Buyers and Sellers
Mr Deputy President
Governor of the South African Reserve Bank
Members of the Executive Committees for Finance
Fellow South Africans
Today I table:
The Division of Revenue Bill
The Appropriation Bill
The 2020 Budget Review
The 2020 Tax Proposals
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White people’s officially privileged status waned over the latter half of the 20th century with the demise of discriminatory practices in, say, university admissions. But rising wages, an expanding social safety net and new educational opportunities helped offset that. Most white adults were wealthier and more successful than their parents, and confident that their children would do better still.
Mr President, in your State of the Nation Address two weeks ago you reminded us that our capacity to win is not diminished. We have it within ourselves to be the best in the world. Congratulations to Miss Universe Zozibini Tunzi, the Springboks, and the Proteas, who won while we were preparing this Budget.
Before democracy our growth was pedestrian. Indeed, between 1990 and 1992, the economy contracted for three years in a row.
We will perform with a strong work ethic, sense of responsibility, and enterprising spirit.
In the five years from 2003 to 2008, growth averaged around 5 per cent, and South Africa was amongst the fastest-growing major economies. The unemployment rate improved by 5 percentage points.
“Ex Africa semper aliquid novi”
Achieving economic growth and higher employment levels requires a plan.
“Do you not know that those who run in a race all run, but only one receives the prize? Run in such a way that you may win.”
What are the conditions under which we must implement our plan to win?
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Asia (excluding Japan) is expected to grow by 5.8 per cent in 2020. The Coronavirus is a source of uncertainty to this forecast.
Against this backdrop we forecast that the South African economy will grow by 0.9 per cent and inflation will average 4.5 per cent in 2020.
Businesswomen are booming in Asia: The whole region makes a strong showing, from China and Singapore to New Zealand and Thailand. Entrepreneurship is on the rise: see Zhang Xin (No. 50) , Sun Yafang (No. 77) and Solina Chau (No. 80). And Asian region women are showing their political might, from newcomer Park Geun-hye, the South Korean president (No. 11) and Burmese dissident and parliamentarian Aung San Suu Kyi (No. 29) to Australian PM Julia Gillard (No. 28) and Thai Prime Minister Yingluck Shinawatra (No. 31).
By the end of 2015, Shanghai's population of migrant residents had decreased to 9.8 million, comprising 40.6 percent of the city's roughly 24 million permanent residents, according to statistics released by the Shanghai Municipal Statistics Bureau on Monday.
These include, amongst others:
The impending change to the electricity regulatory framework
Persistent electricity problems will, however, hold back growth. Over the next three years, we expect growth to average just over 1 per cent.
Take targeted policies to cut excess urban real estate inventory
TOWARDS AN ECONOMIC STRATEGY
China is preparing to sign more bilateral or multilateral agreements with other countries, and will enhance information exchanges and joint investigation especially with Western countries such as the US, Canada and Australia on some major or individual cases, according to the CCDI.
Mavericks owner Mark Cuban has made riskier bets than this, though, and he didn't part with much of consequence (Justin Anderson and a fake first-round pick) for a shot at working Noel into a lob-finishing/rim-protecting life as the next Tyson Chandler.
Strengthening the macroeconomic framework to deliver certainty, transparency and lower borrowing costs
Focusing spending on education, health and social development
Modernising “network industries” and restructuring our state-owned enterprises
Implementing a re-imagined industrial strategy
Focusing on job-creating sectors, such as agriculture and tourism
Today, we report on our progress. “We are moving forward!”
PRUDENT FISCAL POLICY
OUTLINE OF THE BUDGET FOR 2020/21
Budgets are complex, but the numbers are simple. The numbers show that we have work to do.
Emerging market exports have been declining in dollar terms since October 2014, a far longer, if less extreme, losing streak than during the 2008-09 global financial crisis, as the first chart shows.
Expenditure is projected at R1.95 trillion, or 36 per cent of GDP.
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Indeed, there is some real personal income tax relief.
Hard-working tax payers, who earn on average R265 000 a year, will see their income tax reduced by over R1 500 a year.
