Consolidated budget spending to exceed R2 trillion for the first time

When delivering the Supplementary Budget Mboweni said gross tax revenue collected during the first two months of 2020/21 was R142 billion, compared to the National Treasury’s initial forecast for the same period of R177.3bn.

These proposals are contained in the Disaster Management Tax Relief Bill and the Disaster Management Tax Relief Administration Bill that I table today. “This increase is mainly due to the revised revenue projections and pay‐outs from the Unemployment Insurance Fund. The narrower measure, known as the main budget deficit, is projected to be 14.6 per cent of GDP.

Source: News Formal (newsformal.com)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SA's budget deficit expected to hit R761bn by next year: Tito MboweniCovid-19 has hit the government hard in the pocket and will see the budget deficit projected in February exceeding 15% of GDP, for a total of R761bn by 2021.
Source: TimesLIVE - 🏆 28. / 59 Read more »

R21.5bn set aside for Covid‐19 spending in supplementary budgetFinance Minister Tito Mboweni on Wednesday proposed R21.5 billion for Covid‐19-related healthcare spending in a supplementary budget tabled in reaction to the pandemic.
Source: IOL - 🏆 46. / 51 Read more »

Supplementary budget: It’s all about stabilising SA’s debt, says Mboweni | CitypressSupplementaryBudget: It’s all about stabilising SA’s debt, says Mboweni Mboweni focused his supplementary budget on stabilising debt by improving the government’s spending patterns and creating a foundation for economic revival
Source: City_Press - 🏆 7. / 72 Read more »

Debt is our weakness, says MboweniFinance Minister Tito Mboweni tabled an emergency budget aimed at minimising the effects of the COVID-19 pandemic on the economy
Source: eNCA - 🏆 49. / 51 Read more »

WATCH LIVE | Finance minister Tito Mboweni delivers supplementary budget speechFinance minister Tito Mboweni is expected to deliver the supplementary budget speech on Wednesday, after the government’s announcement that it would spend R500bn to support the economy during the Covid-19 pandemic
Source: TimesLIVE - 🏆 28. / 59 Read more »

RECORDED | Finance minister Tito Mboweni delivers supplementary budget speechFinance minister Tito Mboweni is expected to deliver the supplementary budget speech on Wednesday, after the government’s announcement that it would spend R500bn to support the economy during the Covid-19 pandemic
Source: TimesLIVE - 🏆 28. / 59 Read more »