{"id":6823,"date":"2017-02-23T10:52:54","date_gmt":"2017-02-23T10:52:54","guid":{"rendered":"https:\/\/umhlangauip.co.za\/site\/?p=6823"},"modified":"2024-10-22T12:26:01","modified_gmt":"2024-10-22T10:26:01","slug":"2017-budget-speech-highlights","status":"publish","type":"post","link":"https:\/\/umhlangauip.co.za\/site\/2017-budget-speech-highlights\/","title":{"rendered":"2017 Budget Speech Highlights"},"content":{"rendered":"<p>Thank-you to the Durban Chamber of Commerce and Industry for making the 2017 budget speech highlight below available, which can be read in association with the National Treasury&#8217;s summary document &#8211;\u00a0<a href=\"https:\/\/umhlangauip.co.za\/site\/wp-content\/uploads\/2017\/02\/Budget-2017-Highlights_National-Treasury.pdf\" target=\"_blank\" rel=\"noopener\">available here.<\/a><\/p>\n<p><strong>BUDGET FRAMEWORK<\/strong><\/p>\n<ul>\n<li>A budget deficit of 3.4 per cent of GDP is expected for 2016\/17, narrowing to 2.6 per cent in 2019\/20.<\/li>\n<li>Debt stock as a percentage of GDP is expected to stabilise at 48.2 per cent in 2020\/21.<\/li>\n<li>The main budget non-interest expenditure ceiling has been lowered by R26 billion over the next two years.<\/li>\n<li>R28 billion in additional tax revenue will be raised in 2017\/18. Measures to increase revenue by a proposed R15 billion in 2018\/19 will be outlined in the 2018 Budget.<\/li>\n<li>R30 billion has been reprioritised through the budget process to ensure that core social expenditure is protected.<\/li>\n<li>Real growth in non-interest spending will average 1.9 per cent over the next three years. Apart from debt-service costs, post-school education is the fastest-growing category, followed by health and social protection.<\/li>\n<\/ul>\n<p><strong>SPENDING PROGRAMMES &#8211;\u00a0<\/strong>Over the next three years, government will spend:<\/p>\n<ul>\n<li>R490.4 billion on social grants.<\/li>\n<li>R105.9 billion on transfers to universities, while the National Student<\/li>\n<li>Financial Aid Scheme will spend R54.3 billion.<\/li>\n<li>R751.9 billion on basic education, including R48.3 billion for direct subsidies to schools, R42.9 billion for infrastructure, and R12.7 billion for learner and teacher support materials.<\/li>\n<li>R114.8 billion on subsidised public housing.<\/li>\n<li>R94.4 billion on water resources and bulk infrastructure.<\/li>\n<li>R189 billion on transfers of the local government equitable share to provide basic services to poor households.<\/li>\n<li>R142.6 billion to support affordable public transport.<\/li>\n<li>R606 billion on health, with R59.5 billion on the HIV\/AIDS conditional grant.<\/li>\n<\/ul>\n<p><strong>TAX PROPOSALS &#8211;\u00a0<\/strong>In 2017\/18:<\/p>\n<ul>\n<li>A new top marginal income tax bracket for individuals combined with partial relief for bracket creep will raise an additional R16.5 billion.<\/li>\n<li>R6.8 billion will be collected through a higher dividend withholding tax rate. Increases in fuel taxes and alcohol and tobacco excise duties will together increase revenue by R5.1 billion.<\/li>\n<li>As soon as the necessary legislation is approved, government will implement a tax on sugary beverages.<\/li>\n<li>A revised Carbon Tax Bill will be published for public consultation and tabling in Parliament by mid-2017.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Thank-you to the Durban Chamber of Commerce and Industry for making the 2017 budget speech highlight below available, which can be read in association with the National Treasury&#8217;s summary document &#8211;\u00a0available here. BUDGET FRAMEWORK A budget deficit of 3.4 per cent of GDP is expected for 2016\/17, narrowing to 2.6 per cent in 2019\/20. Debt&#8230;<\/p>\n","protected":false},"author":130,"featured_media":6825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[176],"tags":[],"class_list":["post-6823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-community-sustainability"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2017 Budget Speech Highlights - uMhlanga UIP<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/umhlangauip.co.za\/site\/2017-budget-speech-highlights\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2017 Budget Speech Highlights - uMhlanga UIP\" \/>\n<meta property=\"og:description\" content=\"Thank-you to the Durban Chamber of Commerce and Industry for making the 2017 budget speech highlight below available, which can be read in association with the National Treasury&#8217;s summary document &#8211;\u00a0available here. BUDGET FRAMEWORK A budget deficit of 3.4 per cent of GDP is expected for 2016\/17, narrowing to 2.6 per cent in 2019\/20. 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