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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We need parents to work with the state to deliver quality education, community leaders that will help protect neighbourhoods; business leaders and trade unions to grow the economy; gkrdhan to create jobs. We have demonstrated excellent resilience during the post crisis. The budget provides social grants to almost a third of the population, it pays for largely free services at public health facilities and no-fee schools for 60 per cent of learners, and it pays for housing, water and electricity in poor communities.
There are further steps National Treasury will soon take to improve our procurement capability. It is my privilege to introduce goedhan third budget of President Zuma’s administration. It is important to remember that road-user charges also serve an important demand management function spesch roads that are heavily congested.
Salma Kagee argued that students should be offered practical internships as part of their curriculum, to narrow the gap between education and the work place. Today, the western dominance of at least two centuries is under severe challenge. Achieving an appropriate balance in the funding of national health insurance is necessary to ensure that the tax structure remains supportive of economic growth, job creation and savings.
Tax relief is under consideration for businesses that invest in these zones, including a reduction in the corporate income tax rate and support for employment and training expenses. Mister President you have given effect to the wisdom of Walter Sisulu; through the work of the Speefh Commission this country now has a 20 year vision, through your initiative we now have budgdt massive infrastructure programme also extending over 20 years, which will increase the growth and job creating potential of our economy.
We must do this in order to restore the trust of our people in our capacity to govern. 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.
A reduction in the budget deficit from 4. Users benefit through lower vehicle operating costs, time savings budgeet improved safety. We need better procedures to ensure that staff appointments are not made without the necessary budget allocations, and we need to reduce administrative staff in favour of frontline teaching, nursing and service delivery budgeh. Expansion of further education and skills development is a key long-term priority, alongside improving the quality of basic education and broadening access to adult education programmes.
Pravin Gordhan`s budget speech – DOCUMENTS | Politicsweb
And so Mister Speaker, in tabling the Budget we have to say: Do we have the right policies, conditions and boldness to enable South African businesses to gain from these immense shifts in the patterns of production and trade? Speechh represents a substantial investment in household living conditions, financed through a broadly progressive tax structure.
The proposal is that individuals should be permitted to save up to R30 a year, with a lifetime limit of Rin registered savings or investment products that would be free of tax on interest, dividends or capital gains.
In harnessing all the resources at our disposal, we have to do more, with less; we have to work smarter and harder. Special economic zones The Minister of Trade and Industry has published draft legislation to provide for the creation of special economic zones. A draft policy framework and legislation have been published for special economic zones. The Department of Trade and Industry receives the bulk of this funding — R5. With effect from April:.
Many of these recommendations find resonance in the contents of the budget and our spending proposals. 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. Mister Speaker, if we are to succeed in putting our economy on a more rapid and inclusive growth path towe need to effectively direct and manage the levers of change — levers that activate both public and private sector energies and capabilities.
The tax clearance system will be strengthened to ensure that those who have defrauded the state cannot do business with the state. But professionalism, hard work and commitment to value for money are preconditions for successful project delivery. 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. We are not doing well enough in growing our economy and creating jobs for our young people.
SECTION27’s statement on the Budget Speech – Section 27
gordhab The recent Voluntary Disclosure Programme has attracted approximately 18 applications, and has yielded almost R1 billion in additional tax so far. Economic outlook 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. Mpho Mashishi suggested using communities to arrest youth unemployment speecg revitalising townships through gyms, sporting teams and leagues, tutoring projects and clean-up operations.
Government is responsible for developing effective municipalities and broadening access to services, but business, civil society and organised labour have to be partners in building cohesive communities and promoting social solidarity.
To encourage voluntary savings, consideration is being given to the introduction of tax-exempt short and medium-term savings products.
Finance minister says Rbn to be spent on social grants, Rbn on education. Tax relief is under consideration for businesses that invest in these zones, including a reduction in the corporate income tax rate and support for budge and training expenses.
At present, nearly 16 million South Africans receive social grants. Not just by business. Progress in these areas will strengthen the public health system, paving the way for the introduction of national health insurance. We pracin need to introduce a new dynamism among all South Africans.
A duty of 10 per cent will apply to motorboats and sailboats longer than 10 bidget. This year, a pre-budget consultation was held with the Nedlac constituencies. Mister Speaker, whereas several nations around the world are confronting severe austerity measures and significantly higher taxes, we are able to propose tax relief of R2.
The Presidential Infrastructure Coordinating Commission has made considerable progress in identifying projects and clarifying long-term investment plans to drive economic change.