This document is the 2015 Budget Speech given by Nhlanhla Nene, the Minister of Finance of South Africa, on February 25, 2015. In the speech, Nene outlines the economic context for the budget, noting slow global growth. He presents South Africa's budget framework, with consolidated deficit projected to fall from 3.9% of GDP in 2015/16 to 2.5% in 2017/18. Nene discusses expenditure priorities like infrastructure, agriculture, mining, and support for small businesses to create jobs.
Madam Speaker
In A Tale of Two Cities, Charles Dickens opens with:
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity… we were all going direct to Heaven, we were all going direct the other way...”
So too is the present time. As a country, we stand at a crossroads. We can choose a path of hope; or a path of despair. We can go directly to Heaven, or as Dickens so politely puts it, we can go the other way.
The document summarizes budgets from Lesotho, Namibia, and Swaziland. Key points:
- Lesotho's budget projects government expenditure to increase 7.6% to M15.4 billion, with M10.4 billion for recurrent spending and M5 billion for capital projects. It aims to reduce reliance on volatile SACU revenue and improve the investment climate.
- Namibia's budget forecasts the deficit to narrow to 5.4% of GDP and GDP growth to average 5%. Government expenditure is set to rise 26.7% to N$60.28 billion, with 79.6% for operational costs.
- The budgets overall aim to diversify revenues amid uncertainty over
The document provides an overview of the key features of the Indian Union Budget for 2015-2016. It discusses the state of the Indian economy, challenges, and the government's plans and targets in areas such as fiscal policy, agriculture, infrastructure, financial markets, taxation, and social programs. The budget aims to achieve high economic growth of 8-8.5%, implement important reforms like GST and financial inclusion programs, boost investment in infrastructure, and address issues in sectors like agriculture, education and healthcare.
The document is the 2016 Budget Speech presented by Pravin Gordhan, Minister of Finance. It outlines the key priorities and proposals of the 2016 budget, which are guided by South Africa's National Development Plan. The budget aims to accelerate fiscal consolidation through expenditure cuts and tax increases, while also increasing funding for education, social grants, and responding to the drought. It emphasizes inclusive growth through support for small business, youth jobs, and partnerships between government, business, and civil society.
This document provides a summary of the 2014 South African national budget speech given by Minister of Finance Pravin Gordhan on 26 February 2014. The summary outlines that the budget aims to advance the country's National Development Plan by laying the foundation for structural reforms and funding an intensified implementation of the plan over the next term. It also details that the budget provides tax relief to households and businesses, increases funding for employment programs, infrastructure development, education, health, and other social and economic priorities.
This document is the budget speech for 2011-2012 by Pranab Mukherjee, Minister of Finance in India. Some key points:
1. The Indian economy grew at 8.6% in 2010-2011, with agriculture growing at 5.4%, industry at 8.1% and services at 9.6%. However, food inflation remains a concern.
2. The budget aims to sustain high growth while making development more inclusive through fiscal consolidation, tax reforms like the Direct Taxes Code and Goods and Services Tax, and measures to improve the investment environment.
3. Reforms include moving towards direct cash transfers of subsidies for kerosene, LPG and fertilizers, raising funds
The document summarizes key aspects of Bangladesh's proposed national budget for fiscal year 2016-17, including:
- Total budget proposed is approximately 350,000 crore Taka
- Major allocations include education (22.3%), transport and communication (20.8%), and local government and rural development (18.4%)
- Sources of funds include tax revenue (30.3%), VAT (30%), and foreign grants (2.71%)
- Anticipated deficit is 55,000 crore Taka to be covered by foreign and domestic financing
- Strategic plans and allocations are proposed for key sectors like power, health, agriculture, and taxation policies
The Pakistani economy achieved 4.2% growth in 2014-15, the highest since 2008-09, despite floods, protests, and declining commodity prices. Per capita income was $1,512 and unemployment was 6%. Inflation remained under 10% due to effective monetary policy. The services and industrial sectors grew 4.95% and 3.62% respectively. The trade deficit was $17 billion with exports of $26.9 billion and imports of $44 billion. The budget deficit was 5% and tax revenues were expected to increase to 11.5% of GDP. China and Pakistan signed $45 billion in agreements and China-Pakistan Economic Corridor agreements were deemed "credit positive" by ratings agencies.
Madam Speaker
In A Tale of Two Cities, Charles Dickens opens with:
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity… we were all going direct to Heaven, we were all going direct the other way...”
So too is the present time. As a country, we stand at a crossroads. We can choose a path of hope; or a path of despair. We can go directly to Heaven, or as Dickens so politely puts it, we can go the other way.
The document summarizes budgets from Lesotho, Namibia, and Swaziland. Key points:
- Lesotho's budget projects government expenditure to increase 7.6% to M15.4 billion, with M10.4 billion for recurrent spending and M5 billion for capital projects. It aims to reduce reliance on volatile SACU revenue and improve the investment climate.
- Namibia's budget forecasts the deficit to narrow to 5.4% of GDP and GDP growth to average 5%. Government expenditure is set to rise 26.7% to N$60.28 billion, with 79.6% for operational costs.
- The budgets overall aim to diversify revenues amid uncertainty over
The document provides an overview of the key features of the Indian Union Budget for 2015-2016. It discusses the state of the Indian economy, challenges, and the government's plans and targets in areas such as fiscal policy, agriculture, infrastructure, financial markets, taxation, and social programs. The budget aims to achieve high economic growth of 8-8.5%, implement important reforms like GST and financial inclusion programs, boost investment in infrastructure, and address issues in sectors like agriculture, education and healthcare.
The document is the 2016 Budget Speech presented by Pravin Gordhan, Minister of Finance. It outlines the key priorities and proposals of the 2016 budget, which are guided by South Africa's National Development Plan. The budget aims to accelerate fiscal consolidation through expenditure cuts and tax increases, while also increasing funding for education, social grants, and responding to the drought. It emphasizes inclusive growth through support for small business, youth jobs, and partnerships between government, business, and civil society.
This document provides a summary of the 2014 South African national budget speech given by Minister of Finance Pravin Gordhan on 26 February 2014. The summary outlines that the budget aims to advance the country's National Development Plan by laying the foundation for structural reforms and funding an intensified implementation of the plan over the next term. It also details that the budget provides tax relief to households and businesses, increases funding for employment programs, infrastructure development, education, health, and other social and economic priorities.
This document is the budget speech for 2011-2012 by Pranab Mukherjee, Minister of Finance in India. Some key points:
1. The Indian economy grew at 8.6% in 2010-2011, with agriculture growing at 5.4%, industry at 8.1% and services at 9.6%. However, food inflation remains a concern.
2. The budget aims to sustain high growth while making development more inclusive through fiscal consolidation, tax reforms like the Direct Taxes Code and Goods and Services Tax, and measures to improve the investment environment.
3. Reforms include moving towards direct cash transfers of subsidies for kerosene, LPG and fertilizers, raising funds
The document summarizes key aspects of Bangladesh's proposed national budget for fiscal year 2016-17, including:
- Total budget proposed is approximately 350,000 crore Taka
- Major allocations include education (22.3%), transport and communication (20.8%), and local government and rural development (18.4%)
- Sources of funds include tax revenue (30.3%), VAT (30%), and foreign grants (2.71%)
- Anticipated deficit is 55,000 crore Taka to be covered by foreign and domestic financing
- Strategic plans and allocations are proposed for key sectors like power, health, agriculture, and taxation policies
The Pakistani economy achieved 4.2% growth in 2014-15, the highest since 2008-09, despite floods, protests, and declining commodity prices. Per capita income was $1,512 and unemployment was 6%. Inflation remained under 10% due to effective monetary policy. The services and industrial sectors grew 4.95% and 3.62% respectively. The trade deficit was $17 billion with exports of $26.9 billion and imports of $44 billion. The budget deficit was 5% and tax revenues were expected to increase to 11.5% of GDP. China and Pakistan signed $45 billion in agreements and China-Pakistan Economic Corridor agreements were deemed "credit positive" by ratings agencies.
The Prime Minister Imran Khan's government has bought more time to negotiate with the IMF by securing $6 billion in deposits from Saudi Arabia and UAE. This will help boost foreign reserves in the short term. However, critics say that FDI alone will not solve Pakistan's economic issues and that the government must address underlying structural problems. Negotiations with the IMF continue as Pakistan aims to finalize a bailout agreement while managing a high debt burden and avoiding further economic pressures.
This document provides an overview and context for Sri Lanka's 2017 national budget. It discusses the government's goals of accelerating economic growth while promoting social inclusion. Key points include:
- Strengthening democracy, fundamental rights, and national reconciliation to achieve lasting peace and prosperity.
- Developing strategic sectors like logistics, tourism, agriculture, and industry to generate jobs and income while ensuring standards of living.
- Fostering the private sector and public-private partnerships to drive economic activity.
- Pursuing reforms to improve competitiveness, productivity, trade, and investment while exploiting opportunities in regional economic integration.
The document provides an analysis of Bangladesh's national budget for fiscal year 2017. Some key points:
1) The proposed budget of Tk. 3,406.05 billion is the largest in Bangladesh's history and 28.74% higher than the previous fiscal year.
2) Major allocations include Tk. 500.17 billion for education, Tk. 399.51 billion for interest payments, and Tk. 359.20 billion for transportation.
3) The budget aims to achieve a GDP growth target of 7.2% for FY2017 through expansionary fiscal and monetary policies. However, sluggish private investment and low revenue collection could hamper growth.
PM delivered a speech at the 85th annual general meeting of FICCI outlining key themes. He acknowledged that while India experienced strong growth reaching nearly 9% annually from 2003-2008, the global economic downturn and domestic issues slowed growth to around 5.5-6%. However, the government is committed to accelerating inclusive growth through various economic reforms and social programs. Key reforms include direct cash transfers to beneficiaries using Aadhaar identification, increasing investment and savings, reducing subsidies, correcting energy pricing, and liberalizing FDI policies to address fiscal and current account deficits and revive the economy. The PM expressed confidence that these measures will help restore growth momentum and put India back on a path of 8-9% annual
The document summarizes the fiscal year, noting steady economic growth despite global uncertainties and challenges. Inflation declined but remains a concern, and priorities include sustaining high growth, inclusive development, and improving institutions. Fiscal consolidation has been impressive but implementation gaps and quality of outcomes pose challenges that need attention.
The document summarizes key aspects of Bangladesh's fiscal year 2016-17 budget, including:
- Total budget of Tk 3,40,605 crore, a 29% increase over the previous year.
- Major allocations include Tk 50,017 crore for education, Tk 39,951 crore for interest payments, and Tk 35,920 crore for transportation and communication.
- Tax revenue from the NBR contributes 60% of the budget, while non-tax revenue, foreign loans, and domestic financing make up the remaining sources of funds.
- Key expenditures include Tk 34,370 crore for education and technology and Tk 18,383 crore for defense services.
IMPACT OF TAX REVENUE ON ECONOMIC GROWTH IN RWANDA FROM 2007-2017.Nzabirinda Etienne
Rwanda is working tirelessly to achieve economic growth and development. Taxation effective is the one tool to promote and to accelerate economic growth and development, several studies analyses the impact of tax on economic growth and economic development.
The objective of this study is to investigate the impact of tax revenue on economic growth in Rwanda from 2007-2017. Secondary data were sourced from Rwanda Revenue Authority (RRA) and National Institute of statistics of Rwanda (NISR) for the period spanning from 2007Q1-2017Q4. Descriptive data analysis was used and the variable considered here are: Gross domestic product (GDP) as proxy for economic growth, direct tax (DT), Tax on goods and services (TGS) and Tax on international trade and transaction (TITT). Significant literature review for this study is available.
The results of the unit root and the co-integration tests revealed that all variables are integrated of order one, I(1) and Johensen cointegration test indicate existence of a long-run equilibrium relationship among variables included in the model and we use also Vector Error Correction Model (VECM) estimation method for data analysis to estimate for short run result. The empirical findings showed that direct tax(DT)and tax on goods and services(TGS) variables have positive at 0.1631 to 0.60 31 respectively impact on economic growth, while Tax on international trade and transactions(TITT) variable has negative at -0.005913 and it impacts on economic growth.
