Cecil Kilpin | November 2016 Newsletter

By |2022-01-21T12:04:00+02:00November 1st, 2016|Newsletter|

Medium-Term Budget Policy Statement The Medium-Term Budget Policy Statement (MTBPS) is a government policy document that outlines the government’s fiscal policy objectives and spending priorities over a three-year period.The MTBPS also sets out the economic context in which the forthcoming budget (February 2017) will be presented.With the slow-down in the South African economy, tax revenues have fallen short of expectations. This means that government spending will need to be cut and taxes will need to be raised. The anticipated budget shortfalls are R36 billion and R52 billion in the next two years. Following a series of expenditure cuts, the MTBPS proposes a further R26 billion in reductions to the public expenditure ceiling over the next two years. New proposed tax measures amount to R13 billion [...]