but, but, but ........... it's "temporary" ..... only until the electricity crisis is over.
-
Join the MyBroadband community
South Africa’s biggest forum. Discuss, discover, and connect with thousands of members.
-
Question of the Day: Are you keeping your Prime subscription?
Budget Speech 2015
- Thread starter LazyLion
- Start date
but, but, but ........... it's "temporary" ..... only until the electricity crisis is over.
ToxicBunny
Oi! Leave me out of this...
In terms of our economy, he kind of is unfortunately....
Anyone who earns more than the tax threshold is doing pretty well for themselves.
General trend from 2000-2014 indicates only marginal decreases from 2012-2014. While debt has nearly doubled in the last few years. The problem isn't the budget. It is the way it gets used. Remember that govt is now the biggest employer. That is never a good thing
Source: BMI
daveza
Honorary Master
So more bail-outs for SAA which will never be profitable.
And a very blinkered view on e-tolls.
When will they realise that even if they make the maximum monthly fee R5.00, people are just not going to pay it. At all. Ever.
And a very blinkered view on e-tolls.
When will they realise that even if they make the maximum monthly fee R5.00, people are just not going to pay it. At all. Ever.
SeRpEnT
Executive Member
Erm. Maybe you should learn to read.
"Personal income tax rates will be raised by one percentage point for all taxpayers earning more than R181,900 a year," Nene said in presenting his first main budget in the National Assembly.
That would mean no increase in income tax for the lower class. A bit of a bite to the wallet of the middle class. And hardly a dent in the millionaires bank balance.
SeRpEnT
Executive Member
So that would be for the next 5 to 10 years then...
HavocXphere
Honorary Master
Seems decent enough all things considered.
The petrol increase seems pretty harsh though and the growth forecast a touch optimistic given the Eskom story but overall pretty good.
The petrol increase seems pretty harsh though and the growth forecast a touch optimistic given the Eskom story but overall pretty good.
LazyLion
King of de Jungle
SAFRICANS FACING DIFFICULT TIME: MAIMANE
With tax and the fuel levy going up, employed South Africans are in for a difficult time, DA parliamentary leader Mmusi Maimane said on Wednesday.
"Increase in tax and fuel levy will affect working South Africans who also use the roads. We are in for a difficult period," Maimane said in reaction to finance minister Nhlanhla Nene's budget tabled in Parliament.
Nene announced some personal income tax increases, a raise of the general fuel levy, of the Road Accident Fund (RAF) levy, and of the electricity levy, and increased excise duties.
Consolidated government spending was expected to be R1.35 trillion and revenue about R1.2tn. GDP was projected to grow from two percent in 2015 to 2.4 percent in 2016, and three percent in 2017.
Source : Sapa /gm/th
Date : 25 Feb 2015 15:44
With tax and the fuel levy going up, employed South Africans are in for a difficult time, DA parliamentary leader Mmusi Maimane said on Wednesday.
"Increase in tax and fuel levy will affect working South Africans who also use the roads. We are in for a difficult period," Maimane said in reaction to finance minister Nhlanhla Nene's budget tabled in Parliament.
Nene announced some personal income tax increases, a raise of the general fuel levy, of the Road Accident Fund (RAF) levy, and of the electricity levy, and increased excise duties.
Consolidated government spending was expected to be R1.35 trillion and revenue about R1.2tn. GDP was projected to grow from two percent in 2015 to 2.4 percent in 2016, and three percent in 2017.
Source : Sapa /gm/th
Date : 25 Feb 2015 15:44
I wouldn't be too surprised to see a small surprise on the upside re GDP growth
LazyLion
King of de Jungle
If they reduce the toll fees it makes the cost of debt recovery even less attainable.
Why spend several thousand rand trying to cover an amount less that?
LazyLion
King of de Jungle
NENE'S APPROACH TO ESKOM COMMENDED: MKHIZE
Finance Minister Nhlanhla Nene's 2015/16 budget took the correct approach in dealing with power utility Eskom's financial issues, ANC treasurer general Zweli Mkhize said on Wednesday.
"I'm pleased that there's a very strong effort to deal with the Eskom issues," he said.
"The allocation from government... and balancing out of the utilisation I think is an important one."
The commitment to involve the private sector in generating revenue was a positive move.
Mkhize said he was pleased with the taxation model Nene planned to use and that VAT (value added tax) had been left unchanged.
"I'm pleased that there was not an effort to tamper with the VAT as it has a very strong impact on the poor.
"The minister has done a good job in being able to balance the budget... it shows government's commitment to balancing the budget under very difficult financial constraints."
Nene was presenting his first main budget, for 2015/16, as finance minister to the National Assembly on Wednesday.
Source : Sapa /gf/ks/lp/th
Date : 25 Feb 2015 16:05
Finance Minister Nhlanhla Nene's 2015/16 budget took the correct approach in dealing with power utility Eskom's financial issues, ANC treasurer general Zweli Mkhize said on Wednesday.
"I'm pleased that there's a very strong effort to deal with the Eskom issues," he said.
"The allocation from government... and balancing out of the utilisation I think is an important one."
The commitment to involve the private sector in generating revenue was a positive move.
Mkhize said he was pleased with the taxation model Nene planned to use and that VAT (value added tax) had been left unchanged.
"I'm pleased that there was not an effort to tamper with the VAT as it has a very strong impact on the poor.
"The minister has done a good job in being able to balance the budget... it shows government's commitment to balancing the budget under very difficult financial constraints."
Nene was presenting his first main budget, for 2015/16, as finance minister to the National Assembly on Wednesday.