This study recommends that the policymakers within government of Rwanda must improve both direct tax and tax on goods and services (domestic tax) and increase Taxes on international trade transactions (customs duties), it will harm economic growth of Rwanda therefore custom duties must be rationally reduced or abolished and free trade zones like Africa continental free trade area (AfCFTA) must create to foster increased exchange of goods and services across borders.
Key Words: Tax Revenue, economic growth, Gross domestic product, direct tax, tax on goods and services, tax on international trade and transaction, VECM, Rwanda
This document is the transcript of the 2021 Budget Speech delivered by South African Minister of Finance Tito Mboweni to Parliament on February 24, 2021. In the speech, Mboweni outlines South Africa's fiscal framework for 2021-2023, including projections for revenue, spending, debt levels, and the economic outlook. He highlights progress being made on structural economic reforms and the government's plans to support job creation, economic transformation, and social development programs over the medium term.
The Kenya Budget Statement for the Fiscal Year 2016/2017
was presented to Rev. Mutava Musyimi, the Chairman of the
Budget and Appropriation Committee of the National Assembly,
by Mr. Henry K. Rotich, Cabinet Secretary for Finance on
8th June 2016 under the theme “Consolidating Gains for a
prosperous Kenya.”
A digital copy of the BH24 (30 November 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
This document provides an intelligence brief on the economic growth prospects of several countries in the Southern African Development Community (SADC) region. It discusses factors supporting and hindering growth for each country, including natural resources, infrastructure development, political stability, education and health issues, corruption, and dependence on commodity prices and foreign investment. Key challenges across many countries are high unemployment, especially among youth; inadequate power supply and infrastructure bottlenecks; and the impacts of HIV/AIDS on the labor force and economic growth.
Capital formation and economic developmentridailyas3
Capital formation involves increasing a nation's physical stock of capital through investments that boost future output and income. These investments include factories, machinery, equipment, materials, as well as social and economic infrastructure like roads, electricity, and communications. Capital accumulation is important for economic development as it allows for expanded output levels and increased efficiency. A higher rate of capital formation leads to higher national income, more employment opportunities, improved infrastructure, a more favorable balance of payments, reduced foreign debt burden, less inflationary pressure, expanded markets, and technological improvements. It is thus seen as crucial for addressing issues like low per capita income, population growth, and shortages in developing countries.
Critical analysis of Bangladesh Budget Rifat Ahsan
The document provides an overview of key aspects of Bangladesh's national budget for FY2016-17, including:
- The budget sets GDP growth at 7.2%, inflation at 6%, and the budget deficit at Tk. 97,853 crore.
- Major allocations include Tk. 26,847 crore for education, Tk. 17,487 crore for health, and Tk. 3,759 crore for water resources.
- The total Annual Development Programme size is Tk. 1107 billion, a 21.6% increase over FY2016.
- The budget deficit financing for FY2017 will be 37% from external sources and 63% from domestic sources.
The document contains details about the Bangladesh budget for 2014-2015, including:
- The total budget was 250506 crores (18.7% of GDP) with total revenues of 189160 crores and an overall deficit of 61,346 crores (4.6% of GDP).
- The largest expenditure sectors were public administration (15.3% of budget), education (13.1%), and transport and communication (9.8%).
- Key points of analysis were the increased corporate tax rate, efforts to whiten black money in real estate, waived import duties for textiles, and plans for electricity generation and gas infrastructure. Concerns included low agricultural allocation and lack of roadmap for
This document discusses fiscal and budgetary policy in Pakistan. It defines fiscal policy as the regulation of government spending and taxation to achieve economic goals. The key tools of fiscal policy are taxes (direct and indirect), government spending (current and development), and deficit financing. The objectives of fiscal and budgetary policy in Pakistan include economic growth, resource allocation, stability, employment, and poverty reduction. The budget is divided into revenue and capital sections, with the former focusing on current expenditures and the latter on development spending and external/internal sources of funding. Deficit budgets can be financed through past savings, central bank borrowing, or new currency issuance.
This document is the budget speech for 2013-2014 presented by the Minister of Finance, P. Chidambaram. Some key points:
- The Indian economy has slowed due to global economic challenges and domestic issues like a high fiscal deficit and current account deficit. The goal is to return to 8% growth through this budget.
- Allocations are made to priority areas like rural development, health, education, women and child development, SC/ST welfare, and infrastructure. Total expenditure is budgeted at Rs. 16,65,297 crore, a 29.4% increase in plan expenditure from the current year.
- Inflation, fiscal deficit, and current account deficit remain challenges but the
This document provides an overview of Pakistan's budget and economy for the 2013-2014 fiscal year. It highlights several key economic indicators such as GDP growth, investment levels, inflation rates, and fiscal developments. It also outlines significant proposed amendments to Pakistan's income tax, sales tax, and federal excise policies, including changes to tax rates and exemptions.
The document summarizes the proceedings of a pre-budget seminar organized by the Centre for Policy Studies at COMSATS Institute of Information Technology in Islamabad. The objective of the seminar was to evaluate the current state of Pakistan's economy and provide policy recommendations for the upcoming 2017-18 federal budget. Over 130 participants from academia, civil society and the government attended. Key speakers at the seminar included economists, experts and a chairman of the National Assembly's finance committee. Sessions covered topics such as the state of the economy, employment, China-Pakistan Economic Corridor, microfinance, energy challenges, trade, public debt, institutions and tax policy. The seminar provided a platform for discussion on improving Pakistan's
UX, ethnography and possibilities: for Libraries, Museums and ArchivesNed Potter
1) The document discusses how the University of York Library has used various user experience (UX) techniques like ethnographic observation and interviews to better understand user needs and behaviors.
2) Some changes implemented based on UX findings include installing hot water taps, changing hours, and adding blankets - aimed at improving the small details of user experience.
3) The presentation encourages other libraries, archives and museums to try incorporating UX techniques like behavioral mapping and cognitive interviews to inform design changes that enhance services for users.
The document discusses designing teams and processes to adapt to changing needs. It recommends structuring teams so members can work within their competencies and across projects fluidly with clear roles and expectations. The design process should support the team and their work, and be flexible enough to change with team, organization, and project needs. An effective team culture builds an environment where members feel free to be themselves, voice opinions, and feel supported.
An immersive workshop at General Assembly, SF. I typically teach this workshop at General Assembly, San Francisco. To see a list of my upcoming classes, visit https://generalassemb.ly/instructors/seth-familian/4813
I also teach this workshop as a private lunch-and-learn or half-day immersive session for corporate clients. To learn more about pricing and availability, please contact me at http://familian1.com
3 Things Every Sales Team Needs to Be Thinking About in 2017Drift
Thinking about your sales team's goals for 2017? Drift's VP of Sales shares 3 things you can do to improve conversion rates and drive more revenue.
Read the full story on the Drift blog here: http://blog.drift.com/sales-team-tips
The Prime Minister Imran Khan's government has bought more time to negotiate with the IMF by securing $6 billion in deposits from Saudi Arabia and UAE. This will help boost foreign reserves in the short term. However, critics say that FDI alone will not solve Pakistan's economic issues and that the government must address underlying structural problems. Negotiations with the IMF continue as Pakistan aims to finalize a bailout agreement while managing a high debt burden and avoiding further economic pressures.
This document provides an overview and context for Sri Lanka's 2017 national budget. It discusses the government's goals of accelerating economic growth while promoting social inclusion. Key points include:
- Strengthening democracy, fundamental rights, and national reconciliation to achieve lasting peace and prosperity.
- Developing strategic sectors like logistics, tourism, agriculture, and industry to generate jobs and income while ensuring standards of living.
- Fostering the private sector and public-private partnerships to drive economic activity.
- Pursuing reforms to improve competitiveness, productivity, trade, and investment while exploiting opportunities in regional economic integration.
The document provides an analysis of Bangladesh's national budget for fiscal year 2017. Some key points:
1) The proposed budget of Tk. 3,406.05 billion is the largest in Bangladesh's history and 28.74% higher than the previous fiscal year.
2) Major allocations include Tk. 500.17 billion for education, Tk. 399.51 billion for interest payments, and Tk. 359.20 billion for transportation.
3) The budget aims to achieve a GDP growth target of 7.2% for FY2017 through expansionary fiscal and monetary policies. However, sluggish private investment and low revenue collection could hamper growth.
PM delivered a speech at the 85th annual general meeting of FICCI outlining key themes. He acknowledged that while India experienced strong growth reaching nearly 9% annually from 2003-2008, the global economic downturn and domestic issues slowed growth to around 5.5-6%. However, the government is committed to accelerating inclusive growth through various economic reforms and social programs. Key reforms include direct cash transfers to beneficiaries using Aadhaar identification, increasing investment and savings, reducing subsidies, correcting energy pricing, and liberalizing FDI policies to address fiscal and current account deficits and revive the economy. The PM expressed confidence that these measures will help restore growth momentum and put India back on a path of 8-9% annual
The document summarizes the fiscal year, noting steady economic growth despite global uncertainties and challenges. Inflation declined but remains a concern, and priorities include sustaining high growth, inclusive development, and improving institutions. Fiscal consolidation has been impressive but implementation gaps and quality of outcomes pose challenges that need attention.
The document summarizes key aspects of Bangladesh's fiscal year 2016-17 budget, including:
- Total budget of Tk 3,40,605 crore, a 29% increase over the previous year.
- Major allocations include Tk 50,017 crore for education, Tk 39,951 crore for interest payments, and Tk 35,920 crore for transportation and communication.
- Tax revenue from the NBR contributes 60% of the budget, while non-tax revenue, foreign loans, and domestic financing make up the remaining sources of funds.
- Key expenditures include Tk 34,370 crore for education and technology and Tk 18,383 crore for defense services.
IMPACT OF TAX REVENUE ON ECONOMIC GROWTH IN RWANDA FROM 2007-2017.Nzabirinda Etienne
Rwanda is working tirelessly to achieve economic growth and development. Taxation effective is the one tool to promote and to accelerate economic growth and development, several studies analyses the impact of tax on economic growth and economic development.
The objective of this study is to investigate the impact of tax revenue on economic growth in Rwanda from 2007-2017. Secondary data were sourced from Rwanda Revenue Authority (RRA) and National Institute of statistics of Rwanda (NISR) for the period spanning from 2007Q1-2017Q4. Descriptive data analysis was used and the variable considered here are: Gross domestic product (GDP) as proxy for economic growth, direct tax (DT), Tax on goods and services (TGS) and Tax on international trade and transaction (TITT). Significant literature review for this study is available.
The results of the unit root and the co-integration tests revealed that all variables are integrated of order one, I(1) and Johensen cointegration test indicate existence of a long-run equilibrium relationship among variables included in the model and we use also Vector Error Correction Model (VECM) estimation method for data analysis to estimate for short run result. The empirical findings showed that direct tax(DT)and tax on goods and services(TGS) variables have positive at 0.1631 to 0.60 31 respectively impact on economic growth, while Tax on international trade and transactions(TITT) variable has negative at -0.005913 and it impacts on economic growth.
This study recommends that the policymakers within government of Rwanda must improve both direct tax and tax on goods and services (domestic tax) and increase Taxes on international trade transactions (customs duties), it will harm economic growth of Rwanda therefore custom duties must be rationally reduced or abolished and free trade zones like Africa continental free trade area (AfCFTA) must create to foster increased exchange of goods and services across borders.
Key Words: Tax Revenue, economic growth, Gross domestic product, direct tax, tax on goods and services, tax on international trade and transaction, VECM, Rwanda
This document is the transcript of the 2021 Budget Speech delivered by South African Minister of Finance Tito Mboweni to Parliament on February 24, 2021. In the speech, Mboweni outlines South Africa's fiscal framework for 2021-2023, including projections for revenue, spending, debt levels, and the economic outlook. He highlights progress being made on structural economic reforms and the government's plans to support job creation, economic transformation, and social development programs over the medium term.
