Budget Speech by the Minister of Finance of the Republic of South Africa, Mr. Pravin Gordhan. Cape Town, 22 February Honourable speaker. Feb 27, Read the full National Budget Speech document delivered by Finance Finance Minister Pravin Gordhan alongside ministry of finance officials As we pointed out in the Budget, global economic uncertainty will. Feb 22, Minister of Finance Pravin Gordhan will be in the spotlight as he delivers the government’s Budget Speech.
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In the past, spending has lagged behind plans. South Africans must focus on our strengths and opportunities, to identify and activate the levers of economic and social change at our disposal. The legacy of our past is not only that of difficulty and despair. Several measures are set out in the Budget Review to improve the corporate tax environment, Mister Speaker:.
The idea of an active citizenry, drawn into motion by dedicated activists and inspired by a compelling vision of the future, has to be renewed. The draft National Development Plan identifies several key objectives: Mister Speaker, we can be proud of the collective wisdom and will of our government in making the tough decisions that have kept our fiscus on a sustainable track.
Deputy Minister Nene has taken on an expanded set of responsibilities over the past year, and is an indefatigable Deputy! Our development strategy requires a capable state, and active citizens.
An amount of R million is earmarked for transfer to Alexkor for the finalisation of obligations to the Richtersveld Community joint venture.
Government has expanded social assistance to households over the past decade, but employment and economic growth have to be the main future drivers of income growth and poverty reduction. My profound appreciation goes to President Zuma and Deputy President Motlanthe for their support and wise counsel in finalising the Budget and throughout the year. Recognising that assistance to the private sector goes beyond the provision of incentives, government is looking at wider interventions to lower the cost of doing business.
SECTION27’s statement on the Budget Speech – Section 27
The Infrastructure Development Improvement Programme assists national and provincial departments, focused largely on education and health projects and support for provincial public works departments.
Various strategies are also in place to deal directly with sector-specific issues. If that is their attitude to their own tax compliance, one shudders to think what advice they are giving to their clients! In addition, the further development of efficient and cost-effective public yb systems will receive the urgent attention of the Department of Transport.
We are not doing well enough in growing our economy and creating jobs for our young people. Support for job creation In respect of job creation, a wide range of government programmes and policies have come under scrutiny over the past year.
Pravin Gordhan`s budget speech – DOCUMENTS | Politicsweb
The budget provides for ubdget income tax relief of R9. It is right that we should look for many ways of supporting enterprise development, in many different settings and circumstances – in urban and rural areas, in agriculture, manufacturing and service sectors. South Africa has deep and liquid capital markets, through which long-term capital can be raised at competitive rates by government, state enterprises and the private sector.
I want to thank Ministers Mthetwa and Radebe for the cooperation of departments and agencies under their control. In building partnerships that will take us through this crisis, Mister Speaker, we have to implement a strategy for faster and more inclusive economic growth.
Additional funding of R million is allocated for court infrastructure, including new high courts in Polokwane and Nelspruit. A support programme is being developed in the capital goods sector, leveraging large state procurement programmes. In the past, spending has lagged behind plans.
Growing inequalities in income and wealth have undermined economic growth and social well-being. Unregulated capitalism is clearly in crisis. The PICC will ensure expert project assessment, subject pravkn appropriate standards of review and public accountability — a critical requirement before investment decisions are taken. Consultations will continue this year, with a view to tabling legislation in early These are initiatives which have strong community-based employment benefits, and they are allocated an additional R1.
Mister President through your leadership we are able to say to South Africa and the world that we have a vision for our country and our economy – where we want to get to in the next 20 years.
Social security reform and the phasing in of national health insurance will improve the effectiveness and coherence of redistribution through the fiscus. In addition to long delays, we have often experienced significant cost over-runs in infrastructure projects.
Not just by business. The Presidential Infrastructure Coordinating Commission busget made considerable progress in identifying projects and clarifying long-term investment plans to drive economic change.
The first round of over 1 MW of renewable energy projects was recently successfully tendered to independent power producers. During the current financial year, SARS has already confiscated 3. We have to do better than that — state enterprises, municipalities and government departments all need to improve their planning and management of capital projects. I am happy to confirm that the project will qualify for VAT relief, which will surely give Minister Pandor the winning edge in this contest.
Some may have been beyond our control, the result of changes to the environment goddhan which we were compelled to adjust. Mister President, we have a budget that gives effect to the challenges you have set us — to accelerate growth, expand investment, support economic development and confront poverty and inequality. This means that government departments and municipalities that do not spend, underspend or mis-spend their allocated gordhaj, will be bh risk of losing the allocations.
There should be little overall impact on electricity tariffs. Do we have the right policies, conditions and boldness to enable South African businesses prvin gain from these immense shifts in the patterns of production and trade?