A total R217 billion will be spent over the next three-years on ambitious economic development programmes aimed at promoting faster and sustained inclusive economic growth, National Treasury said on Wednesday.
The country will in the next three years see community development funding reach R240.7 billion, Finance Minister Tito Mboweni has revealed.
In support of government’s quest to inoculate 67 percent of the South African population, the National Treasury will inject an amount of R9 billion to the country’s COVID-19 vaccination programme.
While education continues to be a priority, Finance Minister Tito Mboweni has announced that government will in the next three years trim expenditure in the learning and culture function.
Social grants will from April increase by below inflation rates of between 1.0 and 3.4 percent, Finance Minister Tito Mboweni has announced.
Government will in the next financial year avail an additional R8 billion to the health system for the country’s COVID-19 pandemic response.
As the country begins to roll out a massive vaccination programme, the Gross Domestic Product (GDP) is projected to grow by a rate of 3.3 percent in 2021.
The National Treasury announced on Wednesday that the gross tax revenue for 2020/21 is expected to be R213.2 billion lower than projections in the 2020 Budget.
The personal income tax brackets and rebates will increase by 5 percent, providing relief to households by ensuring that inflation does not automatically increase the individual tax burden, the National Treasury said on Wednesday.
The National Treasury has allocated R9 billion to fund the country’s COVID-19 vaccine roll-out strategy.
There has been a higher than expected uptake of tax deferral measures for provisional tax, excise duties that were aimed at providing relief after the COVID-19 pandemic slowed economic activity.
A bulk of National Treasury’s fiscal consolidation measures will come from the public service wage bill, the department said on Wednesday.
Government will increase the excise duties on alcohol and tobacco products by 8%, the National Treasury said on Wednesday.
Government’s fiscal strategy over the next three years will be to narrow the deficit and stabilise the debt-to-GDP ratio, the National Treasury said on Wednesday.
Eighteen suspects have been arrested in connection with South African Social Security Agency (SASSA) disability grant corruption in Khobo village outside Tzaneen, Limpopo.