The Kenya Budget Statement for the Fiscal Year 2016/2017
was presented to Rev. Mutava Musyimi, the Chairman of the
Budget and Appropriation Committee of the National Assembly,
by Mr. Henry K. Rotich, Cabinet Secretary for Finance on
8th June 2016 under the theme “Consolidating Gains for a
prosperous Kenya.”
A digital copy of the BH24 (30 November 2015 edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
This document provides an intelligence brief on the economic growth prospects of several countries in the Southern African Development Community (SADC) region. It discusses factors supporting and hindering growth for each country, including natural resources, infrastructure development, political stability, education and health issues, corruption, and dependence on commodity prices and foreign investment. Key challenges across many countries are high unemployment, especially among youth; inadequate power supply and infrastructure bottlenecks; and the impacts of HIV/AIDS on the labor force and economic growth.
Capital formation and economic developmentridailyas3
Capital formation involves increasing a nation's physical stock of capital through investments that boost future output and income. These investments include factories, machinery, equipment, materials, as well as social and economic infrastructure like roads, electricity, and communications. Capital accumulation is important for economic development as it allows for expanded output levels and increased efficiency. A higher rate of capital formation leads to higher national income, more employment opportunities, improved infrastructure, a more favorable balance of payments, reduced foreign debt burden, less inflationary pressure, expanded markets, and technological improvements. It is thus seen as crucial for addressing issues like low per capita income, population growth, and shortages in developing countries.
Critical analysis of Bangladesh Budget Rifat Ahsan
The document provides an overview of key aspects of Bangladesh's national budget for FY2016-17, including:
- The budget sets GDP growth at 7.2%, inflation at 6%, and the budget deficit at Tk. 97,853 crore.
- Major allocations include Tk. 26,847 crore for education, Tk. 17,487 crore for health, and Tk. 3,759 crore for water resources.
- The total Annual Development Programme size is Tk. 1107 billion, a 21.6% increase over FY2016.
- The budget deficit financing for FY2017 will be 37% from external sources and 63% from domestic sources.
The document contains details about the Bangladesh budget for 2014-2015, including:
- The total budget was 250506 crores (18.7% of GDP) with total revenues of 189160 crores and an overall deficit of 61,346 crores (4.6% of GDP).
- The largest expenditure sectors were public administration (15.3% of budget), education (13.1%), and transport and communication (9.8%).
- Key points of analysis were the increased corporate tax rate, efforts to whiten black money in real estate, waived import duties for textiles, and plans for electricity generation and gas infrastructure. Concerns included low agricultural allocation and lack of roadmap for
This document discusses fiscal and budgetary policy in Pakistan. It defines fiscal policy as the regulation of government spending and taxation to achieve economic goals. The key tools of fiscal policy are taxes (direct and indirect), government spending (current and development), and deficit financing. The objectives of fiscal and budgetary policy in Pakistan include economic growth, resource allocation, stability, employment, and poverty reduction. The budget is divided into revenue and capital sections, with the former focusing on current expenditures and the latter on development spending and external/internal sources of funding. Deficit budgets can be financed through past savings, central bank borrowing, or new currency issuance.
This document is the budget speech for 2013-2014 presented by the Minister of Finance, P. Chidambaram. Some key points:
- The Indian economy has slowed due to global economic challenges and domestic issues like a high fiscal deficit and current account deficit. The goal is to return to 8% growth through this budget.
- Allocations are made to priority areas like rural development, health, education, women and child development, SC/ST welfare, and infrastructure. Total expenditure is budgeted at Rs. 16,65,297 crore, a 29.4% increase in plan expenditure from the current year.
- Inflation, fiscal deficit, and current account deficit remain challenges but the
This document provides an overview of Pakistan's budget and economy for the 2013-2014 fiscal year. It highlights several key economic indicators such as GDP growth, investment levels, inflation rates, and fiscal developments. It also outlines significant proposed amendments to Pakistan's income tax, sales tax, and federal excise policies, including changes to tax rates and exemptions.
The document summarizes the proceedings of a pre-budget seminar organized by the Centre for Policy Studies at COMSATS Institute of Information Technology in Islamabad. The objective of the seminar was to evaluate the current state of Pakistan's economy and provide policy recommendations for the upcoming 2017-18 federal budget. Over 130 participants from academia, civil society and the government attended. Key speakers at the seminar included economists, experts and a chairman of the National Assembly's finance committee. Sessions covered topics such as the state of the economy, employment, China-Pakistan Economic Corridor, microfinance, energy challenges, trade, public debt, institutions and tax policy. The seminar provided a platform for discussion on improving Pakistan's
UX, ethnography and possibilities: for Libraries, Museums and ArchivesNed Potter
1) The document discusses how the University of York Library has used various user experience (UX) techniques like ethnographic observation and interviews to better understand user needs and behaviors.
2) Some changes implemented based on UX findings include installing hot water taps, changing hours, and adding blankets - aimed at improving the small details of user experience.
3) The presentation encourages other libraries, archives and museums to try incorporating UX techniques like behavioral mapping and cognitive interviews to inform design changes that enhance services for users.
The document discusses designing teams and processes to adapt to changing needs. It recommends structuring teams so members can work within their competencies and across projects fluidly with clear roles and expectations. The design process should support the team and their work, and be flexible enough to change with team, organization, and project needs. An effective team culture builds an environment where members feel free to be themselves, voice opinions, and feel supported.
An immersive workshop at General Assembly, SF. I typically teach this workshop at General Assembly, San Francisco. To see a list of my upcoming classes, visit https://generalassemb.ly/instructors/seth-familian/4813
I also teach this workshop as a private lunch-and-learn or half-day immersive session for corporate clients. To learn more about pricing and availability, please contact me at http://familian1.com
3 Things Every Sales Team Needs to Be Thinking About in 2017Drift
Thinking about your sales team's goals for 2017? Drift's VP of Sales shares 3 things you can do to improve conversion rates and drive more revenue.
Read the full story on the Drift blog here: http://blog.drift.com/sales-team-tips
How to Become a Thought Leader in Your NicheLeslie Samuel
Are bloggers thought leaders? Here are some tips on how you can become one. Provide great value, put awesome content out there on a regular basis, and help others.
Communications Authority, ICASA, has refused ETV's application to amend its broadcasting license. ETV brought the application to broadcast at least two hours of news during the so-called performance period and 30 minutes as a single package.
The SABC will not broadcast full coverage of South Africa's cricket tour of New Zealand due to failing to reach an agreement on contractual rights fees. Sports rights have become too costly, with many rights holders demanding a 100% increase in fees that the public broadcaster cannot afford. To still serve cricket fans, SABC Sport and Radio 2000 will provide live hourly updates on the team's performance for each match during the tour. The SABC will continue negotiating for better deals on future rights.
SARS Customs officials made their biggest cocaine bust yet at Oliver Tambo International Airport in Johannesburg, South Africa. They confiscated 271kg of cocaine worth R78 million that was en route from Sao Paulo, Brazil to Nairobi, Kenya. The shipment was labeled as cosmetics but was flagged during routine screening. Upon inspection with narcotic dogs and testing of samples from the boxes labeled as hair products, officials discovered they contained cocaine instead. The large cocaine haul was then handed over to police for further investigation.
This document is the 2014 budget speech given by the Minister of Finance, Pravin Gordhan, on February 26, 2014. In the summary, Gordhan outlines that South Africa's economy has continued growing but more slowly than projected, with expected growth of 2.7% for the year. The budget deficit is projected to narrow to 2.8% of GDP over the medium term. Benefits to households in the budget include R9.3 billion in income tax relief and expanded employment programs and infrastructure development. Support for businesses includes increased support for small businesses and incentives for industry.
The Democratic Alliance (DA) has approached the Constitutional Court over what is calls the SASSA crisis. DA leader Mmusi Maimane says the party has filed papers in the Constitutional Court on Friday. He says the DA wants to be joined as an applicant in the SASSA matters currently before the court.
The SABC will not broadcast full coverage of South Africa's cricket tour of New Zealand due to failing to reach an agreement on contractual rights fees. Sports rights have become too costly, with many rights holders demanding a 100% increase in fees that the public broadcaster cannot afford. To still serve cricket fans, SABC Sport and Radio 2000 will provide live hourly updates on the team's performance for each match during the tour. The SABC will continue negotiating for better deals on future rights.
Women’s rights are human rights. But in these troubled times, as our world becomes more unpredictable and chaotic, the rights of women and girls are being reduced, restricted and reversed.
Empowering women and girls is the only way to protect their rights and make sure they can realize their full potential.
Historic imbalances in power relations between men and women, exacerbated by growing inequalities within and between societies and countries, are leading to greater discrimination against women and girls. Around the world, tradition, cultural values and religion are being misused to curtail women’s rights, to entrench sexism and defend misogynistic practices.
Bernadette Boas shares her experiences, lessons learned, and tips for igniting the true leader within women who want to pursue and achieve their career, business and life goals, once and for all.
Bernadette presents her story, advice and thought leadership in both keynote and training workshop form for small to corporate size companies and women associations.
Muhammed Diallo is an electrical and computer engineering student at Northern Illinois University expected to graduate in May 2019 with a 3.43 GPA in his major and 3.0 cumulative GPA. He has work experience as a community advisor at NIU, sales associate at NIU Food Services and Walmart, and participated in Project LEAP. Diallo is involved in student organizations such as LEAD, NSBE, and served as programming vice president for NIU Residence Hall Association. He also volunteers his time with Anti-Bullying Club and as a youth mentor for Young Life.
The document discusses private equity investment in Africa. It notes that private equity firms seeking exposure to sub-Saharan Africa's high growth markets have been one of the key drivers of M&A activity on the continent over the past five years. According to reports, sub-Saharan Africa attracted $3.2 billion in private equity investment in 2013, up from $1.6 billion in 2012, making Africa the most popular investment destination globally for private equity firms ahead of Brazil, Russia, India and China. The trend of increasing private equity investment flows into Africa is expected to continue gaining momentum in the medium to long term.
Zimbabwe faces challenges to its economic development including high public debt, the need to clear arrears with international creditors to resume development financing, and effects of drought and currency fluctuations. To address these challenges, Zimbabwe must mobilize domestic resources through improving tax administration and capturing revenue from informal sectors, cut public spending, attract private investment by improving the business environment and enabling policies, and access climate finance for projects. With effective domestic resource mobilization, public sector efficiency, and an enabling business climate, Zimbabwe can boost its economy.
This document provides pre-budget proposals from the Sustainable Development Policy Institute (SDPI) for the 2015-16 budget in Pakistan. It recommends measures to promote sustainable development and job creation through fiscal policy interventions. Key proposals include lowering corporate and income tax rates, reducing exemptions, increasing social spending, reforming property taxes, and mobilizing additional revenue through improved tax compliance and administration. The proposals are based on consultations with stakeholders and aim to boost the economy while protecting the vulnerable.
Trevor Manuel is not worried about union opposition to the National Development Plan because:
1) The plan was developed through extensive research to identify South Africa's challenges and propose evidence-based solutions, setting it apart from previous policy approaches.
2) An evidence-based approach prioritizes monitoring and evaluating policies over time to test what interventions are working and what could work better, rather than relying on ideology.
3) This focus on empirical evidence and results is meant to build consensus across different stakeholders in South Africa, including unions, by focusing on what improves lives rather than political positions.
1) Business Leadership South Africa wrote a letter to the Minister of Finance, Deputy Minister, and Director General of the South African Treasury ahead of the 2020 Medium-Term Budget Policy Statement regarding fiscal policy and economic recovery from the pandemic.
2) The letter urges the government to pursue a tough budget that trims spending, controls the public sector wage bill, and prioritizes necessary social and recovery spending while protecting growth. It also calls for expenditure cuts in areas with minimal growth impact.
3) The business group offers to help fund infrastructure projects and solve the energy crisis if the government removes regulations and allows for private sector involvement and solutions. It asks the government to recognize its own capacity limitations and empower the private sector.
