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The budget in 10 easy points:

Source: Rand Daily Mail

Author: Staff Business Writer

 

 

 

A mild tax increase, a mild rise in spending, a lecture on efficiency and an attempt to stimulate growth

Finance Minister Nhlanhla Nene’s 2015 budget speech in ten easy points:

 

  1. Ratings agencies will be well pleased with fiscal prudence, the budget deficit coming in lower than expected at 3.9% of GDP;
  2. Inflation or lower increases in social grant payments slows down rampant consumption expenditure;
  3. One percent personal tax increase for those who earn more than R181 000 a month;
  4. No increase in VAT or corporate taxes, but the fuel levy up by 80c a litre in total;
  5. Tax revenue tops R1-trillion for the first time;
  6. A lecture to state owned enterprises: Future expenditure to be paid for by sale of assets;
  7. UIF relief for employers and employed because the fund has a surplus;
  8. More money allocated to safety, security, defence and somewhat ominously ‘public order’ policing;
  9. Centralised text book distribution and tender procedures to eliminate waste and fraud; and
  10. A pretty good maiden budget under difficult conditions
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