Song “Fire In The Winter”(Kenji Wu and Dream Chorus)
As E.E. Cummings rightly said, "To be nobody but yourself in a world which is doing its best, night and day, to make you everybody else means to fight the hardest battle which any human being can fight; and never stop fighting."
We are also proposing broadening the corporate income tax base. This additional revenue will be used to reduce the corporate tax rate in the near future to help our businesses grow.
Any 'jobs recovery is years away in most cities, ' says USA Today. And in reviewing famed analyst Meredith Whitney's new book, 'The Fate of States, ' she warns that 'excessive pensions crowd out both liberal goals such as education spending and tax cuts that conservatives want.'
The Hidrate Spark 2 tracks your water intake by syncing with a mobile app and recording how many ounces of water you drink a day, which can also be tracked by remembering how many times you refilled your bottle labeled with the number of ounces on the side.
To support the property market, the threshold for transfer duties is adjusted. Property costing R1 million or less will no longer be subject to transfer duty.
And others simply disappeared:
We have increased excise duties to keep pace with inflation.
- 沪置换型二手房成交低迷 连环交易大多中断
- 借力“互联网＋” 家居业智能改造掀起场景革命
- 一线市场渐饱和 家居建材市场转向二三线市场
- 北京卫浴卖场定位明确 国内品牌更具人气
In line with Department of Health policy, we will start taxing heated tobacco products, for example hubbly bubbly. The rate will be set at 75 per cent of the rate of cigarettes. Electronic cigarettes, or so-called vapes, will be taxed from 2021.
I’m not saying you should blindly accept everything that’s offered to you, it’s okay to take time when considering the pros and cons of an opportunity. But, when you find yourself leaning toward “No,” you owe it to yourself to be sure that you’re turning down the opportunity for a valid reason, not just out of fear.
Despite this increase, the liabilities of the RAF are forecast to exceed R600 billion by 2022/23. We need to take urgent steps to reduce this risk to the fiscus and bring about a more equitable way of sharing these costs. One option is to introduce compulsory third-party insurance.
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The Cnzz.com report states that almost two-thirds of China's 338 million Web users are now online game players. The online game industry, which currently accounts for more than half of the total Internet economy, will see strong annual growth at a rate of 20% in future years, the report says.
REDUCING STRUCTURALLY HIGH SPENDING
But fiscal sustainability must be uppermost in our mind.
Still, there are bulls in the market.
Total consolidated government spending is expected to grow at an average annual rate of 5.1 per cent, from R1.95 trillion in 2020/21 to R2.14 trillion in 2022/23. This is mainly due to mounting debt-service costs. Non-interest spending declines on average over the MTEF in real terms.
That figure is more than two times the city's population of about 10 million.
However, this year it is ranked in eighth place.
The total reduction is mainly the result of lowering programme baselines and the wage bill by R261 billion. These are partially offset by additions and reallocations of R111 billion. Of this, more than half, or R60 billion, is for Eskom and South African Airways.
Let me unpack the R261 billion in baseline spending reductions.
Many believe the population is no longer a major threat to China's resources and environment. Instead, China's population challenges have shifted to low birth rates, an aging society and a widening gender imbalance. China has already experienced a shortage of skilled workers in places like the Pearl River Delta, so it might not be long before we see major reforms.
Adjustments are mainly in conditional grants for provinces and municipalities.
A third, combined ranking lists the top 50 schools for executive education, calculated from the customised and open tables.
Over the three years, public transport spending is adjusted by R13.2 billion, mainly on allocations to the Passenger Rail Agency of South Africa and the public transport network grant. The planning and implementation of integrated public transport networks will consequently be suspended in the Buffalo City, Mbombela and Msunduzi municipalities.
However the prolonged period of contraction fits with the overall pattern of the slowing Chinese economy.
While some of these savings are good for the fiscus, in many cases we are also making difficult and painful sacrifices. It is therefore important that we direct our constrained resources to areas that have a high social impact and have the largest economic multipliers.
THE WAGE BILL
Public servants do crucial work for our country, often in trying conditions. The governing party is a firm believer in the critical role of the state in development. For this reason, we need qualified, motivated and effective staff.