The speaker focuses on the importance of financial inclusion in equitable and sustainable development. Financial inclusion should be considered a priority element of infrastructure in the post-2015 development agenda. The speaker proposes an aspirational global goal of universal access to financial services for both households and enterprises by 2030, backed by a global target of perhaps 90%. Reaching this target is achievable if countries demonstrate political will and coordination across sectors, though it will not require huge funding. Financial inclusion will contribute to development and growth by mobilizing domestic capital through savings and encouraging formalization of businesses to increase the tax base.
The Much Touted Malawi Economic Recovery Plan by Joyce Banda Administration. Literally 14 Pages that Include, Presidential Statement, Accronyms, Its more of Bachelors Degree Class Assignment...
Closing remarks by ANC president Cyril Ramaphosa October 2020 finalSABC News
The ANC NEC Lekgotla discussed South Africa's response to the COVID-19 pandemic and economic crisis. Key points included:
1) South Africa took early action to slow the spread of COVID-19 that likely prevented worse outcomes, but vigilance is still needed.
2) The economy was already weak before the pandemic and has been severely impacted, requiring decisive steps to rebuild and transform the economy through an infrastructure-led recovery plan focused on energy, transportation, housing and other areas.
3) The recovery plan aims to not just rebuild but radically transform society to be more equitable and inclusive through local employment, addressing marginalization, and recognizing the role of small businesses.
The document outlines Niger Republic's financing strategy for 2020-2025. It aims to transform the economy by harnessing untapped resources, driving infrastructure development, and attracting foreign investment. The strategy estimates $3 trillion will be needed over 5 years, with 45% ($1.35 trillion) from domestic financing like taxes and bonds, and 55% ($1.65 trillion) from international sources like the World Bank and foreign companies. Key areas of focus include electricity, infrastructure, education, food security, and small/medium enterprises. The goal is reducing poverty by 80%, unemployment by 70%, and increasing foreign direct investment by 90%.
The G20 leaders committed to boosting global economic growth and job creation. They agreed to implement structural reforms and appropriate macroeconomic policies to support growth. Their goal is to increase global GDP by 2% by 2018 through national growth strategies that will be monitored. Areas of focus include increasing investment, trade, competition, employment opportunities for women and youth, and supporting development in low-income countries.
This document is the 2020 Budget Speech given by South African Minister of Finance Tito Mboweni on February 26, 2020. In the speech, Mboweni outlines South Africa's economic context and forecasts modest GDP growth of 0.9% in 2020. He presents the national budget, including consolidated spending of R1.95 trillion, a budget deficit of R370.5 billion (6.8% of GDP), and gross national debt projected to reach 65.6% of GDP. Mboweni announces some personal income tax relief and adjustments to taxes and levies to support growth while aiming for fiscal sustainability.
This document is the budget speech for 1995-96 by the Minister of Finance, Manmohan Singh. In 3 sentences:
The speech outlines the economic progress made since 1991 in areas like GDP growth, industrial growth, employment, exports, and foreign exchange reserves. It acknowledges further reforms are still needed in fiscal policy, inflation, and infrastructure. New initiatives are proposed to strengthen income opportunities for weaker sections, including funds for rural infrastructure, credit for scheduled castes/tribes, Khadi and village industries, handlooms, and small scale industries.
CII - Confederation of Indian Industry Annual Report -2014Shiv ognito
The document provides an annual review of the Confederation of Indian Industry's (CII) activities and initiatives in 2013-14. It discusses CII's focus on accelerating economic growth through innovation, transformation, inclusion, and governance.
Some key points from the document:
- CII engaged with the government on economic challenges facing India like slowing GDP growth and presented recommendations for reviving growth.
- CII undertook various initiatives around its focus areas like supporting startups under innovation, running programs on social transformation, and advocating for policies around inclusion and governance.
- The document outlines CII's activities in different sectors of the economy and its work with government and other stakeholders on issues like policy
The document discusses the strong macroeconomic fundamentals and economic growth of the Philippines in recent years. It notes that GDP growth has accelerated to over 5% annually despite natural disasters, driven by robust private consumption, investment, and growth in the manufacturing and services sectors. Inflation has remained low and stable between 3-5% while interest rates are historically low. The stock market and competitiveness rankings have also improved significantly in recent years according to various reports. However, challenges remain in generating higher and more inclusive economic growth through productivity gains and better job creation.
Economic development is key to reducing poverty according to DFID's new strategic framework. The framework outlines five pillars where DFID will increase its work: improving international rules, supporting private sector growth, catalyzing capital flows and trade, engaging businesses, and ensuring inclusive growth. DFID plans to more than double its economic development budget to £1.8 billion by 2015/16 in order to accelerate poverty reduction through higher growth rates and more inclusive economic transformations in partner countries.
Zimbabwe is currently not eligible for direct financing from the World Bank due to high debt and arrears. The document outlines Zimbabwe's economic challenges, including low GDP, high poverty rates, and weakened public services. It proposes that Zimbabwe clear arrears to regain access to financing and implement reforms to improve the investment climate, fiscal policies, governance, and macroeconomic stability to attract private investment for development. Resolving debt and undertaking reforms would allow the World Bank to resume support for Zimbabwe's development goals through lending and technical assistance.
Opening speech by Mr Ramathan Ggoobi, Permanent Secretary/Secretary to the Treasury at the Conference on Reshaping the tax system to support the Financial Sector Development Strategy (FSDS)
Kampala, Uganda, 14th–15th December 2022
The two-day conference was convened by Uganda's Ministry of Finance, Planning and Economic Development, and co-hosted by ICTD's DIGITAX Research Programme and TaxDev.
Fiscal policy involves government taxation and spending to achieve economic goals like full employment and price stability. It can stabilize the economy by manipulating public budgets. Taxation and expenditure policies are the main instruments of fiscal policy. The objectives of fiscal policy may vary according to economic conditions, but generally include employment creation, inflation control, economic development, and reducing inequality. Government spending impacts private incomes and consumption and is used for public services, infrastructure, and welfare. It has positive effects but also limitations like inelasticity and inadequate data.
Ministry of Justice Extradition Eswatini 3.pdfSABC News
The Ministry of Justice and Correctional Services has confirmed that an extradition application for the two men linked to the murder of Kiernan 'AKA' Forbes and Tebello 'Tibz' Motsoane has been approved and sent to the Director of Public Prosecutions in eSwatini.
January’s Producer Price Index increases to 4.7%SABC News
Statistics South Africa (Stats SA) has released the Producer Price Index (PPI) for January, which rose to 4.7% year-on-year, compared with 4% in December.
MEC MAJUBA SADDENED BY THE PASSING AWAY OF THREE TEACHERS FOLLOWING A CAR ACC...SABC News
The Mpumalanga Department of Education has learnt with shock and sadness about an accident which claimed the lives of three teachers along the N4 road towards Mbombela.
Minister Gordhan Announces New Transnet Board Appointments_11 July 2023.pdfSABC News
The nine Trasnet Non-Executive Directors and the reappointment of two will serve a three-year term. Andile Sangqu has been appointed as the new Chairperson.
REMNANTS OF FREDDY BRINGS HEAVY RAINS IN SOME PARTS OF SOUTH AFRICA WHICH MIG...SABC News
The Minister of Cooperative Governance and Traditional Affairs (CoGTA), Dr Nkosazana Dlamini Zuma has called on communities to heed the warning from the South African Weather Service (SAWS) and the disaster management teams across the country.
Letter to the Speaker re extension 14 November 2022.pdfSABC News
Parliament's spokesperson Moloto Mothapo says retried Chief Justice Sandile Ngcobo, who is chairing the panel, has written to Mapisa-Nqakula asking for an extension.
Minister of Justice and Correctional Services Ronald Lamola’s Keynote Address...SABC News
Minister of Justice and Correctional Services Ronald Lamola’s Keynote Address at the Rand Merchant Bank Investment Big Five Investment Conference, 13 September 2022
ANC Social Peace and Stability Policy DocumentSABC News
This document provides an overview of the 2022 Policy Conference special edition focusing on unity and renewal in South Africa. It discusses several global challenges including the ongoing impacts of the COVID-19 pandemic, geopolitical tensions between Russia and Ukraine, a bleak global economic outlook, climate change, cybersecurity threats, and migration issues. On the continental level, it outlines security issues in Africa including conflicts, terrorism, and unconstitutional changes in government. It emphasizes that continental and regional leadership is needed to address poverty, inequality, and other human security issues threatening Southern Africa.
Education, Health, Science and Technology.pdfSABC News
This document provides an assessment of the work done by the ANC Subcommittee on Education, Health, Science and Technology. It evaluates the progress made in implementing ANC policies in these sectors since the 2017 ANC National Conference. The assessment finds both successes and challenges. Key areas of progress include expanding access to basic education and primary healthcare. However, it also finds that implementation of some conference resolutions has been weak. There are also ongoing issues like inadequate leadership, funding gaps, and a need to strengthen community involvement. The document puts forward questions to guide discussions on improving policies and services in education, health, science and technology.
ANC Legislature and Governance Policy DocumentSABC News
The document discusses policy goals for the ANC related to legislature and governance in South Africa for 2022. It begins by outlining the theme of unity and renewal to defend democratic gains. It then reviews previous ANC resolutions on legislature and governance from national conferences since 2007. Over 144 resolutions were made across eight areas, including reviewing state policies, improving human resources, and addressing service delivery. The document evaluates progress on implementing these resolutions and identifies ongoing challenges like factionalism and failure to implement policies. It proposes strengthening accountability measures and monitoring of deployed ANC members. Additional discussion questions are provided on various topics.
ANC Social Transformation Policy DocumentSABC News
The document outlines resolutions from the ANC's 54th National Conference relating to social transformation, safety of women and children, substance abuse, and empowering vulnerable groups. Key resolutions include:
1) ANC branches must lead communities in addressing social issues and building social cohesion through regular dialogue and exemplary conduct.
2) Legislation against hate crimes and all forms of racism/discrimination must be enforced. African history and culture should be promoted.
3) Education, sports, arts and community organizations can help address issues like substance abuse, violence, and build social cohesion. Street and village committees and safety forums need to protect communities and address social issues.
ANC Progressive Internationalism in a Changing World Policy DocumentSABC News
The document discusses the ANC's pursuit of progressive internationalism in a changing world. It notes that international relations will continue playing a central role in enabling South Africa's development. It summarizes recent global challenges like the COVID-19 pandemic, rise in right-wing populism, and conflict in Ukraine. The document emphasizes the ANC's commitment to strengthening progressive forces on the African continent to achieve goals like the African Union's Agenda 2063. It stresses the importance of strengthening regional bodies like the AU, SADC, and fully implementing the African Continental Free Trade Area.
ANC Arts, Culture and Heritage Policy DocumentSABC News
This document discusses the ANC's policy on arts, culture and heritage in South Africa. It provides context on the ANC's vision for arts and culture dating back to the Freedom Charter in 1955. It then evaluates the ANC's performance in developing and implementing arts and culture policy over the past 28 years, noting that policies have been ad hoc with little input from the ANC. Key factors that led to the marginalization of arts and culture during democratic transition include the ANC forgetting the role it played in the liberation struggle and prioritizing other portfolios. The document argues that a vibrant arts and culture policy rooted in communities is needed to strengthen social cohesion.
This document discusses the need for organizational renewal within the ANC in the context of an existential crisis facing the movement. It outlines two main problems - the ANC has become distant and out of touch, and it is losing credibility and trust due to issues like corruption. The document argues that renewal must address these issues to allow the ANC to fulfill its historic revolutionary mission. It emphasizes the ANC's history of resilience through past crises by renewing its values and capabilities. The current crisis presents an opportunity for decisive renewal to restore the ANC's role as an agent of change leading South Africa towards a national democratic society.
