Medium Term Budget

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Cecil Kilpin | November 2023 Newsletter

By |2023-11-30T08:30:59+02:00November 30th, 2023|Business, Finance + Economics, Goverment, Newsletter|

Medium-Term Budget Policy Statement (MTBPS) Review. The Medium-Term Budget Policy Statement (MTBPS) for 2023 was unveiled by Finance Minister Enoch Godongwana on 1  November 2023. The MTBPS, also referred to as the "mini-budget", allows government departments to apply for adjustments to their budgets, apply for rollovers, and request additional funds for unforeseeable and unavoidable expenditures. It sets government policy goals and priorities, forecasts the macroeconomic trajectory, and projects the fiscal framework over the next three years by outlining spending and revenue estimates. The 2023 MTBPS came with the backdrop of poor global and local growth, falling revenues, and cost pressures for households, business, and government. As an alternative to raising taxes, the government was advised to focus on improving [...]

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Topic: 2022 Medium Term Budget Policy Statement

By |2022-10-28T09:17:15+02:00October 28th, 2022|Business, Finance + Economics, Goverment, Newsletter, Tax|

The supportive global conditions that spurred the economic recovery in 2021 are dissipating, and domestic shocks – Particularly power cuts – have lowered economic growth and confidence. A broad slowdown in global growth and high inflation are forecast. Rapid and decisive implementation of structural reforms, especially in the energy sector, supported by a clear and stable macroeconomic framework and improved state capability, remain crucial to improve the economy’s productive capacity and international competitiveness. Key Issues: Since the 2022 Budget Review, global and domestic risks to the economic outlook have materialised, including slower global growth, higher levels of inflation, accelerating interest rate increases and intensified power supply interruptions Real GDP is projected to grow by 1.9 percent in 2022, compared with 2.1 percent [...]

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Cecil Kilpin | October 2022 Newsletter

By |2022-10-20T16:52:56+02:00October 20th, 2022|Business, Finance + Economics, Goverment, Newsletter, Tax|

DIRECTOR’S ROLE AMIDST RECENT TRENDS IN THE BUSINESS WORLD. Some of the recent trends in the business world, which directors should take cognisance of, are: Environmental, social and governance (ESG): This is an approach to evaluating and operating businesses that goes beyond the sole focus of shareholder return. ESG has three main focus points, being: An environmental aspect: the focus is on preserving the natural world, such as climate change, greenhouse gas emissions, biodiversity loss, deforestation, pollution, energy efficiency and water management. A social aspect: the focus is on people and relationships including working to support gender and diversity, equity, and inclusion, enhancing customer satisfaction and employee engagement. A governance aspect: the focus is on moving beyond how [...]

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Cecil Kilpin | November 2017 Newsletter

By |2022-01-21T10:39:42+02:00November 3rd, 2017|Business, Finance + Economics, Goverment, Newsletter, Tax|

"REVIEW: MEDIUM TERM BUDGET POLICY SPEECH" Overview There was not much good news, with revenue shortfalls projected in 2017/18 to be R50 billion, R69 billion in 2018/19 and R89 billion in 2019/20. So, a collective shortfall over the next three years of over R200 billion, with limited detail on how to fund it. There is mention of the sale of state assets to fund the SAA bailouts etc. There appears to be no concrete plan of action besides the possible sale of some Telkom shares.We appear to be stuck in a low growth trap, with limited vision for a way forward. There is immense political pressure to act in accordance with the wishes of key political figures and it appears that only a radical change [...]

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