Eskom bailout causing big issues for government finances

[The_Librarian]

A cold voice answered: "Come not between the oinker and his trough! Or he will not slay thee in thy turn. He will bear thine tax money away to the house of Luthuli, beyond all darkness, where thy tax money shall be used for KFC barrels by the dozen, and thy pocketses be emptied of all that thee own."

 

[Neuk_]

* ululates loudly, while holding a "Send Me" poster with a smiling cyril on it *

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[reactor_sa]

You think too far in advance.. the mini budget will be pretty damning as they need to explain where the funds for all the bailouts are coming from and how much the deficit has grown and basically what growth rate they anticipate.. i.e. pretty sure we will be downgraded by all three agencies and lose the investment grade from moodys.

While all this is going on they announced that revenue is taking a hit and with PIT at 38%, CIT at 18% and VAT at 24.5%.. last go round last year, i wonder what they will push up next.. me thinks VAT will have to go up by 2% and maybe CIT down slightly.. meh.. ugly tactics in a non-election year. Guess we will find out in october.

Forgot about the mini budget. Mid October?

 

[krycor]

Forgot about the mini budget. Mid October?

Yup.. that’s gonna be brutal as the fiscal position post bailouts will have to be laid bare and forward indication on where revenue will come from in the next budget.

 

[reactor_sa]

Yup.. that’s gonna be brutal as the fiscal position post bailouts will have to be laid bare and forward indication on where revenue will come from in the next budget.

I don't know, last year the mini budget was okish but then the budget this year was a disaster. I don't think they're so honest in the mini budget, budget next year probably going to be the real potato.