ANC Strengthening Economic Recovery and Reconstruction to Build an Inclusive ...SABC News
This document discusses strengthening South Africa's economic recovery and building an inclusive economy. It provides context on the ANC's vision for the economy guided by ensuring all South Africans share in the country's wealth. While significant progress has been made since 1994, apartheid's legacy remains with high unemployment, poverty, and inequality disproportionately impacting black people, women, youth and those with disabilities. The document outlines challenges over the past decade including slow growth, rising corruption, state capture, and recent economic shocks. It argues the ANC must fundamentally reshape the economy in a sustainable way to meet demands for a better life. The ANC's framework is outlined focusing on structural reforms, industrial policy, and macroeconomic stability to accelerate inclusive growth
This document provides an analysis of the balance of forces affecting South Africa's transformation agenda. It discusses developments since the ANC's 2017 conference that have shifted the balance of forces, including the COVID-19 pandemic, July 2021 unrest, and ANC's reduced election support. It analyzes the balance of forces around the five pillars of struggle: the state, economy, organizational work, ideological struggle, and international work. Regarding the state, it notes issues like state capture, July 2021 insurrection, and need to address poverty and lack of economic opportunities. For the economy, it discusses unemployment, poverty, inequality, and racial disparities. The document calls for harnessing new energies to reengage communities and advance the transformation
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
2. 2015 Budget Speech
ii
ISBN: 978-0-621-43287-9
RP: 10/2015
To obtain copies please contact:
Communications Unit
National Treasury
Private Bag X115
Pretoria
0001
Tel: +27 12 315 5526
Fax: +27 12 315 5126
Budget documents are available at: www.treasury.gov.za
3. 1
Honourable Speaker –
I have the honour to present the first budget of our fifth democratic
Parliament.
Members of the House, and fellow South Africans –
Over the past twenty years we have built houses, delivered water and
electricity, improved access to schools and health care. Yet there are people
living in shacks, there are schools without sanitation, there are patients
without care.
We have made progress in dismantling apartheid divisions. Yet there are still
fault-lines across our social landscape.
We have agreed on a National Development Plan. But there is still hard work
ahead in its implementation.
Though we continue to register positive growth rates, many businesses have
struggled to maintain profitability, unemployment remains high and government has
had to adjust to slower revenue growth.
Today’s budget is constrained by the need to consolidate our public finances, in the
context of slower growth and rising debt.
And so we must intensify efforts to address economic constraints, improve our
growth performance, create work opportunities and broaden economic participation.
We need to achieve these goals if our National Development Plan is to be realised.
4. 2015 Budget Speech
2
On the one hand, our development path is limited by the resource constraints of the
current economic outlook. On the other hand, it seeks to lift these constraints by
strengthening public institutions, investing in infrastructure and our people,
supporting innovation and making markets work better.
The 2015 budget is aimed at rebalancing fiscal policy to give greater impetus to
investment, to support enterprise development, to promote agriculture and industry
and to make our cities engines of growth.
Strategic priorities for growth and development
As outlined by President Zuma in the State of the Nation Address on the 12th
of
February, Cabinet has agreed on nine strategic priorities to be pursued this year, in
partnership with the private sector and all stakeholders. They include:
• Resolving the energy challenge,
• Revitalising agriculture,
• Adding value to our mineral wealth,
• Enhancement of the Industrial Policy Action Plan,
• Encouragement of private investment,
• Reducing workplace conflict,
• Unlocking the potential of small enterprises,
• Infrastructure investment, and
• Support for implementation of the National Development Plan through in-
depth, results-driven processes, known as phakisa laboratories.
The first of these laboratories focused on the oceans economy, including off-shore oil
and gas exploration and aquaculture opportunities. Already this has led to investment
of R9.6 billion in Saldanha Bay.
Strategies for improving primary health clinics have also been developed through a
phakisa process. The mining sector will be next. These processes draw widely on the
talents and expertise of South Africans, from the public and private sectors, and the
scientific and research community.
In each of these areas, there are many programmes and interventions underway,
and numerous stakeholders and institutions involved.
Members of the House will appreciate, however, that having a plan and a series of
activities is not enough. Intensive effort has to go into the details of implementation,
5. 2015 Budget Speech
3
understanding the risks and opportunities of changing market conditions as well as
identifying institutional and financial options.
There are many possible plans and priorities: the challenge of governance is to
choose wisely between competing alternatives.
The budget plays a role in clarifying these options, probing their costs and assessing
implementation modalities. It seeks to allocate resources systematically and fairly.
This year, we received around 400 tips from fellow South Africans on the budget.
Quite rightly, there are two main areas of concern.
• Many people have concerns about public service delivery. For example,
Asif Jhatham advises that municipalities should follow SARS in adopting
electronic payments systems. Marc de Chalain appeals for an improved
work ethic and pride in a job well done in the public service. Mpumelelo
Ncwadi suggests that youth-owned cooperatives should be supported to
produce lettuce and herbs for local hospitals and schools.
• And then there is much advice to me on tax matters. Christopher Pappas
suggests that fast foods should be subject to sin tax. Mandy Morris says it
is time VAT was increased to 15 per cent. On the other hand, Thabile
Wonci proposes that young professionals should be exempt from tax for at
least one year of work.
Honourable Speaker, I will return shortly to these tax questions.
The budget documents I table today are designed to make our budget choices and
their implications transparent. The processes which follow in this House, bringing
medium term plans and programmes under the scrutiny of portfolio committees and
subjecting Ministers and officials to Parliamentary accountability, are essential
disciplines in the translation of plans into service delivery programmes.
And so in presenting this Budget to Members of the House, I am obliged to caution
that it again comprises a weighty set of documents and explanatory papers.
Members who feel that the burden of after-hours reading is excessive are referred to
my predecessors, Minister Gordhan and former Minister Manuel, who oversaw the
design of these instruments of accountability.
Thankfully their advice to me is that it does not all have to be incorporated into the
budget speech.
Allow me therefore to recommend this year’s Budget Review for the further attention
of Members. It is somewhat differently structured from the past. There is a new
chapter on the financial position of public sector entities, and an annexure on
progress in infrastructure spending.
6. 2015 Budget Speech
4
Economic context
I turn now to the economic context within which the budget has been prepared.
Global economic growth is expected to remain sluggish over the period ahead, rising
from 3.3 per cent in 2014 to 3½ per cent this year. There is considerable variation in
economic performances between countries and economic trends are likely to be
volatile. In the United States, 3.6 per cent growth is expected this year, but in Europe
the outlook remains weak, and could still be destabilised by disagreements between
debtor and creditor nations.
In emerging markets and developing economies, growth of about 4½ per cent is
expected. China’s growth is expected to slow to 6.8 per cent this year. Amongst our
neighbours in Africa, the recent shifts in commodity prices will benefit some countries
and disadvantage others.
South Africa will benefit from the lower oil price, but our major commodity exports
have been negatively affected by the global slowdown. Our deepening trade and
investment links with sub-Saharan Africa continue to offer favourable growth
prospects. Exports to Africa grew by 19 per cent in 2013 and 11 per cent in 2014.
However, our primary challenge is to deal with the structural and competitiveness
challenges that hold back production and investment in our economy.
The most important of these is the security and reliability of energy supply.
Electricity constraints hold back growth in manufacturing and mining, and also inhibit
investment in housing and raise costs for businesses and households.
Mainly for this reason, our projected economic growth for 2015 is just 2 per cent,
down from 2.5 per cent indicated in October last year. We expect growth to rise to
3 per cent by 2017. Consumer price inflation peaked at 6.6 per cent in June last year.
It has subsequently declined to just 4.4 per cent last month, and is expected to
average 4.3 per cent in 2015, laying a foundation for economic growth.
Higher growth is possible, if we make good progress in responding to the electricity
challenge or if export performance is stronger. The best short-term prospects for
faster growth lie in less energy-intensive sectors such as tourism, agriculture, light
manufacturing and housing construction. These are also sectors that employ more
people, and so they contribute to more inclusive growth. Efforts to support these
sectors have to be intensified.
Progress in agriculture and manufacturing employment requires a constructive labour
relations environment, and well-targeted support for emerging enterprises. While the
manufacturing sector has largely underperformed in recent years, there has been an
encouraging growth in investment since 2010, particularly in upgrading machinery
and equipment. The turnaround in footwear and textiles is also welcome, and should
boost job creation over the period ahead. In agriculture we have seen investment
and export growth in horticultural products such as grapes, citrus and tree nuts.
7. 2015 Budget Speech
5
Tourism and related services, oil and gas development, communications and
information technology also offer many opportunities.
Although our fiscal position is constrained, there are considerable financial strengths
on which South Africa’s growth strategy can build.
• Interest rates have remained moderate, which reflects the credibility of
fiscal and monetary policy and the favourable inflation outlook. The capital
market rates at which government and the corporate sector borrow have
declined over the past year, signalling continued investor confidence in the
South African economy.
• The exchange rate depreciated by 11 per cent against the US dollar in
2014, after declining by 15 per cent in 2013. This coupled with low inflation
contributes to our trade competitiveness, and partially offsets the
deterioration in commodity prices.
• Our banks and other financial institutions are well-capitalised. South Africa
has a buoyant capital market, is open to foreign investors and is a major
contributor to foreign direct investment elsewhere in Africa. Our company
law and tax frameworks are robust, and we have excellent property market
institutions.
The first phase of implementation of the National Development Plan is elaborated in
Government’s medium term strategic framework. If we remain united and energised
around its implementation – government, labour, business and all South Africans –
we will continue to make progress towards a just and prosperous future.
Budget framework and fiscal policy
A sound budget framework is one of the enabling conditions for implementation of
the National Development Plan.
It has now been eight years since the global financial crisis began. In responding to
low economic growth, government allowed for continued expenditure growth and a
wider budget deficit to cushion the economy from a potential hard landing, resulting
in an increased debt burden on the state. Fiscal room created during the economic
boom leading up to the financial crisis cushioned against tax increases as a first
response.
Our fiscal rebalancing has included cost containment measures and intensified
efforts to improve efficiency in expenditure. These measures are yielding positive
results. However, growth performance remains weak and substantial repayments of
debt are becoming due. It is now clear that we can no longer postpone consideration
of additional revenue measures. In choosing amongst our tax options, the financial
health of households and businesses is a primary consideration.
8. 2015 Budget Speech
6
As indicated in the Medium Term Budget Policy Statement, the key features of the
budget framework for the period ahead are as follows:
• A reduction in the main budget expenditure ceiling of about R25 billion
over the next two years, compared with the 2014 Budget baseline,
• An increase in taxes amounting to R17 billion in 2015/16,
• Revised spending plans across the whole of government, aimed at greater
efficiency, reduced waste and an improved composition of spending,
• A consolidation of government personnel numbers, and
• Financing of state-owned companies, where required, without raising
national government’s budget deficit.
In the budget framework tabled today, a consolidated deficit of 3.9 per cent of GDP is
projected for 2015/16, falling to 2.5 per cent in 2017/18.
Consolidated non-interest expenditure will rise from R1.123 trillion this year to
R1.4 trillion in 2017/18, which is an average real increase of 2.1 per cent a year. The
share of personnel compensation is projected to remain about 40 per cent of non-
interest spending. Interest on state debt will rise from R115 billion this year to
R153 billion in 2017/18.
Reductions in budget allocations have been targeted at non-critical activities. Cost
containment and reprioritisation measures will limit growth in allocations for goods
and services to 5 per cent a year. Spending on catering, entertainment and venues is
budgeted to decline by 8 per cent a year, travel and subsistence will be cut back by
4 per cent a year, in real terms. But allocations for critical items such as school books
and medicine, for police vehicles’ fuel and for maintenance of infrastructure, will grow
faster than inflation. Compliance will be reported by the Auditor-General.
The budget framework includes an unallocated contingency reserve of R5 billion next
year, R15 billion in 2016/17 and R45 billion in 2017/18. This could allow for new
spending priorities to be accommodated in future budgets. It takes into account that
the economic outlook is uncertain and that both weaker growth and rising interest
rates are possible over the period ahead. We are also mindful that public service
salary negotiations have still to be concluded. We hope that agreement will be
reached in time for salary improvements to be implemented in April.
Over the next three years, government’s gross debt stock is projected to increase by
about R550 billion, to R2.3 trillion in 2017/18. Redemptions on debt issued over the
past decade will add R190 billion to the medium term borrowing requirement. Net
loan debt of the national government is expected to stabilise at less than 45 per cent
of GDP in three years’ time.