Source : Sapa /gf/ks/lp/th
Date : 25 Feb 2015 16:05
LazyLion
King of de Jungle
TAX INCREASE A SAD DAY: FFPLUS
It was lamentable that government could not balance the books without a personal income tax increase, the Freedom Front Plus said on Wednesday.
"I think it's a sad day in the sense that [in] the government of 20 years, there was no personal tax increase really, and now for the first time there is one percent," party leader Pieter Mulder said in reaction to Finance Minister Nhlanhla Nene's budget tabled in Parliament.
"That shows that they couldn't balance their books without that. Surely, if they should have a tax increase, I would've preferred VAT (value added tax) then.
He said hiking VAT by one percent would have contributed between R18 billion to R20 billion to the fiscus and solved the government's problem.
He lamented government opting for a personal income tax hike, as it would affect a small number of people, with high-income citizens having to carry the greater part of the burden.
"It's becoming too heavy," Mulder said.
He called state-owned enterprises (SOEs) "children that are not becoming independent".
"They are not being privatised in a sense and still need money and they'll never be on their own legs if we do continue this way," Mulder said.
"The centralisation, maybe we can fight corruption that way. Let's hope it's better, but then surely the administration must be good enough that there is no bottleneck there.
"That's the risk on the other side. We'll have that problem at the end of the day."
Nene announced some personal income tax increases, a raise of the general fuel levy, of the Road Accident Fund (RAF) levy, and of the electricity levy, and increased excise duties.
Consolidated government spending was expected to be R1.35 trillion and revenue about R1.2tn. GDP was projected to grow from two percent in 2015 to 2.4 percent in 2016, and three percent in 2017.
Source : Sapa /aw/ks/lp/th
Date : 25 Feb 2015 16:10
It was lamentable that government could not balance the books without a personal income tax increase, the Freedom Front Plus said on Wednesday.
"I think it's a sad day in the sense that [in] the government of 20 years, there was no personal tax increase really, and now for the first time there is one percent," party leader Pieter Mulder said in reaction to Finance Minister Nhlanhla Nene's budget tabled in Parliament.
"That shows that they couldn't balance their books without that. Surely, if they should have a tax increase, I would've preferred VAT (value added tax) then.
He said hiking VAT by one percent would have contributed between R18 billion to R20 billion to the fiscus and solved the government's problem.
He lamented government opting for a personal income tax hike, as it would affect a small number of people, with high-income citizens having to carry the greater part of the burden.
"It's becoming too heavy," Mulder said.
He called state-owned enterprises (SOEs) "children that are not becoming independent".
"They are not being privatised in a sense and still need money and they'll never be on their own legs if we do continue this way," Mulder said.
"The centralisation, maybe we can fight corruption that way. Let's hope it's better, but then surely the administration must be good enough that there is no bottleneck there.
"That's the risk on the other side. We'll have that problem at the end of the day."
Nene announced some personal income tax increases, a raise of the general fuel levy, of the Road Accident Fund (RAF) levy, and of the electricity levy, and increased excise duties.
Consolidated government spending was expected to be R1.35 trillion and revenue about R1.2tn. GDP was projected to grow from two percent in 2015 to 2.4 percent in 2016, and three percent in 2017.
Source : Sapa /aw/ks/lp/th
Date : 25 Feb 2015 16:10
Mila
Honorary Master
more money for bonuses, more money to waste on parties.0 accountability. Yes that is a strong effort.
MagicDude4Eva
Banned
Perhaps a mistake on Moneyweb - http://www.moneyweb.co.za/moneyweb-2015-budget/budget-in-a-nutshell-16?
That means it's R2000 for meals per learner over three years or R666 (coincidence?) per learner per year. Based on the school-calendar (http://www.gov.za/about-sa/school-calendar), schools have 197 school days per year. So that means a meal will cost R666/197 = R3,38.
I am not sure about you, but I don't see how one can be feed for that amount?
That means it's R2000 for meals per learner over three years or R666 (coincidence?) per learner per year. Based on the school-calendar (http://www.gov.za/about-sa/school-calendar), schools have 197 school days per year. So that means a meal will cost R666/197 = R3,38.
I am not sure about you, but I don't see how one can be feed for that amount?
Prepared to bet it won't be removed in my lifetime.
dlk001
Executive Member
50 cents/litre goes to RAF and 30 cents is a general levy. RAF has a huge claims backlog and I think it is mandated to compensate people.
I think some of the money should be used to promote/enforce road safety for long term sustainability of the RAF.
Last edited:
OrbitalDawn
Ulysses Everett McGill
Perhaps massive bulk-buy deals?
Draganchor
Senior Member
I for one would have liked a statement on fiscal discipline by the state.
The lack of accountability for state and local governments is a really big concern.
My other great concern is the % of the budget that is allocated to state salaries, welfare etc. If we continue at this rate these will consume our entire post-debt budget to the tune of 100% within 8-10 years.
i.e. no cash for infrastructure expenditure unless it is underwritten by debt...
Will try dig out the source on this.
So People, get ready for more increases without any accountability on the wastage.
I guess there are only so many places at the trough, and we will pay.
The lack of accountability for state and local governments is a really big concern.
My other great concern is the % of the budget that is allocated to state salaries, welfare etc. If we continue at this rate these will consume our entire post-debt budget to the tune of 100% within 8-10 years.
i.e. no cash for infrastructure expenditure unless it is underwritten by debt...
Will try dig out the source on this.
So People, get ready for more increases without any accountability on the wastage.
I guess there are only so many places at the trough, and we will pay.
Last edited: