Supplementary Budget 2020
for subscribers

Budget squeezing an already bled tax base – IRR

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
Finance Minister Pravin Gordhan ahead of his 2017 Budget. (Photo: Matthew le Cordeur)
Finance Minister Pravin Gordhan ahead of his 2017 Budget. (Photo: Matthew le Cordeur)

Johannesburg – Finance Minister Pravin Gordhan’s Budget Speech lacked a plan for growth and austerity, said Gwen Ngwenya, chief operations officer at the Institute of Race Relations (IRR).

The IRR released a report on the National Budget, which was delivered by Gordhan in Parliament on Wednesday. It highlighted that government expenditure will continue to exceed revenue by a high margin, adding more pressure on an already burdened tax base.

“The Treasury’s plan is an exercise in extracting blood from a stone by squeezing an already over-bled tax base,” said Ngwenya.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
16.58
(+0.81)
ZAR/GBP
21.38
(+1.01)
ZAR/EUR
19.48
(+0.60)
ZAR/AUD
11.93
(+0.38)
ZAR/JPY
0.16
(+0.85)
Gold
1906.29
(+0.98)
Silver
23.83
(+2.02)
Platinum
897.22
(+0.93)
Brent Crude
42.12
(+1.78)
Palladium
2313.01
(+0.89)
All Share
54446.78
(+0.34)
Top 40
50159.14
(+0.23)
Financial 15
10158.72
(+0.86)
Industrial 25
73766.43
(+0.79)
Resource 10
53032.08
(-0.66)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1404 votes
It depends on how the funds are used.
73% - 9094 votes
No. We should have gotten the loan elsewhere.
16% - 2000 votes
Vote