Budget Speech 2020

R13... said:
Nah. The opposite. It looks like you'll no longer need to formally emigrate to get out of paying taxes. Or the opposite. They've even increasing the tax threshold by 250K.
Click to expand...

What about cashing in pensions though?
 
Tander said:
So where are the people who were saying we were going to see tax increases and VAT? they were dead sure about it?
****ing pessimist.
Click to expand...
I am somewhat relieved.

Expecting the ANC to not increase tax is like expecting a BMW driver to indicate.
 
Candystore said:
Can you pls explain to a lay person?
Click to expand...

Basically, by way of your private pension fund, government wants to take your hard-earned money and put it in to government bonds and projects where it is liable to perform poorly or otherwise be wasted. In short, your money will be wasted and your pension upon retirement will shrink.

Prime example; they want to use pension funds to ''fix'' Eskom. The unions championing this don't want any changes to Eskom, they just want to take your pension money and settle the debt.

Right now pension fund managers invest in areas where they can maximise growth while minimising risk. Prescribed assets forces them to invest in government bonds/pojects where risk is increased and growth is not a priority.
 
BeerIsNotGood... said:
State Bank :giggle:
Click to expand...

How they will go about recovery is still a mystery in my view. No taxation hikes is a clear move and part to establishing short-term confidence, but let's see what happens at the next budget speech... even if they give a temporary boost for the economy it isn't enough unless of course there are other confidence boosters on the horizon.
 
“If we are going the pension route it must be all of us. It can’t (only be) public servant pensions (on the line), it must be all pensions.”
Click to expand...

FU and that flea bitten political party you rode into town with!
 
thestaggy said:
Basically, by way of your private pension fund, government wants to take your hard-earned money and put it in to government bonds and projects where it is liable to perform poorly or otherwise be wasted. In short, your money will be wasted and your pension upon retirement will shrink.

Prime example; they want to use pension funds to ''fix'' Eskom. The unions championing this don't want any changes to Eskom, they just want to take your pension money and settle the debt.

Right now pension fund managers invest in areas where they can maximise growth while minimising risk. Prescribed assets forces them to invest in government bonds/pojects where risk is increased and growth is not a priority.
Click to expand...

Thanks for the explanation.
 
I'm also completely stunned. Like he didn't increase obvious taxes at all as expected.

The man has some brains and can see that taxing more will make us fail faster.

I just don't know how they will save R261 Billion over the next 3 years on Public Sector wages.
 
So let me understand this correctly, they are raising sin taxes and fuel levies etc but not VAT or PAYE. The shortfall that everyone is warning about will be made up of?

Cutting government spending?
 
alqassam said:
seems like there was some proper thought in this budget.
Click to expand...

The crux of it is in the statement that despite increasing VAT by 1% they've collected less in VAT overall.

Penny may have possibly dropped that you cannot tax yourself into prosperity.
 
so, it looks like a typical myBB'er will pay 4500 rands less tax per year. Not too shabby
 
Gaz{M} said:
I'm also completely stunned. Like he didn't increase obvious taxes at all as expected.

The man has some brains and can see that taxing more will make us fail faster.

I just don't know how they will save R261 Billion over the next 3 years on Public Sector wages.
Click to expand...

Mboweni has always struck me as someone who is far more intelligent than the average ANC MP. I suspect he's far more capitalist-minded than most of the ANC as well. Remember he's not really a fan of SOE bailouts and the like but has to implement what the ANC decides. If he had his way, SAA would be privatised IMO.

R160bn wage cut for the lazy oafs in government?! YES PLEASE.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X