Budget Speech by the Minister of Finance of the Republic of South Africa, Mr. Pravin Gordhan. Cape Town, 22 February Honourable speaker. Feb 27, Read the full National Budget Speech document delivered by Finance Finance Minister Pravin Gordhan alongside ministry of finance officials As we pointed out in the Budget, global economic uncertainty will. Feb 22, Minister of Finance Pravin Gordhan will be in the spotlight as he delivers the government’s Budget Speech.
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Sprech was a welcome recovery in job creation duringbut employment has not yet returned to its peak and the unemployment bu remains high at The PICC will ensure expert project assessment, subject to appropriate standards of review and public accountability – a critical requirement before investment decisions are taken. Support for job creation In respect of job creation, a wide range of government programmes and policies have come under scrutiny over the past year.
The Presidential Infrastructure Coordinating Commission has made considerable progress in identifying projects and clarifying long-term investment plans to drive economic change. Allow me to return briefly, Mister Speaker, to the central policy challenges we face — growth of our economy, more rapid job creation and reducing poverty.
An amount of R million is added to the baseline of the national department over the three-year spending period to extend the national assessments system.
Both the National Development Plan and the New Growth Path recognise that to compete in the global economy requires flexibility, innovation and leadership, in government and the private sector.
After taking public comments, treasury recognizes that some of the barriers identified also apply to domestic investors; we intend to consult further to explore how we can lower costs and barriers to all investment in South Africa.
The idea of unity in action, working together to realise practical goals, must be revived. Economic outlook In building partnerships that will take us through this crisis, Mister Speaker, we have to implement a strategy for faster and more inclusive economic growth.
In addition to long delays, we have often experienced significant cost over-runs in infrastructure projects.
As set out in the Climate Change Gordgan White Paper approved by Cabinet inthe need to price carbon emissions and the phasing in of a tax instrument for this purpose are accepted. This means that government departments and municipalities that do not spend, underspend or mis-spend their allocated funding, will be at risk of losing the prqvin.
The Fund began operating in June, and received over 2 applications in its first call for proposals. We shall continue to work hard at building institutions and systems where weaknesses have been identified.
Ian Mrozek offered an interesting variation on the idea of a youth subsidy – he proposes that it should go to new business start-ups as a tax incentive, which would encourage entrepreneurs and business innovation. We also need to take advantage of rising demand for agricultural and manufacturing goods.
Relief for small businesses Mister Speaker, I am pleased to advise that there will be further tax relief for small businesses and micro-enterprises. The Tax Administration Bill has been approved by Parliament. They will report further on progress in their respective budget votes. Government is responsible for developing effective municipalities and broadening access to services, but business, civil society and organised labour have to be partners in building cohesive communities and promoting social solidarity.
This budget has been crafted at a challenging but hopeful time.
Budget Speech by the Minister of Finance of the Republic of South Africa, Mr. Pravin Gordhan
Mister Speaker, I am pleased to advise that there will be further tax relief for speevh businesses and micro-enterprises. Our public-sector infrastructure programme Support for industrial development and special economic zones Investment in science and technology Support for emerging farmers and land reform beneficiaries Expansion of employment programmes Improvements in further education and skills development.
Speecu the National Development Plan and the New Growth Path recognise that to compete in the global economy requires flexibility, innovation and leadership, in government and the private sector. Several great ideas emerged. It is under discussion at Nedlac, where the labour constituency has expressed reservations.
Some 85 million manufacturing jobs in Vordhan will shift to other countries over the years ahead. It will be what you make of it today.
SECTION27’s statement on the Budget Speech – Section 27
Given the current global economic context, there is understandable caution in the business gorfhan about investment and future growth prospects. Within state-owned entities, development finance institutions and the private sector, considerable capacity is already mobilized in project planning and management.
We would all like to see greater urgency in resolving this matter.
Several measures are in place to improve infrastructure project implementation and budvet management capacity. I wish to acknowledge the efforts of Cabinet colleagues gotdhan are addressing these challenges in their respective areas of responsibility, in collaboration with provincial MECs.
Mister President you have given effect to the wisdom of Walter Sisulu; through the work of the Planning Commission this country now has a 20 year vision, through your initiative we now have a massive infrastructure programme also extending over 20 years, which will increase the growth and job creating potential of our economy. In building partnerships that will take us through this crisis, Mister Speaker, we have to implement a strategy for faster and more inclusive economic growth.