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budget speech

2012 Budget Speech

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Amid a global economic outlook which continues to remain uncertain, the Minister of Finance Pravin Gordhan today presented a circumspect, yet upbeat Budget Speech detailing how the infrastructure projects highlighted by President Jacob Zuma earlier this month would be funded. (Scroll down for videos) Gordhan also called on South Africans – including the corporate sector which has millions locked up in savings – to take advantage of opportunities in emerging markets and in the … [Read more...] about 2012 Budget Speech

Cigarette Tax Not High Enough

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The National Council Against Smoking says the increase in excise tax on cigarettes announced by government yesterday is inadequate. "The increase of 80 cents per pack of 20 cigarettes announced in the budget may seem high to some, but it is inadequate. It will fail to meet the Treasury's twin goals of optimising revenue collection and of reducing tobacco consumption," said the council. The council explained that cigarette manufacturers and not the Treasury effectively decided the excise … [Read more...] about Cigarette Tax Not High Enough

Budget Speech: Small Business Tax Incentives Overhaul

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Finance Minister, Pravin Gordhan, announced various tax incentives for businesses particularly small and micro enterprises. Gordhan also announced plans to overhaul two failed tax incentives in a bid to make them more attractive to businesses. Presenting his Budget Speech in Parliament on Wednesday, Gordhan also introduced various tax proposals for businesses, which will help boost job creation. These include changes to the turnover tax for micro enterprises. The turnover tax for micro … [Read more...] about Budget Speech: Small Business Tax Incentives Overhaul

Budget Speech: Beautifully Put But Just More of the Same

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Reacting to Wednesday's Budget Speech, the IFP's spokesperson on finance, Dr Mario GR Oriani-Ambrosini MP, had the following to say: There is national consensus on the country's priorities and we welcome that this year's budget spends more money in achieving them. In this sense it is an improvement on last year's. However, the budget does not break away from a fiscal paradigm which cannot work in the long run. South Africa is a welfare state which dreams of becoming a developmental state. … [Read more...] about Budget Speech: Beautifully Put But Just More of the Same

Government at it’s Wits End on Corruption

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Fighting corruption and fraud in the public service remains high on the agenda of government, Finance Minister Pravin Gordhan said on Wednesday, as he warned that the state will not tolerate losing billions of Rands in maladministration. "...Public procurement plays a significant part in the economy and is central to government service delivery. However, citizens and taxpayers do not get full value for money, because this is an area vulnerable to waste and corruption. This compromises the … [Read more...] about Government at it’s Wits End on Corruption

Budget Speech: And More Money Goes To …

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Job Creation: Minister of Finance Pravin Gordhan has announced the details of several initiatives and proposals to boost job creation, including a jobs fund, increasing funding for small businesses and spending on skills, rural development and industrial support. Presenting his Budget Speech in Parliament Gordhan said the R9 billion jobs fund would co-finance innovative public and private-sector employment projects over the next three years. Added to this, tax incentives have been … [Read more...] about Budget Speech: And More Money Goes To …

Budget Speech: Youth Wage Subsidy

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The National Treasury wants to implement a R5 billion youth employment subsidy in the 2012 financial year - from 1 April 2012. In a media briefing before his Budget Speech, the Minister of Finance Pravin Gordhan said the proposal would be taken to the National Economic Development and Labour Council (Nedlac) on Friday. Details of the youth employment subsidy are set out in a discussion paper, for further consideration by Parliament and Nedlac. The subsidy compensates employers for … [Read more...] about Budget Speech: Youth Wage Subsidy

Budget Speech: Cough up Sinners

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Finance Minister Pravin Gordhan has announced increases in excise duties on alcoholic beverages and tobacco products. The so-called "sin taxes" on alcohol will be increased by between 4.5 percent and 10.3 percent. A 340ml can of beer will cost 6.4 cents more, a bottle of wine will cost 13.5 cents more and R2.86 more will be levied on a bottle of spirits. Taxes on tobacco products will increase between 6 percent and 10.2 percent. A packet of 20 cigarettes will now cost 80 cents more. - … [Read more...] about Budget Speech: Cough up Sinners

Budget Speech: Gambling Winnings to be Taxed 15%

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Those who rake in gambling winnings of over R25 000, including payouts from the National Lottery, will from next year have to pay a 15 percent withholding tax, the Minister of Finance Pravin Gordhan announced in his Budget Speech on Wednesday. Presenting a budget which will see individuals receive moderate tax relief amounting to R8.1 billion, Gordhan said the withholding tax on gambling would come into effect from April 2012. He said the tax on gambling is in line with practices in other … [Read more...] about Budget Speech: Gambling Winnings to be Taxed 15%

All Eyes on the 2011 Budget

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Finance Minister Pravin Gordhan is set to deliver the 2011 national budget this week, with business looking forward to a speech which will boost business confidence following a global recession. Company tax relief is expected to be limited and focused on encouraging capital expenditure as well as job creation, according to Nedbank's economic unit. The bank, along with Business Unity South Africa (BUSA), expects clarification on R20 billion in tax incentives for manufacturing investments … [Read more...] about All Eyes on the 2011 Budget