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