It was there in Rossella Jardini’s Moschino, from the bows and bouffants of spring-summer 2009 to the Mary Quant-inspired spring 2013 collection.
Between 2006/07 and 2011/12, we were able to add about 190 000 employees. However, at the same time government wages also increased significantly.
Madam Speaker, we cannot go on like this. Classroom sizes are growing, hospitals are getting fuller and our communities are becoming increasingly unsafe.
Scarlett Johansson of Captain America: Civil War was third at $25 million, down nearly 30 percent from 2015.
Length of program: 21 months
Recipient: Lindsay Lohan
The employer has tabled an agenda item on the management of the public service wage bill at the Public Service Coordinating Bargaining Council, the focus is to discuss containment of costs in the final phase of implementation of the current wage agreement.
There is more than one way in which this goal can be achieved.
WASTEFUL EXPENDITURE AND CORRUPTION
The President’s instruction requires a dynamic and appropriate mix of quantity, quality, capacity and capability in the administration of the state.
We are moving forward with reforms to the procurement system with a focus on value for money and maximising the quality and quantity of services. Cabinet approved the publication of a new Public Procurement Bill.
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We will propose a new law to stop excessive salaries in these public entities.
We are already acting on fruitless and wasteful expenditure. Last year, this House amended the Public Audit Act to empower the Auditor General to:
In the most significant change in methodology since this ranking was first published in 2005, the FT now collects information about alumni’s first jobs after graduation. These data are used in conjunction with information about their current jobs, three years later. This allows the FT to calculate their salary increase since graduation — a new ranking criterion — as well as their career progress (see methodology).
Take binding remedial actions
地产股收盘 | 恒指跌破27000点 新城市建设发展跌近75%
To show the determination of the executive to deal with runaway costs, we will implement a number of steps.
- Abolishing the current wasteful subsidence and travel system
- 济南一家具厂发生火灾 持续4小时未被扑灭
- 受调控影响东莞楼市低迷 1月成交量急挫近八成
APPROPRIATE MONETARY POLICY
The twin of our fiscal framework is appropriate monetary policy.
"There are 1,400 individuals who are involved in the departures for jihad,for terrorism, in Syria and in Iraq," Valls told BFMTV.
His eloquent defence of equality came after a year of faltering progress on gay marriage in the US and as arguments rage about the lack of diversity among the people running the Silicon Valley companies, including Apple, who shape so much of our culture.
For our Aloe Ferox to grow to its full potential, we need to do things that will help it in the medium to long-run – for example, augmenting the soil with the right amount of organic manure, providing the right amount of sun and the correct amount of water. For a fast-growing economy we need to make sure our children are well educated, our people are healthy and our money is invested properly.
Consequently, the largest spending areas will be learning and culture, which receives R396 billion followed by health R230 billion, and social development with R310 billion.
在接下来几年里，大型住宅楼盘必须遵守第87号本地法(Local Law 87)——该法要求楼盘审核能源使用量，并保持系统以最高效率运行。住宅楼是纽约市最大的温室气体排放源，其排放量占总量的37%。“能源是一大热门话题。楼盘怎样提高能源效率？”管理着超过500处房产的FirstService Residential New York的总裁丹·沃泽尔(Dan Wurtzel)说，“如果运营预算的三分之一来自能源耗费，而现在你可以降低这块成本，那么上涨维护费的压力就减轻了。”
“…said he never lets people see him sweat — but he was sweating profusely.”
然而，由于这些先进的新组件供应紧张，可能会让许多客户在9月之后才能等到新款iPhone。这给Essential或三星(Samsung) Note 8等竞争对手带来了机会；Essential是由安卓(Android)操作系统的联合创始人安迪?鲁宾(Andy Rubin)领导的智能手机制造商，该公司正以其售价699美元的时尚新机型瞄准苹果等竞争对手的高端客户。据信谷歌(Google)也在筹备新版Pixel智能手机，这款手机很受早期试用者欢迎。
Transfers to provinces support schooling for 13 million children and healthcare for 49.1 million South Africans. It is in this context that taking forward consultation on the NHI is important.
