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Budget in a box

Budget in a box
With two deputy ministers from the government of national unity at his side, Finance Minister Enoch Godongwana said working in government was a reality check.

This is the long and short of it.

⬇️Revenue collection was lower than expected, due to declining fuel levy and import VAT collection.

⬇️Personal income tax – down 9.7%

⬆️Companies tax – up 11.7% 

⬇️VAT – down 13%

⬆️Spending – up R10.4-billion.

⬇️Social security funds – down 8.5%.

⬇️Public wages – another R11-billion over the next two years. 

Key priorities: 


Containing public service wage bill.

Limiting financial support for state-owned companies. DM