This offsets the baseline reductions and as such the expenditure ceiling is revised upwards by R16 billion over the next three years. We will make announcements in this regard in the coming weeks. I do this in my role as Minister of Finance, performing my fiduciary responsibility as the guardian of the nation’s finances. National Treasury will lead a process to encourage those, including government departments, who owe money to municipalities, to pay for services. Provisional allocations are made for the financial support to Eskom and the Infrastructure Fund. © 2020 Non Res SA. Subscribe to our Newsletter to get daily updates on local affairs, with a global context. Then we must match the resources we have to the plan. South Africa's government revised its budget deficit forecast to 15.7 percent of GDP in 2020/21 fiscal year from an earlier estimate of 14.6 percent in June and compared to 6.4 percent in 2019. We are taking tough steps to fix the fiscal position and state-owned enterprises.2. This will save an estimated R4.8 billion in 2019/20, R7.5 billion in 2020/21 and R8 billion in 2021/22. These rules should also apply to all SOEs. Fuel levies will increase by 29 cents per litre for petrol and 30 cents per litre for diesel. The R300 billion worth of pledges made at the Investment Conference last year demonstrate that there is pent-up private sector demand if we grab hold of the opportunity. Government is rolling out a maths and science grant. That means we will spend R243 billion more than we earn. In October, I emphasised the importance of the user pay principle. After a few months in the role, I feel that Oliver Twist might be more appropriate this time. First, we must look at the President’s task list. The Governor of the South African Reserve Bank is driving an ambitious FinTech programme, together with colleagues from the other financial-sector regulators. R3.7 billion is set aside to assist emerging farmers seeking to acquire land to farm. Second, is streamlining the law to make it easier to build. Professor Ricardo Hausmann of Harvard University talks of the “know-how” that these individuals bring. By the way, it is at #RSABudget. Our budget spending has to focus on getting our country ready for technology. Financial support will be budget neutral as far as possible. Their skills are complementary to our own. On land, we have set aside money to help our people buy their own houses, support land reform, and transfer title deeds.4. This is slightly better than the deficit the Minister projected in the October … In time this will be complemented by limits on overtime and bonus payments as well as pay progression. South Africa is a small open economy and we are impacted by events in the global economy World growth is now expected to slow, constraining South Africa’s export growth forecast. “For the seed shall be prosperous; the vine shall give her fruit, and the ground shall give her increase, and the heavens shall give their due; and I will cause the remnant of this people to possess all these things.”, ALSO READ: Budget 2019: South Africa sets aside R5.8 trillion for Spending. In addition, government will commit R100 billion over the next decade. Madam Speaker, the Budget remains redistributive. We must tighten the guarantee rules. As a result, gross national debt will still stabilise at about 60 per cent of GDP in 2023/24, broadly in line with our October forecast. I want to make it clear: the national government is not taking on Eskom’s debt. We will make announcements in this regard in the coming weeks. The Treasury plans to freeze public sector wages … South Africa is a small open economy and we are impacted by events in the global economy. Below is a summary of the main Tax rates: INCOME TAX: COMPANIES, SMALL BUSINESS CORPORATIONS & MICRO BUSINESSES. Their skills are complementary to our own. The tax free income tax threshold will be increased from annual R78 150 to R79 000. Madam Speaker, excise duties on alcohol and tobacco will be increased, as follows: The Road Accident Fund levy increase is not enough to match the Fund’s R215 billion liability. R2 million gain or loss on the disposal of a primary residence; Payments in respect of original long-term insurance policies; Annual exclusion of R40 000 capital gain or capital loss is granted to Individuals and Special Trusts; Small business exclusion of capital gains for individuals (at least 55 years of age) of R1.8 million, when a small business with a market value not exceeding R10 million is disposed of; and. The Jobs Fund is a vital complement to private sector job creation.

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