Budget does not prompt rating move, says S&P;
Ratings agency offers temporary reprieve on downgrade but criticises lack of serious growth incentives
- THICK END OF THE WEDGE: Pravin Gordhan did his duty by us all
- Being a fallen angel would hurt but there is redemption
- EDITORIAL: Gordhan hits the right budget notes
- POLITICS: What airline seats say about a possible East-West rift in the ruling party
- POLITICAL WILL: Fiscal stability just one of many moving parts for ratings assessment
Tom Moyane’s defiance is unacceptable, says Pravin Gordhan
Finance minister has also confirmed receipt of a Hawks letter about the rogue SARS unit, while Trevor Manuel says he would fire Moyane if he were still finance minister
Budget thumbs-up from ANC allies also thumbs-down sign to Zuma
Cosatu and the SACP might have helped the president to power but they are now intent on guarding the state, writes Sam Mkokeli
Cuts will make defence force more of a casualty, say experts
Budget cuts in the Department of Defence could possibly threaten South African National Defence Force’s peace missions
Moyane must go or I go, says Gordhan
Finance Minister Pravin Gordhan threatened to resign if SARS chief remained at agency
Consider SA your partner, Gordhan asks of developed countries
Finance Minister Pravin Gordhan joked at a breakfast event following his budget speech that commenting on the size of the Cabinet could get him fired
Belt tightening only the first step, says Gordhan
Tax rises for most, and amnesty and incentives for offshore assets, while as many as 20,000 public sector jobs could be shed in next three years
Budget in a nutshell: higher income taxes and a tighter belt for government
Pravin Gordhan delivers a budget that slashes spending on public servants’ salaries, and looks mainly to higher-income earners for an extra R18bn in taxes
Moyane out in the cold
Pravin Gordhan’s snub of SARS chief reinforces reports of intractable standoff and a breakdown in trust
Opinion
What airline seats say about a possible East-West rift in the ruling party
Aubrey Matshiqi
Pravin Gordhan’s economy class confidence-builder to prove government’s serious about fiscal prudence
Moyane must go or I go, says Gordhan
Finance Minister Pravin Gordhan threatened to resign if SARS chief remained at agency
CORRUPTION: Travel, tenders under scrutiny
Government targets saving of up to R25bn a year through tighter management of the procurement system
Unions worried low-paid public servants will bear brunt of wage bill measures
Finance Minister Pravin Gordhan announced hiring freezes among measures to contain the public service wage bill, sparking concern among union federations
EDITORIAL: Gordhan hits the right budget notes
Fiscal consolidation by curtailing expenditure and borrowing are some of the measures that need to be implemented urgentlyWATCH: Budget in a nutshell: a graphic explainer video
Watch this graphic artist's visual representation of Finance Minister Pravin Gordhan’s budget speech to help you understand the key points.
The bitter fight to curb the Treasury’s mandate
Songezo Zibi traces the skulduggery that culminated in Nhlanhla Nene’s shock firing
S&P; not immediately likely to lower SA’s ratings
However, the ratings agency says SA’s fiscal consolidation is still ‘vulnerable to lower-than-expected GDP growth and shortfalls in revenues’
In big policy shift, state entities to be opened to private investors
South African Post Office the only state-owned enterprise to receive an additional allocation — or ‘bail-out’ — with an extra R650m
Moody's is happy with tax, but worried about growth
Rating agency is concerned that the specific revenue measures that will accomplish the smaller deficits predicted in coming years have not yet been identified
Cosatu commends budget for resisting ‘extreme austerity measures’
But the union federation says it is concerned public servants and the public service wage bill are being blamed for SA’s economic woes
OVERVIEW: Heavier tax burden for high earners
No bazooka in Finance Minister Pravin Gordhan's R1.5-trillion budget aimed at warding off credit-rating downgrade, but it flags the start of a tough three years that includes 20,000 jobs cuts in the public service
TAX AND FOREIGN EXCHANGE AMNESTY: Another chance to come clean on assets kept abroad
Voluntary disclosure programme offers six months’ grace and tax break aims to repatriate billions
Rand and bonds plunge as budget fails to convince
Markets reckon downgrade is imminent as investors say Gordhan’s speech lacked bold moves to rein in deficit
PERSONAL TAXES: Lack of relief means bigger tax bill for high earners
Benefit of tax relief mainly focused on lower and middle income earners
Students benefit from tightening elsewhere
