Budget Tips 2015

The Minister of Finance, Nhlanhla Nene, published a request earlier this week asking the public for new ideas and initiatives that can be included in the 2015 budget.

We heard during his medium term budget presentation in October last year that the country’s current economic outlook is less than satisfactory and that a reduction in expenses must be implemented to reduce the current budget deficit and stabilise debt. A drastic increase in tax revenue is necessary during the next two years and we can expect to see a number of changes made to tax policies when the 2015 budget is announced.

The Minister also made it clear that the funding of state owned enterprises like South African Airways and the South African Post Office must be monitored and controlled more closely in future

The Employment Tax Incentive, aimed at reducing unemployment rates amongst the youth in South Africa, has had some positive results with over 50 000 new jobs being filled by August 2014 and about 185 000 individuals benefiting from job-related training opportunities.

Minister Nene continues the tradition of getting valuable input from the public before finalising the national budget and will be collecting ideas from anyone who has something to say about our fiscal policy regarding:

  • Service delivery improvement on a local government level to stimulate economic activity
  • Improving government support to businesses who focus on exporting of goods and services and as a result create job opportunities
  • Expanding of the skills base of our economy

Budget tips can be submitted via Twitter handle @Budget2015, by visiting the National Treasury South Africa Facebook page or by emailing them to media@treasury.gov.za. For more information, visit the National Treasury website at http://www.treasury.gov.za/

Submit your ideas as soon as possible as the 2015 budget will be announced on 25 February 2015.

2 Comments

Filed under General, Industry Information, Legislative Updates

2 responses to “Budget Tips 2015

  1. Hi Madelein
    With regards to the new tax rules for Income Disability/Protection plans effective 1st March 2015, will this be implemented in Pastel Payroll automatically? Will we have to make changes to the transaction codes used for Income Protection plans?

    • Madelein van der Watt

      Hi Romy

      The new treatment of these policies will be included in our tax release, 2016 Update 1, which should be available in the first week of March provided the budget announcement does not include some unexpected surprises.

      Regards

      Madelein

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