Political Desk: 'Finance minister did a bit of an ambulance job' #Budget2018
Director of the Rhodes Business School Professor Owen Skae says "the economy of South Africa is not in a good state. and has been stumbling along for far too long now."
Speaking to Bongani Bingwa on 702, Skae says the VAT increase will bring in R22 billion revenue but there is a lack of clarity as to how the R85 billion reduction in government spending will be achieved.
The minister has done a little bit of an ambulance job.Professor Owen Skae, Director of the Rhodes Business School
He says these means will plug the nearly R50 billion budget deficit but that is not enough.
The expectation would be, that the minister would layout in fundamental terms what the real challenges are that we facing.Professor Owen Skae, Director of the Rhodes Business School
Skae says the finance minister should have provided more specifics on the R85 billion government cuts.
There are so many more questions that need to be answered and I'm not so sure that the minister and the government have thought about the answers to those questions.Professor Owen Skae, Director of the Rhodes Business School
Professor Skae says the VAT increase will have a major impact on the poor, and it will be interesting to see what Cosatu has to say about the budget after rallying behind President Ramaphosa.
They acknowledge that you can't tax the wealthy much more... Personal income tax is almost at the level we can achieve.Professor Owen Skae, Director of the Rhodes Business School
Listen to Professor Skae explain what economists hads expected from the budget speech.
Bongani Bingwa speaks to incoming Finance Minister after his come back to cabinet was announced by the President.Read More
Leon Louw, from the Freedom Market Foundation explains how Parliament could reject the VAT increase.Read More
DA says corporate tax should be reduced to stimulate economy while the EFF argues that corporates should be taxed more.Read More
Universities SA says it's concerned the money may not be enough and wants Treasury to provide calculations.Read More
Trade unions react to Malusi Gigaba's announcement of a one percentage point VAT increase for #Budget2018Read More
Judge Dennis Davis says the increase was needed in order to make up the massive deficit in the national budget.Read More
The Money Show’s Bruce Whitfield interviews Investec Asset Management Economist Nazmeera Moola.Read More
Finance Minister Malusi Gigaba’s first Budget Speech is done and dusted. Bruce Whitfield interviews TaxTim cofounder Marc Sevitz.Read More
The Money Show's Bruce Whitfield interviews Jabu Mabuza (CEO Initiative) and Prof Osman Mollagee (PWC).Read More
Dr Randall Carolis, Sars Group Executive: Tax Excise & customs Institute, explains why VAT is the easiest form of tax to collect.Read More