Extra R16.3bn for higher education comes from ‘stringent cost containment measures’ in other departmentsFUEL LEVY & SIN TAXES: Drivers, smokers and drinkers to cough up more to boost revenue
General fuel levy rises 30c/l while excise duty increases for so-called sin taxes match inflation
ANC praises Gordhan for addressing ‘critical issues’ in his budget speech
Opposition parties were less convinced, however, while business was largely positive towards Finance Minister Pravin Gordhan’s budget address on Wednesday
INFRASTRUCTURE: Push for more private investment
Treasury’s message: government wants far greater private investment in public assets to fuel economic growth
SUGAR TAX: Deterrent likely to be met by bitter opposition
Treasury makes good on threats to introduce a tax on sugar-sweetened beverages with levy to start next April
LOCAL GOVERNMENT: Grants cut back, controls tightened
Local authorities’ underspending on infrastructure grant allocations prompts review
PUBLIC SECTOR: Scalpel finally taken to bloated and well-paid civil service after costs balloon
Critical jobs such as teachers, nurses, doctors and police officers will be excluded from a hiring freeze taking effect on April 1
LOCAL GOVERNMENT: Allocation for boundary changes before vote
Consolidation of municipalities has a huge political impact as competition for positions on election lists and councilor posts intensify
INVESTMENT: Reluctant private sector wooed
Sacci gives thumbs-up to measures to lower hurdles to investing and create certainty
Opinion
Nenegate could be the best thing for Gordhan’s partnership approach
Steven Friedman
Nhlanhla Nene’s firing has created a possible platform for a new approach within the government and by private interests
Gordhan vows to avoid downgrade
Pravin Gordhan says steps are being taken to restore credibility and address concerns
DEFENCE: Less money, fewer employees for defence force
But there’s extra cash in the pot for courts, correctional services and policing
LIVE BLOG: Budget 2016
BDFM editor-in-chief Peter Bruce and Rand Daily Mail editor Ray Hartley comment live on the Budget during Finance Minister Pravin Gordhan's speech in Parliament
MINING ROYALTIES: Minerals revenue plummets, more pain ahead
Treasury revises royalties income to R3.46bn — a R2.75bn drop from the budgeted amount
Opinion
SA consistently prioritises spending on education
Nomalanga Mkhize
Focus on the budget number obscures questions about teaching quality, pupil successes, provision of infrastructure and access to special needs education, writes Nomalanga Mkhize
DROUGHT RELIEF: R1bn for drought relief amid fears of rising food prices
Pravin Gordhan also allocates R2.8bn to food security initiative Fetsa Tlala to plough into agriculture land use
WATCH: Budget 2016-17
Watch a recording of Finance Minister Pravin Gordhan deliver his budget speech
Business SA backs Gordhan’s co-operation plans
Major companies will participate in business initiatives contributing to the growth of small and medium enterprises, and will invest in key economic sectors
REAL ESTATE SECTOR: Property measures seen as wealth tax
ESTATE agencies and economists disappointed by increase in transfer duty for properties above R10m
Gordhan ‘is less able to respond to economic crisis than we think’
Democratic Alliance finance spokesman David Maynier says the view that Finance Minister Pravin Gordhan has a ‘free hand’ to do what he likes seems exaggerated
TAX COMMITTEE: Review aiming for indepth look into tax system
Judge Davis starts work on assessing 20-year-old SARS model, writes Hilary Joffe
- LOOKING BACK: The finance minister for troubled times
- Bonds weaker in wake of budget speech
- Zuma gives public office bearers a 4.4% increase
- Gordhan’s budget can help restore some credibility
- Saving the economy a taxing issue for ANC
- Gordhan must juggle growth and confidence
- UNEMBARGOED: South Africa — A perfect storm
- Pravin Gordhan’s tax options explained
- Gordhan seeks to restore balance with sin and fuel taxes
- Budget highlight: new priorities in spending
- Budget highlights: a firmer hand for state-owned enterprises
- NATIONAL HEALTH INSURANCE: Details on NHI expected shortly
- Zuma must set the frame for Gordhan's budget
- Gordhan may deliver believable solutions
- Expect Gordhan speech to be hailed as a miracle
- EDITORIAL: Don’t let dogma shape the budget
- Gordhan can use his strong hand
- Prescriptions for Pravin — what to look for in the budget
- EDITORIAL: Gordhan walks fiscal tightrope
- Economic stagnation feels just like recession to the South African consumer
- Gordhan to target offshore funds
- Gordhan urged to deliver pro-growth budget
- Tax increases and state spending cuts are inevitable, PwC says
- Deloitte sees personal tax hikes and carbon levy
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