budget 2015

Over R600 billion will be allocated to basic education over the course of the next three years, Finance Minister Nhlanhla Nene said on Wednesday. “Over R640 billion will be allocated to basic education during the next three years,” Minister Nene said as he tabled the 2015 national budget in Parliament. The Minister said that personnel planning for schools is currently under review to ensure that learner-teacher ratios are maintained at appropriate levels. He said the number of qualified … [Read more...] about 600 Billion for basic education #Budget2015

It will cost more to tip the bottle or to light up a cigarette, following the tabling of the 2015 National Budget. Tabling his maiden Budget Speech in Parliament on Wednesday, Finance Minister Nhlanhla Nene said excise duties on alcoholic beverages and tobacco products will again increase. The tax of a quart of beer will go up by 15 and a half cents while a bottle of wine will cost 15 cents more. A bottle of sparkling wine goes up by 48 cents while a bottle of whisky will cost R3.77 … [Read more...] about Bend Over Sinners #Budget2015

Finance Minister Nhlanhla Nene has projected South Africa's economy to grow by 2% in 2015, a downward revision from October's mini budget. The Minister attributed this to the sluggish growth in the global environment, while domestically, security and energy constraints have contributed to the slowdown. "Mainly for this reason, our projected economic growth for 2015 is just 2%, down from 2.5% indicated in October last year. We expect growth to rise to 3% by 2017. "Higher growth is … [Read more...] about 2015 Economic growth projection revised down #Budget2015

Incentives and other economic interventions have collectively led to the creation of more than a million jobs in the past year, the National Treasury said on Wednesday. According to the National Treasury, the Medium-Term Strategic Framework (MTSF) supports a range of programmes that, in combination with infrastructure investment and structural changes in the real economy, will ultimately raise growth potential. The employment tax incentive, which came into effect in January 2014 amid … [Read more...] about Incentives created jobs #Budget2015

The National Treasury has projected the consumer price inflation to drop to 4.3% in 2015. This after the headline inflation rose from 5.8% in 2013 to a peak of 6.6% in June 2014, but subsequently declined to 5.3% in December 2014. According to the National Treasury, a spike in maize and wheat prices combined with the effects of the weaker exchange rate led to the initial rise. But strong global and domestic harvests and the recent sharp fall in world oil prices eased pressures during … [Read more...] about Projected inflation drop to 4.3% #Budget2015

Finance Minister Nhlanhla Nene says government will reduce spending by R25 billion in the 2015/16 and 2016/17 financial year in a bid to narrow the budget deficit. While the Minister is trying to narrow the deficit to 3.6%, he said this reduction in spending -- coupled with an increase in taxes amounting to a R17 billion collection in 2015/16, and revised spending plans across government to curb waste and contain the wage bill -- would narrow the deficit close to the target. "In the budget … [Read more...] about Government gets a R25 Billion reduced expenditure directive #Budget2015

While the tax proposals regime announced in the 2015 National Budget signalled difficult times ahead, Finance Minister Nhlanhla Nene also announced new tax breaks that would ease the burden on the already strained working and middle class income earners. While the super-rich will pay more on property transfer pricing, the Minister delivered good news to citizens who will purchase property worth less than R750 000. There will also be a relief on transfer duty for properties acquired up to … [Read more...] about Transfer Duty adjustments #Budget2015

Taxpayers should expect to pay a percentage point more from their personal income tax for government to raise an extra R12 billion this year and another R15 billion next year, the National Treasury said on Wednesday. Government has also proposed an overall increase in fuel levies of 80.5 cents per litre, of which 30.5 cents per litre is an increase in the general fuel levy and 50 cents per litre is for the Road Accident Fund (RAF). The proposals, however, will see those in the lower income … [Read more...] about Personal Income Tax up #Budget2015