South Africa’s liquid capital market and our standing in international markets enable
us to meet this borrowing requirement. But we are mindful that debt sustainability
9. 2015 Budget Speech
7
requires a prudent budget framework and improvements in both saving and
investment.
Our fiscal policy stance recognises that state-owned companies and municipalities
will continue to face substantial investment requirements over the period ahead.
Moderation in the main budget deficit creates space in the wider capital market for
infrastructure financing of both the wider public sector and private businesses.
In addressing these and other fiscal challenges, government is firmly resolved to
steer a responsible and sustainable course.
Medium term expenditure and the division of revenue
Honourable Speaker, our Constitution requires an equitable division of nationally
collected revenue between national, provincial and local government. This is set out
in the Division of Revenue Bill and its accompanying Explanatory Memorandum. The
allocations are explained in the Budget Review and elaborated in the Estimates of
National Expenditure.
In preparing these proposals, we have benefited from recommendations of the
Financial and Fiscal Commission and Parliament’s committees. As is required by
section 7 of the Money Bills Amendment Procedure and Related Matters Act of 2009,
a report is included in the Budget Review which responds to concerns raised by the
finance and appropriations committees, and in portfolio committees’ budgetary
review and recommendation reports. We greatly appreciate these contributions of
Parliament to the rigour and integrity of our budget process.
The national share of non-interest expenditure is about 48 per cent, provinces
receive 43 per cent and 9 per cent goes to municipalities.
Allocations to basic services provided by municipalities have been prioritised, despite
the constraints of the budget framework. A new approach is proposed for cities, to
support their growth and restructuring and strengthen infrastructure investment. A
review of local government infrastructure grants is in progress, which will lead to
simplification and consolidation of the financing arrangements.
Over the longer term, progress in municipalities requires local economic growth,
property development and revenue capacity, alongside national support. These are
key elements in the “back to basics” municipal development strategy.
Economic development
Honourable Members, our support through the budget for economic development is
wide-ranging, as it must be if we are to diversify our growth and broaden
participation.
10. 2015 Budget Speech
8
Innovation and technology change are at the heart of this development strategy.
Support for the oceans economy has been allocated R296 million over the next three
years. This will enhance our climate change research and management of ocean
resources. South African science and technology also continues to benefit from our
leading role in the Square Kilometre Array astronomy partnership, which will spend
approximately R2.1 billion over the next three years. Minister Pandor is guiding our
science councils towards more effective partnerships with industry and academic
institutions.
R2.7 billion has been allocated over the medium term under the Mineral Policy and
Promotion programme to promote investment in mining and petroleum beneficiation
projects.
R108 million has been allocated for research and regulatory requirements for
licensing shale gas exploration and hydraulic fracturing.
Government will continue to strengthen support for agricultural development and
trade, under Minister Zokwana. The projected conditional allocation to provinces over
the medium term is R7 billion. Access of emerging farmers to finance will be
expanded, in collaboration with the Land Bank.
Since the inception of the recapitalisation and development programme in 2008,
1 459 farms have been supported, and 4.3 million hectares has been acquired for
redistribution. A further 1.2 million hectares will be acquired over the next three
years, and R4.7 billion is allocated for recapitalisation and development of farms.
Establishment of the Office of the Valuer-General in Minister Nkwinti’s department
will assist in the orderly implementation of land acquisition and redistribution
activities.
Employment and enterprise development
Honourable Members, unemployment remains our single greatest economic and
social challenge. Government continues to prioritise measures aimed at generating
employment. These include tax incentives for employment and investment, support
for enterprise development, skills development and employment programmes.
R10.2 billion has been allocated over the MTEF period to manufacturing
development incentives and support for growing service industries, such as business
process outsourcing. Under Minister Davies’ oversight, the manufacturing
competitiveness enhancement programme will spend R5.4 billion and will assist
1 450 companies with financial support to upgrade facilities and skills development.
Special economic zones are allocated R3.5 billion over the medium term, mainly for
infrastructure development. The work of Minister Hanekom’s department in
promoting tourism continues to be supported.
Over the MTEF period, Minister Zulu’s new Department will spend R3.5 billion on
mentoring and training support to small businesses.
11. 2015 Budget Speech
9
The Jobs Fund will spend R4 billion in partnership with the private sector on projects
that create new employment, support work-seekers and address structural
constraints to more inclusive growth.
The community work programme will be extended to all municipalities. Its allocations
increase by 21 per cent a year.
The Department of Environmental Affairs has an allocation of R11.8 billion to fund
more than 107 000 full time equivalent jobs and 224 000 work opportunities through
environmental EPWP programmes.
A total of R590 million has been allocated to the Green Fund over the medium term,
for strategic environmental projects in partnership with the private sector.
Health and social protection
Honourable Speaker, expenditure on health and social protection will continue to
grow steadily, contributing to better life expectancy and household income security.
Health spending will reach R178 billion in 2017/18. We have seen a marked
reduction in child mortality over the past five years, supported by improved access to
antenatal services.
Our antiretroviral treatment programme now reaches 3 million patients. The mother-
to-child transmission of HIV has decreased from 20 per cent a decade ago to 2 per
cent last year, and is expected to decline further over the period ahead.
In this budget, R1.5 billion is shifted from provincial budgets to the national
Department of Health to enable the National Institute of Communicable Diseases to
be directly funded. This will be offset by lower tariffs for services provided by the
National Health Laboratory Service. Port health services have also been shifted from
provinces to the national department.
The Office of Health Standards Compliance has been listed as an independent legal
entity with a budget rising to R125 million in 2017/18.
Under Minister Motsoaledi’s direction there has been progress over the past year in
preparing for the transition to national health insurance. A discussion paper on
financing options will be released shortly by the National Treasury, to accompany the
NHI white paper.
Honourable Speaker, I have also agreed with Ministers Dlamini and Oliphant that we
will jointly publish the long-outstanding discussion paper on social security reform.
Both health insurance and social security are vital concerns of all South Africans, and
we look forward to public debate and engagement between stakeholders.
Social grants play an important role in protecting the poorest households against
poverty. Social assistance beneficiaries numbered 16.4 million in December 2014. In
12. 2015 Budget Speech
10
order to accommodate the growth in numbers, the budget proposals include an
additional R7.1 billion on the Social Development vote.
I am also pleased to be able to announce adjustments to monthly social grants with
effect from 1 April:
• The old age, war veterans, disability and care dependency grants will
increase by R60 to R1 410.
• Child support grants increase to R330.
• Foster care grants increase by R30 to R860.
In consultation with the Department of Social Development and taking into account
consumer price inflation, we will review the possibility of further adjustments to grant
values in October.
Education, sport and culture
Honourable Speaker, over R640 billion will be allocated to basic education during the
next three years.
Under Minister Motshekga’s oversight, personnel planning for schools is currently
under review, to ensure that learner-teacher ratios are maintained at appropriate
levels.
The number of qualified teachers entering the public service is projected to increase
from 8 227 in 2012/13 to 10 200 in 2017/18. To support teacher training, R3.1 billion
will be awarded in funza lushaka bursaries over the next three years.
We will print and distribute 170 million workbooks at 23 562 public schools over this
MTEF period. Each learner in Grades R to 9 will receive two books per subject each
year in numeracy, mathematics, literacy, language and life skills.
The school infrastructure backlogs programme is allocated R7.4 billion for the
replacement of over 500 unsafe or poorly constructed schools, as well as to address
water, sanitation and electricity needs. The education infrastructure grant of
R29.6 billion over the medium term will enable all schools to meet the minimum
norms and standards for school infrastructure by 2016.
The budget also includes R4.1 billion over the MTEF period to build and support
public libraries. School and community sport programmes and sports academies will
receive R1.7 billion in conditional allocations to provinces.
Post-school education and training
Honourable Speaker, allocations to post-school education and training exceed
R195 billion over the medium term, increasing at an annual average of 7.1 per cent.
13. 2015 Budget Speech
11
University operating subsidies will amount to R72.4 billion. Transfers to universities
for infrastructure of R10.5 billion are proposed, including R3.2 billion for the new
universities of Mpumalanga and Sol Plaatje.
We are mindful of the pressures on student financing at our higher education
institutions. The National Student Financial Aid Scheme is projected to spend
R11.9 billion in 2017/18, up from R9.2 billion in 2014/15. This will support a further
increase in university enrolments and in technical and vocational colleges.
Progress in the quality of post-school education programmes is clearly critical. Under
Minister Nzimande’s direction, the 21 sector education and training authorities and
the National Skills Fund will continue to provide work placements for students and
graduates. Raising the number of trainees who qualify as artisans is a special
priority. Options for improving the skills funding system will be reviewed in the period
ahead.
Transport, energy and communications
Fellow South Africans, we have all been reminded of the importance of infrastructure
investment and maintenance over the past year. It is not just an inconvenience when
the lights go out, there is a cost to the economy in production and income and jobs
foregone.
Many South Africans regularly experience other kinds of infrastructure failure:
unreliable water supplies, roads that are impassable when it rains, trains that break
down or poor telecommunication linkages.
These are large, long-term, costly challenges, and so the work of Minister Peters,
Minister Joemat-Pettersson, Minister Cwele, Minister Mokonyane and Minister Patel
in securing maximum value out of available funds is especially critical.
We are able to make substantial contributions through the fiscus to infrastructure
services over the MTEF period:
• R1.1 billion is allocated for the upgrade of the Moloto Road to improve
safety and mobility on this road.
• The Passenger Rail Agency’s R53 billion ten-year renewal programme is
now in progress. The first 44 new train sets, or 528 coaches, will be
delivered over the next three years.
• Over R80 billion is allocated to over 220 water and sanitation projects and
for local roads.
• R105 billion will be spent on housing and associated bulk infrastructure
requirements.
• Over R18 billion in electrification funding will provide for 875 000
households to be connected to the grid or to receive off-grid electricity.
14. 2015 Budget Speech
12
• R1.1 billion is allocated for broadband connectivity in government
institutions and schools.
I need to emphasise, Honourable Speaker, that not all infrastructure services qualify
for budget funding. Cost recovery from users is a key foundation of infrastructure
sustainability, together with fiscal support for access to essential services.
I therefore wish to endorse the Deputy President’s carefully balanced approach to
resolving the Gauteng Freeway financing matter. Concerns regarding the socio-
economic impact of toll tariffs have been heard, and revised monthly ceilings will
shortly be proposed. We will include a national contribution to meeting the associated
cost in the Adjustments Appropriation later this year. Measures will also be taken to
ease compliance and improve enforcement. But cost recovery from road-users will
continue to be the principal financing mechanism for this major road system.
Investing to transform our urban space
Honourable Members, national government is working closely with metropolitan
municipalities to invigorate urban development. As the NDP emphasises, realising
the economic dividends of urban growth requires a new approach to providing
infrastructure, housing and public transport services, while overcoming the spatial
divisions of apartheid.
This budget recognises the need to assist cities in mobilising the finance required for
more rapid infrastructure investment and maintenance. Amendments will be
proposed to the Municipal Fiscal Powers and Functions Act to clarify the rules
surrounding bulk infrastructure charges, and ensure an equitable and transparent
system of contributions by land developers.
The National Treasury has recently met the Mayors and City Managers of all eight
metropolitan municipalities to discuss how to accelerate investment, improve
infrastructure maintenance and strengthen financial management. Metropolitan
councils will announce details of their investment programmes in their forthcoming
budget statements. The Treasury, the Department of Cooperative Governance and
the Development Bank of Southern Africa will host a conference on urban
infrastructure investment later this year to enable private investors to obtain further
details of financing opportunities that will arise from this new programme.
I have also been reminded of the role of tax measures in supporting urban
development. With us in the gallery today is Mr Vuyisa Qabaka, a Cape Town
entrepreneur and co-founder of an organisation called the Good Neighbourhoods
Foundation. His advice is that “Government should encourage township investment.
For instance, it could promote urban development and regeneration through
accelerated depreciation allowances for new building constructions or refurbishment
of existing buildings.”
