Budget 2013 – Live Report

2013-02-27 14:00
Post a comment 27
Pravin Gordhan
Minister of Finance Pravin Gordhan.
15:30 - Gordhan concludes speech.

15:28 - Gordhan expresses gratitude to all South Africans.

15:24 - Gordhan thanks colleagues, including deputy Finance Minister Nene.

15:23 - Senior treasury [deputy director general] Kenneth Brown has been seconded as chief procurement officer, appointed to help keep an eye on govt tenders.

15:21 - Takeaway: Big deficit is a problem. Spending will have to be cut in future to balance budget, tweets the Democratic Alliance.

15:19 - DA MP David Maynier tweets: Poor Trevor Manuel is battling to stay awake during the budget 2013 speech!

15:17 - Minister Gordhan's Treasury and Oupa magashule's SARS prove they're still the best run departments in government, says James Styan.

15:15 - James Styan: It's a good Budget given tough economic circumstances, but some allocations are questionable in my opinion.

15:12 - As expected education gets the biggest slice of the pie - R200bn.

15:09 - James Styan says: Another bad news piece: Earlier Gordhan said the eradication of mud schools in the Eastern Cape program is a further 2 years behind schedule.

15:07 - DA welcomes SARS investigation into tender recipients who don't pay taxes. Everyone must pay their fair share.

15:04 - @DA_News tweets: Fuel levy increase of 23c per litre will hurt the poor.

15:01 - James Styan: Minister Gordhan refers to "sin taxes" only by the proper name, excise taxes. Industry asked him nicely earlier this year.

14:59 - "Good news is there's no tax increases." House erupts. Broad smiles, tweets James Styan.

14:56 - Treasury has given "an extra" R1.1bn to dept of human settlements to upgrade informal settlements in mining towns, says James Styan.

14:53 - James Styan: Budget says government has built 2,7m low cost houses since 1994. Then says around 800 000 have water and electricity.

14:48 - Air Force budget has been slashed by R1bn. Treasury says "we have to cut suits to fit the cloth," tweets James Styan.

14:46 - Honourable president was asleep. Luckily joke about Minister Molewa's car woke him up, tweets Ranjeni Munusamy.

14:46 - Another detail that won't come out is governments big RAF problem. 250 000 claims o/s at an expected liability of about R57bn, says James Styan.

14:42 - James Styan says: So Gordhan says we're going to build new jails. Hmmm. Was that put in there for the tax dodgers?

14:41 - More money allocated to fight HIV and AIDS.

14:41 -James Styan tweets: I think another sleeping MP just woke up. Gave a loud "whaa"noise. Or maybe he just heard what whisky will cost from April.

14:40 - Health department allocated a budget of R133.6 billion in the 2013/14 Budget.

14:39 - This is the same Eskom that has kind of been forced to build those massive new coal fired power plants, says James Styan.

14:38 - State-owned enterprises underspend on infrastructure.

14:37 - Gordhan: NDP will slowly redirect spending.

14:37 - It's very strange that treasury wants this new carbon tax at a time when electricity tariffs are so high already, says James Styan.

Eskom produces around 200 000 tons of CO2 per year. At a tax of R120/ton. Do the math.

14:36 - James Styan: A bored MP claps suddenly. "Go ahead clap, we need a break," says Gordhan.

House claps.

14:36 - Budget allocation for the police will prioritise basic crime fighting in coming years.

14:35 - Gordhan refuses to comment on rumoured increase in mining taxes.

14:34 - Govt aiming to create 3.7 million jobs in the next phase of the Expanded Public Works Programme.

14:33 - Judge Dennis Davis to chair committee that will investigate South Africa's tax system.

14:32 - Maybe all the dark suits in the house are just treasury officials. Serious people them, says James Styan.

14:30 - James Styan says: The Guptas are present in the flesh in the house today. In fact front row in the presidential bay.

14:29 - There will be a carbon tax from 2015.

14:26 - GDP adjusted slightly downward to 2.7% in 2013.

14:25 - James Styan tweets about a new youth incentive: The idea is basically companies will pay less PAYE when employing youth. When this will kick off? He didn't say.

14:25 - Consumer inflation is expected to be stable at 5.7% in 2013.

14:24 - Monthly tax credits for medical scheme contributions will be increased from R230 to R242.

14:24 - Govt will over the next 3 years invest R827bn into building new and upgrading existing infrastructure.

14:22 - The levy on plastic shopping bags will rise from 4c to 6c per bag from 1 April 2013.
Grants have all been raised by between 4% and 5%.

14:19 - The house dressed mainly in black for Gordhan’s speech. A sign of the times, wonders James Styan.

14:18 - Fuel levies increase by 15c /l &road accident fund by 8c/l.

14:16 - You will pay R3.60 more for a 750ml bottle of spirits.

14:14 - Business Report: Invest in education, health, housing, public transport & social development components. Social wage adds up 60% of public expenditure.

14:14 - Personal tax relief of R7bn for individual taxpayers, says Charles de Wet.

14:12 - James Styan:  New carbon tax to replace environmental levy from 2015. R120/ton of CO2. [Eskom will suffer.]

14:11 - SA’s economy has continued to grow, but at a slower rate than projected at the time of the 2012 budget according to Gordhan.

14:10 - Budget: Gordhan says SA is ready to implement National Development Plan.

14:09 - South Africa’s economic outlook is improving, Gordhan says.

14:08 - It's President Jacob Zuma's 4th budget, tweets James Styan.

14:02 - Unlikely that there will be announcements about university students paying more tax for subsidised education, says Charles de Wet.

14:06 - Gordhan starts his speech.

14:02 - Unlikely that there will be announcements about university students paying more tax for subsidised education, says Charles de Wet.

14:00 - Rand weakens ahead of speech, tweets Business Report.

13:59 - DA Parliamentary leader, Lindiwe Mazibuko, resplendent in a purple jacket arrives.

13:55 - Gordhan walks into the Parliament. Smiles and waves for photographers.

13:53 - Members of Parliament start arriving.

13:30 - Journalists are in lock-up since early this morning as they prepare to report on Finance Minister Pravin Gordhan's Budget speech.

Speculation is rife as to what the minister has in store for taxpayers.

12:58 - The proposed review of the tax system should feature in Gordhan's budget speech. Is it time to rewrite the 1962 Tax Act, wonders indirect tax partner at Pricewaterhouse Cooper, Charles de Wet.

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
27 comments
Add your comment
Comment 0 characters remaining