Most observers would think the single-aisle Comac C919’s first flight last May (pictured) is illustrative of this, but while it is a key milestone, it does not represent the whole story about what is happening in the industry. Two other events are much more telling.
“气候变化也许是我们这代人的重大挑战，”美国国家航空航天局(NASA)地球科学部主任迈克尔·H·弗莱利赫(Michael H. Freilich)说，他的部门是跟踪全球气温的机构之一。
And regarding Ukraine, the Russian president again denied that there are Russian troops operating inside eastern Ukraine where a pro-Russian separatist movement is fighting Ukrainian government troops. But he said Moscow never denied that "certain people" were there carrying out tasks "in the military sphere." He said Russia plans no sanctions against Ukraine, but will not extend preferential trade to Kyiv.
LONDON — Since its inception in 2002, the Saturday Profile has aimed to bring to readers of The New York Times people around the world they probably have never heard of, but who have led interesting lives and done extraordinary things, or perhaps recently gone through a remarkable experience.
The Department of Higher Education and Training will reallocate existing funds to undertake a feasibility study for the establishment of a new university of science and innovation in Ekurhuleni.
THE INFRASTRUCTURE FUND
The residents of the Hankou Binjiang estate had been moved out weeks before.
Like a lot of critics, I chafe against the arbitrariness of lists even as I recognize their utility. Since I can never stop at 10 — how could I, when something like 900 movies were released in North American theaters? — I picked 15 to match the year, ranked them and ended up fudging that count. So maybe technically it’s a top 20. The slots with more than one title aren’t ties, but double features, paired movies that complement, contend with or amplify each other’s best qualities.
In fact, capital spending is the fastest growing component of non-interest spending. This spending is complemented by the Infrastructure Fund. Over the next three years the Development Bank of Southern Africa will package blended finance mega-projects of least R200 billion. Government has committed R10 billion over the next three years.
To date, Jobs Fund projects have created more than 175 000 permanent jobs, and helped 21 000 people into internships and created 59 900 short term jobs. Of these, 65 per cent went to youth.
Wealthy Chinese bought at least seven overseas islands in 2014.
最佳新人：Florida Georgia Line
We intend to make this intervention a resounding success.
However, one lawyer, who prefers to remain anonymous, says Teach Firsters’ prior experience and autonomy in a classroom can mean they feel frustrated starting at the bottom of an organisation’s ladder again.
Grants reduce inequality and protect the most vulnerable in society.
I am happy to announce that grants are adjusted as follows:
R80 increase for the old age, disability and care dependency grants to R1860 per month
R40 increase for the foster care grant to R1040 per month
Changing the way we provide social grants has generated about R1 billion per annum in efficiency savings, which will be partly used to raise the daily subsidy per child.
Madam Speaker, the next component of our plan is to modernise network industries and to restructure the state-owned enterprises.
Government will do “whatever it takes” to ensure a stable electricity supply. As I said, it is our number one task. We have allocated R230 billion over ten years to achieve the restructuring of the electricity sector.
Determinations to implement the Integrated Resource Plan of 2019 are finalised and await the concurrence of the National Energy Regulator.
2. Mobile overtakes the web.
To see that businesses and the public benefit more from our reforms to streamline administration, delegate powers, and improve regulation and services, we must cut red tape, level the playing field, provide greater convenience, and remove that last crucial hurdle.
SOUTH AFRICAN AIRWAYS
Latest ECB projections predict the eurozone, which has struggled to grow as strongly as the US or UK, will grow 1.7 per cent in 2016 after hitting 1.5 per cent growth this year as QE bolsters the economy.
‘Jordan,’ ‘harley,’ ‘robert,’ ‘matthew,’ ‘daniel,’ ‘andrew,’ ‘andrea,’ and ‘joshua’ all made it on the list – along with ‘football,’ and ‘lakers.’