National allocations to municipalities continue to be equitably allocated and aligned
with Minister Gordhan’s “Back to Basics” strategy. The local government equitable
15. 2015 Budget Speech
13
share was protected from the baseline reductions, to ensure that service delivery to
the poor is prioritised. Allocations for water, sanitation and electricity in rural
municipalities have been increased substantially. R4.3 billion will be spent over the
next three years to build capacity and strengthen systems for financial management
and infrastructure delivery.
The collaborative review of local government infrastructure grants will give special
attention to the maintenance of infrastructure, so that the gains made over the past
20 years continue to be extended and enjoyed by all over the life of these assets.
Defence, public order and safety
Honourable Members, we still confront unacceptably high levels of crime in our
country. Government spending on public order and safety and on defence will
therefore continue to increase, from R163 billion this year to R193 billion by 2017/18.
Police services receive about 48 per cent of the total allocation.
Effective and efficient courts, under Minister Masutha’s oversight and Chief Justice
Mogoeng’s leadership, are central to constitutional democracy and the functioning of
the criminal justice system. Over the medium term, a total amount of R492 million
has been reprioritised towards improving access to justice. This will increase
capacity for court support personnel, public defenders and prosecutors.
In order to strengthen the independence of the judiciary, the Office of the Chief
Justice has been established as a new department. It becomes fully operational on
the 1st
April 2015, with a budget over the MTEF period of R5.2 billion.
The fight against corruption remains a central priority. Additional allocations have
been made to the Public Protector and the Financial Intelligence Centre for
increasing their human resource capacity.
South Africa’s defence force under Minister Mapisa-Nqakula will continue to be
deployed for safeguarding our borders and in peacekeeping operations in several
conflict areas. Budget provision for border safeguarding and regional security
amounts to R2.8 billion and R4.5 billion, respectively, over the next three years.
The budget also includes R834 million for access of military veterans to health care
and housing services.
Financial management: ensuring value for money
Honourable Members, better value for money in public service delivery depends on
rigorous financial management, effective systems and an unrelenting fight against
corruption.
Supply chain management in the public sector is far from perfect. There are frequent
allegations of corruption and inefficiency. Against this background, the National
16. 2015 Budget Speech
14
Treasury has conducted a review of public sector supply chain management,
drawing on the views and experience of government, business and civil society. The
review was published last month, and is a candid reflection of our current state of
public sector procurement, the reforms that are needed and the opportunities that an
efficient, transparent SCM system presents.
In consultation with the Minister of Basic Education, the following reforms are in
progress:
• All books delivered to schools from January 2016 will be managed through
a centrally negotiated contract.
• With effect from May this year, all school building plans will be
standardised and the cost of construction will be controlled by the Office of
the Chief Procurement Officer. Too often, and for too long, we have paid
too much for school building projects.
• Routine maintenance of school buildings and minor construction works will
be decentralised. This will be accompanied by measures to combat
inefficiency and corruption at district and school level.
From April 2015, a central supplier database will be introduced. Suppliers will only be
required to register once when they do business with the state. This will significantly
reduce the administrative burden for business, especially small and medium-sized
enterprises. The database will interface with SARS, the Companies and Intellectual
Property Commission and the payroll system. It will electronically verify a supplier's
tax and BEE status, and enable public sector officials doing business with the state
to be identified. This intervention will also reduce the administrative burden for SCM
practitioners and address many of the concerns raised by the Auditor-General every
year.
In close collaboration with the State Information Technology Agency, a central e-
tender portal will be implemented from April this year. It will be compulsory that all
tenders be advertised on this portal, and all tender documents will be freely available
there. Tender advertisements in newspapers and the government gazette will be
phased out.
A new approach to funding health and education infrastructure in provinces was
introduced in 2013. Following a two-year planning cycle, the 2015/16 allocations for
the education infrastructure grant and the health facility revitalisation grant reflect this
new approach. On top of their base allocations, provinces that meet the minimum
planning standards have been rewarded with additional allocations. For instance, the
Eastern Cape receives an additional R233 million due to the quality of its plans for
health and education infrastructure investment. Provinces that failed to meet the
minimum standards will be prioritised for assistance through the on-going
Infrastructure Delivery Improvement Programme. This allocation methodology will be
expanded over the MTEF period so that all provincial departments continuously
improve their planning to be eligible to receive incentive allocations.
17. 2015 Budget Speech
15
The non-payment of suppliers on time is a perennial problem that needs serious
attention. This practice works against government's efforts to grow the economy and
develop the SMME sector. Payment of suppliers within 30 days will now be included
among other SCM requirements in the performance agreements of accounting
officers.
Revenue and tax measures
In turning to the revenue proposals for the year ahead, Honourable Members, let me
emphasise again that we are accountable to citizens and taxpayers for ensuring
value for money in our stewardship of public resources.
Our current projection is that tax revenue will amount to R979 billion in 2014/15, or
about R14.7 billion less than the budget estimate a year ago. Including non-tax
revenue, social security funds and other receipts, and after deducting R51.7 billion
which goes to Southern African Customs Union partner countries, consolidated
budget revenue will be R1 091 billion this year, or about 8.2 per cent more than in
2013/14.
In the recent past, there has been considerable variation in customs union receipts,
because of fluctuations in regional trade. The period ahead will also see large shifts
in customs receipts, with potentially adverse implications for our partner countries.
South Africa remains keen to see a revised and improved revenue sharing
arrangement that would stabilise and safeguard these resource flows.
Personal income tax remains a buoyant source of revenue, but the slowdown in
business conditions is reflected in lower-than-expected company tax, value added
tax and customs revenue.
Once again, the South African Revenue Service has done sterling work in difficult
circumstances. In welcoming Mr Tom Moyane as the new Commissioner, I would like
to convey my appreciation to all the personnel of SARS for their efforts over the past
year.
Tax policy aims to raise revenue in a manner that is fair and efficient, while
contributing to social solidarity and supporting long-term economic growth and job
creation. Tax reforms since 1994 have considerably broadened the tax base, through
inclusion of capital gains and closing of tax loopholes.
As I indicated in the Medium Term Budget Policy Statement in October, even after
lowering our expenditure ceiling, and taking into account the need for sustainability in
managing our debt, there is a structural gap between our revenue requirements and
projected tax proceeds. To bridge this gap we require additional revenue. In
considering tax policy options, we have drawn on advice of the Davis Tax Committee
and through the broader annual tax consultation process. In my view, the need to
maintain the overall progressivity of the tax structure is a compelling consideration.
18. 2015 Budget Speech
16
Tax proposals
The 2015 Budget tax proposals aim to increase tax revenues as required, limit the
erosion of the corporate tax base, increase incentives for small businesses and
promote a greener economy.
The main tax proposals are as follows.
Personal income tax rates will be raised by one percentage point for all taxpayers
earning more than R181 900 a year. This raises tax by R21 a month for a taxpayer
below age 65 with an annual income of R200 000. Those earning R500 000 would
pay R271 a month more, and at R1.5 million a year the tax increase is R1 105 a
month. However, tax brackets, rebates and medical scheme contribution credits will
be adjusted for inflation, as in previous years. The net effect is that there will be tax
relief below about R450 000 a year, while those with higher incomes will pay more in
tax.
Honourable Members, an increase in the general fuel levy of 30.5 cents a litre will
take effect in April.
Following recommendations of the Davis Committee, a more generous tax regime is
proposed for businesses with a turnover below R1 million a year. Qualifying
businesses with a turnover below R335 000 a year will pay no tax, and the maximum
rate is reduced from 6 per cent to 3 per cent. To complement this relief, SARS is
establishing small business desks in its revenue offices to assist in complying with
tax requirements.
The rates and brackets for transfer duties on the sale of property will be adjusted to
provide relief to middle-income households. The new rates eliminate transfer duty on
properties below R750 000, while the rate on properties above R2.25 million will
increase.
Members of the House are advised that excise duties on alcoholic beverages and
tobacco products will again increase:
• the tax on a quart of beer goes up by 15½ cents,
• a bottle of wine will cost 15 cents more,
• a bottle of sparkling wine goes up by 48 cents,
• a bottle of whisky will be R3.77 more;
• a pack of 20 cigarettes goes up by 82 cents.
Amendments are proposed to the diesel refund system which applies in the
agriculture, forestry, fishing and mining sectors. Some of these changes will take
effect this year and some in 2016.
19. 2015 Budget Speech
17
The net effect of these proposals on 2015/16 tax revenue is an increase of
R8.3 billion, which will bring tax revenue for the year to R1 081 billion, or about
10.4 per cent more than 2014/15 tax revenue.
Further tax proposals
I am also proposing a number of tax measures to promote energy efficiency, which
will be discussed further with industry, the electricity regulator, Eskom and other
interested parties.
The first proposal is a temporary increase in the electricity levy, from 3.5c/kWh to
5.5c/kWh, to assist in demand management. This additional 2c/kWh will be
withdrawn when the electricity shortage is over. Secondly, an increase is proposed in
the energy-efficiency savings incentive from 45 c/kWh to 95 c/kWh, together with its
extension to cogeneration projects. Other measures under consideration include
enhancing the accelerated depreciation for solar photovoltaic renewable energy.
In the absence of a carbon tax, the electricity levy serves both to promote energy
efficiency and encourage lower greenhouse gas emissions. The introduction of a
carbon tax in 2016 will provide an additional tool to deal more sustainably with the
current electricity shortage, while lowering the electricity levy. A draft carbon tax bill
will be introduced later this year for a further round of public consultation.
To ensure that the burden is fairly distributed, steps will be taken to ensure that the
electricity levy applies to all users, especially energy-intensive users, while ensuring
that there are no double-payments.
Honourable Members, we are also taking further steps to combat financial leakages
which deprive our economy of billions of rand through erosion of the tax base, profit
shifting and illicit money flows.
This is the advice I received from Durban businessman, Mr Wolfe Braude, who is
with us today: “Action has to be taken to close tax evasion loopholes such as transfer
pricing, and profit shifting strategies by SA corporates. I ask that South Africa
continue its support for the recent G20 decisions in this regard and the
implementation of actions in support of transparency and sharing of
information. South Africa must similarly stand firm in the SADC against tax havens.”
The South African Reserve Bank and the Revenue Service work closely together to
monitor capital flows. This assists in identifying movements of funds for tax reasons.
Internationally, there is increasing collaboration between bank regulators and tax
authorities, and so progress is being made to reduce both capital leakage and tax
evasion. Drawing on advice of the Davis Committee, amendments will be proposed
to improve transfer-pricing documentation and revise the rules for controlled foreign
companies and the digital economy.
There are two further revenue proposals that I need to explain. They both arise from
challenges in respect of earmarked taxes.
20. 2015 Budget Speech
18
The first is a 50 cents a litre increase in the Road Accident Fund levy.
This is a substantial increase from the present levy of R1.04. It is required in order to
finance the progress made by the RAF administration in clearing the claims backlog.
But it also reflects the unsustainability of the current compensation system, which
has accumulated a R98 billion unfunded liability. Legislation to establish the new
Road Accident Benefit Scheme will be tabled this year, to provide for affordable and
equitable support for those injured in road accidents. Once the legislation has been
passed, the levy will be assigned to the new scheme.
The second special revenue proposal is a one-year relief measure in respect of
Unemployment Insurance Fund contributions. Unlike the Road Accident Fund, the
UIF has an accumulated surplus of over R90 billion. Improved benefits are now being
introduced, but it is nonetheless possible to provide temporary relief to both
employers and employees. The proposal is that the contribution threshold should be
reduced to R1000 a month for the 2015/16 year. This means that employers and
employees will each pay R10 a month during the year ahead, putting R15 billion
back into the pockets of workers and businesses.
Financial position of public sector institutions
State-owned companies
Honourable Speaker, state-owned companies play a key role in promoting economic
growth and social development. Transnet’s freight modernisation programme, for
example, has raised the number of trains that run between Johannesburg and
Durban to sixty a day, from fewer than 20 a decade ago.
State-owned companies will invest about R360 billion over the next three years,
accounting for about 20 per cent of South Africa’s gross capital formation.
