rand steady as budget speech loomsThe rand has been under pressure, in line with global markets amid fear that the coronavirus outbreak will turn into a global pandemic
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