While economic growth this year is expected to be a bit firmer than last year, it will hardly be enough to swell the tax base sufficiently. Photo: Pixabay While economic growth this year is expected to be a bit firmer than last year, it will hardly be enough to swell the tax base sufficiently. Photo: Pixabay
CAPE TOWN – Finance Minister Tito Mboweni will soon deliver the 2019 Budget Speech in the National Assembly today.
South Africans are waiting anxiously asking questions around what Mboweni will announce in a budget to restore fiscal discipline while balancing it with the needs of the poor?
There is also a major concern as to how the budget will affect small to medium businesses, state-owned enterprises and taxes.
Some analysts believe that Eskom and other SOEs are unlikely to receive meaningful additional backing but South Africans think that because Mboweni belongs to the ruling party, he will make decisions in their favour.
Recently, the rand weakened on market fears that the minister’s maiden budget could come across as weak and negatively impact the rand.
The domestic currency weakened to R14.15 a dollar from a day’s open of R14.04.
So stressed about what #Eskom will do to social spending in #Budget2019.Absolutely unacceptable that realisation of basic rights such as education are compromised by state corruption&mismanagement. @CyrilRamaphosa when are we seeing people behind bars over this? @equal_education
— Roné McFarlane (@Rownsterr) February 20, 2019
Tito has been busy on these streets calling for govt to sell SAA. Today he must show us if he has the balls to rise to occasion or he will give them a bailout #Budget2019 pic.twitter.com/uUNCpuKHpz
— Sphelele (@SpheDludla) February 20, 2019
People who believe that minister @tito_mboweni announcement of Sin tax increase in today's #Budget2019 will deal with cigarette smokers and downers of holy waters, are awfully mistaken. Increasing our sin tax will not save 🇿🇦 from this looming predicaments. E fella net da!
— Akani Mangena (@Ruraltarian) February 20, 2019
Bail out the SoEs and risk a Ratings #Downgrade OR let them sink and lose jobs and voters at the polls. Damned if you do, Damned if you don’t - #TitoMboweni #Budget2019 #ESKOM #SAA #Unpacked #Elections2019
— Kendal (@KMakgamathe) February 20, 2019
#Budget2019 South Africa is tired of promises, we want to see ACTION. We could be so far ahead of the curve if only the Pirates of the State could keep their grubby hands to themselves! Let's do this!
— Sasha Deysel (@sashadeysel84) February 20, 2019
South Africa spends around R14 billion a year on incarcerations.
We can get at least a billion out of Correctional Services budget;
Cut prison meals by half, we can’t have bo Pitch Black Afro gaining weight with our taxes (it’s not a hotel) #Budget2019
— Property Guy 🇿🇦 (@Thakhani_R) February 20, 2019
SMMEs are expected to function as a driving force in South Africa’s social and economic stability. According to South Africa Web, small businesses contribute 30% to South Africa’s GDP. Mhlekazi @tito_mboweni we must be supported #Budget2019 #TitoMboweni #BudgetSpeech2019
— Luvuyo Jongile (@LuvoLJ) February 20, 2019
Will agriculture benefit today? How will the state cap expenditure? What growth prospect will be discussed. Eskom the elephant in the room - what will be done? Attending discussions around the budget speech today hosted by @AbsaSouthAfrica #Budget2019 #OwnTheBudget pic.twitter.com/MkC0ZGXcN3
— Magda du Toit (@ToitMagda) February 20, 2019
#Budget2019 @tito_mboweni with Eskom,state capture etc,we need help to cope.PLEASE don't increase ALCOHOL.
— Mandla Dhlamini (@MandlaDhlamin10) February 20, 2019
We will be looking out for any signal from Mboweni that he’ll step down after the elections, having been reluctant to take the job in October after turning it down in February last year. #Budget2019
— Intellidex (@intellidex) February 20, 2019