However, the financial position of some state enterprises is unsatisfactory,
undermining their ability to contribute toward development.
Recommendations to make our public entities more relevant to South Africa’s
developmental needs have been made by the Presidential Review Committee
chaired by Ms Ria Phiyega. Reforms are required to ensure that state companies
contribute to building a competitive economy and are not an unnecessary drain on
the fiscus, and that developmental mandates are appropriately financed and serve
the national interest.
Private investment and partnerships with state-owned companies are elements of
our strategy for strengthening infrastructure investment and improving service
delivery.
As indicated in last year’s Medium Term Budget Policy Statement, fiscal support to
state-owned companies over the period ahead will be financed through offsetting
21. 2015 Budget Speech
19
asset sales so that there is no net impact on the budget deficit. The required
turnaround in performance and delivery on government priorities will be closely
monitored, under the Deputy President’s oversight.
To stabilise Eskom’s financial position, it will apply to the regulator this year for
adjustments towards cost-reflective tariffs. In October 2014 we announced a broad
package for Eskom, including a capital injection of R23 billion, governance
improvements, operational cost containment and additional borrowing and support
for required tariff increases. The fiscal allocation of R23 billion will be paid in three
instalments, with the first transfer to be made by June 2015. A special appropriation
bill will be tabled, once the finance has been raised. If further support is deemed
necessary, consideration will be given to an equity conversion of government’s
subordinated loan to Eskom.
Government has also stepped in to address the financial position of South African
Airways. SAA reported a net loss of R2.6 billion in 2013/14, as a result of high
operating costs, losses on several international routes and valuation adjustments.
We have made guarantees of R14.4 billion available to SAA, of which the airline has
drawn R8.3 billion. Measures to achieve operational efficiencies and restore
profitability are now in progress.
Guarantees have also been provided to the South African Post Office, subject to
implementation of its turnaround strategy. This involves revised universal service
obligations and delivery targets, taking into account the decline in the mail and
courier business and the shift to digital communication. Minister Cwele has appointed
an administrator to lead SAPO’s turnaround.
Development finance institutions
Honourable Speaker, one of the strengths on which implementation of our National
Development Plan rests is the financial health and capacity of our development
finance institutions.
At the end of 2013/14, their combined assets amounted to R250 billion, against
liabilities of R107 billion. The Development Bank of Southern Africa, the Industrial
Development Corporation, the Land Bank and other national DFIs will expand their
loan portfolios by about 33 per cent over the next two years, including substantial
investments in renewable energy, agriculture, industrial infrastructure and
beneficiation projects.
Several initiatives are in progress to strengthen the role of DFIs:
• A review of provincial entities has been initiated, aimed at enhancing their
effectiveness and sustainability.
• An organizational review of the Land Bank will be conducted under the
leadership of the newly appointed Board and CEO, to enhance its support
for emerging farmers and commercial agriculture.
22. 2015 Budget Speech
20
• The DBSA will take the lead in developing South Africa’s municipal debt
market in order to accelerate both public and private sector investment in
urban renewal.
• The IDC aims to mobilise R100 billion over the next five years to promote
faster industrial development, mineral beneficiation and agro-processing.
Of special importance is the Land Bank’s collaboration with the Department of Rural
Development and Land Reform to bring rural land restitution and redistribution
projects to full production. This initiative will build on the Bank’s success in
supporting black farmers through its Retail Emerging Markets division, which has
financed over 400 projects and created 7 000 employment opportunities to date,
without any defaults.
The DBSA will continue to manage the Infrastructure and Investment Programme for
South Africa, which is a partnership with the European Commission to strengthen
project preparation and co-funding arrangements. It also provides support to the
Independent Power Producer Programme, which will be extended to include new
generation capacity from hydro, coal and gas sources to complement Eskom’s base-
load energy capacity. Co-generation and demand management initiatives are also
being supported.
Honourable Speaker, South Africa signed a treaty last year to give birth to a new
multilateral development bank to be based in Shanghai, China. We are excited to be
part of this new venture, especially given the leverage South Africa will have on
resources that will augment our infrastructure investment programme and those of
Sub-Saharan Africa countries. The first regional office of the Bank will be located in
South Africa.
Public service pensions
Honourable Members, I am pleased to be able to report that under the capable
management of the Public Investment Corporation, the retirement funding assets of
public service members and pensioners have grown strongly over the past year. The
Government Employees Pension Fund remains well-funded and soundly managed.
Pensioners of the GEPF, the Associated Institutions Pension Fund and the
Temporary Employees Pension Fund, as well as recipients of special and military
pensions, will receive a 5.8 per cent pension increase with effect from April 2015.
We have noted that some civil servants are resigning from GEPF, driven by high
levels of indebtedness or incorrect information on the retirement reform process. I
want to assure civil servants that the pension reforms currently under consideration
will not adversely affect benefits to members of the GEPF.
23. 2015 Budget Speech
21
Financial sector reforms
Honourable Members, I am pleased to confirm that with effect from 1 March 2015,
the new tax free-savings accounts will be available.
Significant progress has been achieved in relation to retirement reforms, and
consultations with NEDLAC will continue. The first draft of default regulations will be
issued shortly for public comment. These reforms have one central objective: to
maximise the long-term benefits to retirement fund members, so that they can retire
comfortably.
Our financial services sector is one of South Africa’s strengths, but as noted in our
recent market conduct policy framework document, it needs to do more to treat
customers fairly.
The bill establishing two new regulatory authorities, the so-called “twin peaks” reform,
will be tabled this year. We have strengthened regulations for banks, and will be
doing so this year for insurers, derivatives and hedge funds. We will be taking steps
to strengthen the supervision of large financial groups and collective investment
schemes, particularly money market funds.
Under its curatorship, African Bank is now generating positive cash flows. We
announced a R7 billion backstop last year, but our expectation is that the bank will be
stabilised without recourse to taxpayer funds.
In December, the International Monetary Fund released its assessment of the South
African financial system. It concluded that our financial system is stable and our
regulatory system sound. The report indicates need to strengthen supervision of
large financial groups and collective investment schemes, in view of the
concentration and interconnectedness of our financial sector.
The problem of excessive household indebtedness remains a serious challenge.
Approximately 45 per cent of credit-active consumers have impaired credit records.
This results in part from poor market conduct by lenders and financial advisors.
We are engaging with the major banks on further steps to be taken to assist over-
indebted consumers. Government also welcomes initiatives of employers in the
private sector who have audited garnishee orders applied to their employees, and
have taken steps to identify illegally-issued orders.
Conclusion
Honourable Speaker, this has been a challenging budget to prepare, under difficult
economic circumstances. The resources at our disposal are limited. Our economic
growth initiatives have to be intensified.
24. 2015 Budget Speech
22
Preparing a budget under difficult circumstances is a reminder that our public
services are many and varied, and that we rely on the efforts and good judgement of
many thousands of public servants, teachers, health practitioners and law
enforcement officers, every day. And our economy comprises a great diversity of
enterprises, factories, mines, service centres and shop-floors, welfare organisations,
trade unions and industry associations. Our collective future depends on the energy
and enterprise of all of us.
The 2015 Budget takes forward our National Development Plan and medium term
strategic framework, recognising that the gains of our democracy have to be shared
more equally and our economy has to be given greater impetus.
Allow me to thank you, Mister President, Mister Deputy President and all of my
Cabinet colleagues, for your guidance and understanding of the challenges before us
and the choices for which we have shared responsibility.
Honourable Speaker, and Members of the House – these are our budget proposals,
and I look forward to further engagement through our committees and the
Parliamentary budget process. I am especially grateful to the chairs of the finance
and appropriation committees, who have responsibility for steering consideration of
the Division of Revenue Bill and the Appropriation Bill, and the revenue bills which
will be tabled later in the year.
Preparation of the budget is the outcome of inputs and efforts of countless people, in
Treasury, in government departments, in provinces and municipalities and in our
public entities. I thank you all.
Implementation of the budget, Honourable Speaker, is the collective outcome of the
activities of all South Africans: workers and businesses who contribute to economic
activity, investors who make growth possible, savers and taxpayers, officials and
service providers, protectors, advisors, those who work on our farms, those who care
for the young and elderly.
It is my privilege to table these proposals for the consideration of all South Africans,
and to reaffirm our commitment to work together with all South Africans in pursuing a
better future.
25. Summary of the national budget
2014/15 2015/16 2016/17 2017/18
Budget Revised Budget Medium-term estimates
estimate estimate estimate
R million
REVENUE
Estimate of revenue before tax proposals 1 041 015
Budget 2015/16 proposals:
Tax proposals after fiscal drag 2015/16 (Net): 8 275
Personal income tax -
Fiscal drag relief -8 500
Rate increase in income tax 9 420
Medical credits -920
Business income tax -150
Energy-efficiency savings tax incentive -150
Taxes on property 100
Adjustment in transfer duty 100
Indirect taxes 8 325
Increase in general fuel levy 6 490
Increase in excise duties on tobacco products 602
Increase in alcoholic beverages 1 234
Estimate of revenue after tax proposals 962 782 954 269 1 049 291 1 165 988 1 265 409
Percentage change from previous year 10.0% 11.1% 8.5%
EXPENDITURE
Direct charges against the National Revenue Fund 501 667 501 606 537 847 577 095 615 123
Debt-service costs 114 901 115 016 126 440 140 971 153 376
Provincial equitable share 359 922 359 922 382 673 405 265 428 893
General fuel levy sharing with metropolitan municipalities 10 190 10 190 10 659 11 224 11 785
Skills levy and sector education and training authorities 13 440 13 200 14 690 16 140 17 400
Other 1)
3 214 3 278 3 384 3 496 3 669
Appropriated by vote 637 896 633 516 679 498 717 849 760 740
Current payments 187 903 187 717 194 475 207 091 218 985
Transfers and subsidies 428 913 426 944 464 956 493 017 522 068
Payments for capital assets 17 509 15 466 16 696 17 395 19 322
Payments for financial assets 3 571 3 389 3 371 345 365
Plus:
Unallocated reserves 3 000 – 5 000 15 000 45 000
Estimate of national expenditure 1 142 562 1 135 122 1 222 345 1 309 944 1 420 862
Percentage change from previous year 7.7% 7.2% 8.5%
2014 Budget estimate of expenditure 1 142 562 1 232 590 1 323 624
Increase / decrease (-) -7 441 -10 246 -13 680
Gross domestic product 3 789 630 3 879 920 4 191 752 4 538 780 4 926 134
1) Includes direct appropriations in respect of the salaries of the President, Deputy President, judges, magistrates, members of Parliament, and
National Revenue Fund payments (previously classified as extraordinary payments)
Source: National Treasury
2015 Budget Speech
23
26. Summary of the consolidated budget
2014/15 2015/16 2016/17 2017/18
Budget Revised Budget Medium-term estimates
estimate estimate estimate
R million
National budget revenue 1)
962 782 954 269 1 049 291 1 165 988 1 265 409
136 466 136 722 139 564 165 526 174 122
Consolidated budget revenue 2)
1 099 248 1 090 991 1 188 855 1 331 514 1 439 531
National budget expenditure 1)
1 142 562 1 135 122 1 222 345 1 309 944 1 420 862
109 752 108 248 128 662 138 859 140 878
Consolidated budget expenditure 2)
1 252 314 1 243 370 1 351 007 1 448 804 1 561 740
Consolidated budget balance -153 066 -152 379 -162 152 -117 290 -122 209
Percentage of GDP -4.0% -3.9% -3.9% -2.6% -2.5%
FINANCING
Domestic loans (net) 156 786 167 544 158 926 134 927 133 570
Foreign loans (net) 3 423 10 330 10 360 -374 12 220
Change in cash and other balances -7 143 -25 494 -7 134 -17 262 -23 581
Total financing (net) 153 066 152 379 162 152 117 290 122 209
1) Transfers to provinces, social security funds and public entities presented as part of the national budget
2) Flows between national, provincial, social security funds and public entities are netted out
Source: National Treasury
Revenue of provinces, social security funds and public entities
Expenditure of provinces, social security funds and public entities
2015 Budget Speech
24