BudgetSpeech2020 Mboweni puts money back into taxpayers' pockets
Taxpayers will get relief to the tune of around R2 billion because tax brackets will be adjusted to just above inflation.CAPE TOWN - Finance Minister Tito Mboweni says there’ll be more cuts in state spending as he battles to balance the government’s books – but he’s announced there will be no increase in personal income tax this year. Instead, taxpayers will get relief to the tune of around R2 billion because tax brackets will be adjusted to just above inflation. Tabling his R1.95 trillion Budget in Parliament this afternoon, Mboweni warned that growth will be lower than expected thanks to a limping economy and load-shedding. But he has focused on further cuts in government spending – including the public sector wage bill - rather than overburdening taxpayers and possibly harming economic recovery. Mboweni’s putting some money back in taxpayers’ pockets. “This Budget means that a teacher who earns on average R460,000 a year, will see their taxes reduced by nearly R3,400 a year. Hard-working taxpayers, who earn on average R265,000 a year, will see their income tax reduced by over R1,500 a year.” Mboweni said the government wanted to broaden the corporate tax base with a view to reducing it from its current 28% “in the near future” to help businesses grow. Property costing up to R1 million will no longer be subject to transfer duty. The annual limit for tax-free savings accounts goes up from R33,000 to R36,000. Mboweni said taxes on small businesses would be reviewed to be made more effective and to reduce scope for fraud and abuse. WATCH: Budget 2020 in 60 seconds with Bruce Whitfield Read more: Eyewitness News
We thank him.
Mboweni gives R16bn to SAA, R46.3bn to Eskom and R1.1bn to the SABCBudgetSpeech2020 | “Government has set aside R16.4bn for SAA over the medium term to repay the airline's guaranteed debt and to cover debt-service costs.” I am no economist, but it seems like throwing good money after bad. 🤔 Wasted money Sebeyasinyela laba, what about free tertiary rather?, 🙆🏿♂️
Budget 2020: No more bloated salaries at public entities, says MboweniFinance Minister Tito Mboweni told Parliament that government will be putting a stop to excessive salaries at public entities. BudgetSpeech2020
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VAT, fuel and sin - and how Mboweni might find the money the country so desperately needs“Previous years have seen higher than inflation increases to the fuel levies – the general fuel levy, the Road Accident Fund levy, customs and excise taxes and the carbon tax.” It's insane that you pay a huge amount of your salary to SARS, who merely hands it over to the ANC to loot & waste, then pay 15% VAT on anything you have to purchase & use & more tax when you put in petrol. We are literally taxed into poverty! And no one is held accountable
Mboweni says no need to panic amid pilchards recall sagaMboweni says no need to panic amid pilchards recall saga eNCA I smell something fishy brewing and its not the bad pilchards Don't really care about Pillchards, moreso about VAT possibly going up. Please Tito, be kind.
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.