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“Kudos to the finance minister for digging in his heels; instead of buckling under constant pressure to spend more, he remains steadfast in pursuit of fiscal discipline”. “Spending restraint remains a more effective tool than tax hikes to help achieve debt stabilization. In this respect, withdrawing last year’s proposal to raise an additional R40 billion over the medium term through tax measures is welcome news”. “Staying the course with regards to wage bill restraint is comm
After a very difficult year, the National Treasury has produced an excellent budget. There was always a concern that given the growing evidence of higher than forecast revenues, expenditure would slip a lot in the coming years from the October Medium-Term Budget Policy Statement (MTBPS) forecasts. This did not occur. The February 2021 acknowledged the higher than expected revenue collections for the current fiscal year – likely to be about R103bn higher than forecast in the
When it comes to the short-, medium- and long-term prospects for Africa, there is no consensus view. Dr Rutendo Hwindingwi, business development leader at Deloitte, refers to it as ‘the African conundrum’. Speaking at PSG’s recent #ThinkBig webinar, Hwindingwi said one thing most people do agree on however, is the latent opportunity in Africa. “Many people still view Africa as one big country, but of course it’s a lot more complex than that,” said Hwindingwi. The different la
In a well-timed Tweet that gathered momentum before evolving into a full-blown campaign backed by Treasury, Finance Minister Tito Mboweni has put South Africa’s armchair critics to work by calling on citizens to help him compile this year’s Budget Speech 2021, using the hashtag #TipsForMoF. In what has been dubbed the most challenging Budget to date - with a contentious public sector wage bill, flailing SOEs, and vaccine funding to deal with - one cannot blame the minister fo
A wealth tax may be the fastest way to plug the holes in government finances, but it’s dangerously unsustainable, according to Hannes Van Den Berg, CEO of Momentum Consult. Last week saw the arrival of the first Covid-19 vaccines on our shores. They are the first batch of a total of 500,000 that are being provided by Johnson & Johnson (J&J) to South Africa free of charge. But the next lot that we’ve procured (another 9 million doses from J&J) will need to be paid for. Against
By age 35, you have probably settled into your career, with 10 or more years’ experience, and if you’re doing well career wise, you are probably earning a reasonable income. In terms of life stages, you may be settling down with a partner, possibly having children, and you may even be financially assisting your parents or other relatives. Now is the time to be money savvy and make some smart decisions that will keep you financially on track for the long term. Pay yourself fir
Highlights Revenue for Budget 2020/21 can be about R216 billion less than national treasury’s estimate in February 2020. However, it could be R100 billion more compared to the Medium-Term Budget Policy Statement (MTBPS). This revenue overrun is broad based and points to a strong economic recovery during the second half of 2020. The budget deficit for 2020/21 will likely be much lower than the 15,7% of gross domestic product (GDP) announced in the MTBPS. The budget for 2021/22