Budget Speech 2020

Vrotappel said:
It means a piece of paper is not going to fool SARS. You have to actually emigrate. Leave the country with no intention to return and actually comply with the physical presence test.
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Physical presence is the easy one. The ordinarily resident one is the complicated test. Also, financial emigration has no effect on tax residency
 
4.8.2. STATE BANK
Last year, this House passed legislation which will allow state-owned enterprises to apply for banking licences. In July 2019, I tasked the Deputy Minister of Finance with the responsibility to undertake the state bank project. Madam Speaker, I am pleased to inform the House that preferred options for the establishment of a bank are now ready.

The architecture will be that of a retail bank operating on commercial principles. The state bank will be subject to the Banks Act, and will have an appropriate capital structure and performance parameters on investments and loan impairments. It will be regulated by the Prudential Authority on its own merits.

We will also consolidate the currently fragmented system of national and provincial Development Finance Institutions.
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You have got to be joking.
 
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This budget does not seem to bad. Just wondering how the saving is going to be realised. Maybe they've identified all the ANC ghost workers?
 
So fly economy only unless there are exceptional ( health-related ) reasons.

I presume he means , unless you are too fat to fit in an economy seat ?
 
So, finally, the ANC is going to steal less?

How else are they going to realize those savings?
 
Is the issue of the State Bank a big one? I mean, nobody is forced to deposit their money there, so what is the issue? Or is there more to it that I clearly do not grasp?
 
Candystore said:
Is the issue of the State Bank a big one? I mean, nobody is forced to deposit their money there, so what is the issue? Or is there more to it that I clearly do not grasp?
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Given how SOEs get looted, it's likely that the State Bank will be looted as soon as it's capitalised. And then, what market gap is it going to fill? Is it going to lend more recklessly than existing banks?
 
Candystore said:
Is the issue of the State Bank a big one? I mean, nobody is forced to deposit their money there, so what is the issue? Or is there more to it that I clearly do not grasp?
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You never want the government to be in the retail banking business. There is no way for the government to be impartial regarding the bank, and the bank will be more prone to reckless loans and business practises because they know they'll be bailed out. Never mind that banking like this is such an easy way for the government to have another avenue of convenient corruption.

Don't for one second think that this government-owned retail bank will be treated like every other bank.
 
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JayM said:
Get a time machine and pay attention next time. :laugh:
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que?

the budget speech has not announced ANY action, only a general "hey we can look into that"

until the point in time that legislation is passed everyone's pension is perfectly safe from being squandered on Eskom

EDIT: correction, just looked at the actual budget speech, it literally does not mention this at all, Tito only mentioned the "hey we can look into that" in his media briefing
 
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John Tempus said:
Catch is fuel levy increases. That in itself for anyone who travels a reasonable amount of KM each month is worse than a VAT increase because the fuel increase will have a downwind effect that is the same as a VAT increase ie. VAT increase is less damaging than a fuel levy increase so they picked the option that would milk us the most.
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This sums up where the looting will be, thank you
 
TFSA annual contributions increased to R36 000 per year. Nice! :)
 
3WA said:
Given how SOEs get looted, it's likely that the State Bank will be looted as soon as it's capitalised. And then, what market gap is it going to fill? Is it going to lend more recklessly than existing banks?
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unfortunately, it has to be done, to give CR cover during the ANC Policy Conference later this year...has to show that his government is implementing party resolutions...you can thank the RET faction...but nice move, pulling the SAPO as effectively being the state bank , they wanted.
 
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