日前，斯坦福大学商学院(Stanford Graduate School of Business)教授彼得o库迪斯基于这场荷兰危机共同撰写了一篇文章，围绕“个人经验（而非市场信息）决定乐观、悲观以及信贷的获得与否”这种不那么科学的方法给出了现代经验。
OPENING UP OUR MARKETS TO TRADE WITH THE REST OF THE CONTINENT
8. Ford Motor
7. Smart cookie oven
About 200 million migrants, half of whom are women, sent $445 billion to their families in Asia, Latin America and Africa in 2016, the International Fund for Agricultural Development (IFAD) said last Wednesday.
The University of Pittsburgh team used stem cells made from skin to make MCPs, a special kind of cell that acts as a precursor to cardiovascular tissue. They then placed these cells on a 3-D scaffold designed to support a mouse heart. Within 20 days, the new heart began beating at 40 to 50 beats per minute.
We want to encourage South Africans abroad to keep their ties with the country. We will raise the exempt amount for foreign remuneration to R1.25 million. We will phase out the administratively burdensome process of emigration through the South Africa Reserve Bank.
朗凯奇防水：匠心 人才 创新
To implement the reimagined industrial strategy:
Industrial business incentives worth R18.5 billion will create and retain approximately 56 500 jobs
France, along with Belgium, has seen the largest numbers of volunteers leaving to join the Islamic State jihadist group, which has seized large parts of Syriaand Iraq.
R6.5 billion is allocated for small business incentive programmes of which R2.2 billion will be transferred to the Small Enterprise Development Agency
周边环境：这栋房屋坐落在摩德纳岛(Modena Island)，距萨凡纳市中心大约20英里（约32公里）。据该房源的代理人说，该社区设有门禁，在栎树丛与咸水湿地之间坐落着大约20栋房屋。摩德纳岛是斯基达韦岛(Skidaway Island)的一部分，岛上有一座由佐治亚大学的海洋学研究所和一座大型州立公园。
LOWERING THE COST OF DOING BUSINESS
Steps are being taken to address South Africa’s lagging productivity growth and reduce the cost of doing business.
The Competition Amendment Act came into force on July 2019, strengthening the Competition Commission’s powers. The Commission has conducted inquiries into a number of sectors to strengthen competition.
The spectrum licensing plan was released in November, preparing the way for auctioning high demand spectrum. ICASA will be appropriately capacitated for this. A voucher system will be introduced to allow households to acquire digital devices.
Over the medium term we will support Agriculture and Tourism. Government has allocated R495.1 million to the Department of Agriculture, Land Reform and Rural Development to improve compliance with biosecurity and support exports.
Gary Oldman on blistering form as Winston Churchill.
To support tourism, we will engage with the tourism industry on formalising the tourism levy.
Madam Speaker, fighting corruption is a priority of this Administration.
This quiet, intense Israeli film unfolds like a psychological thriller. A poetry-loving teacher discovers that one of her young pupils is a literary prodigy, and takes increasingly extreme measures to protect his gift from an indifferent world. As the story unfolds, it becomes clear that Mr. Lapid is engaged in a stealthy, ferocious critique of a society that has sacrificed its spiritual values and its cultural inheritance on the altar of power and materialism.
This will enable the appointment of approximately 800 investigators and 277 prosecutors who will assist with, among other things, the clearing the backlog of cases such as those emanating from the Zondo commission.
"We have a system here in America where if something is for you and if they find it, it gets to you, that's beautiful," he told US TV station WTAE.
Online registration will end on Oct. 24. The exam will be held on Nov. 27 in major Chinese cities.
OFF-BUDGET INITIATIVES TO GROW THE ECONOMY
Working with the financial sector, a pilot of the Help to Buy scheme has supported over 2 000 families to buy their own homes. For every R1 subsidy provided by government, the scheme crowds in R8 from the private sector. In a single year, the Help to Buy scheme has supported nearly R1 billion in new lending.
Last year, this House passed legislation which will allow state-owned enterprises to apply for banking licences. In July 2019, I tasked the Deputy Minister of Finance with the responsibility to undertake the state bank project. Madam Speaker, I am pleased to inform the House that preferred options for the establishment of a bank are now ready.
随着新款iPhone不断刷新自己的发售纪录，库克推出了Apple Watch和Apple Pay等产品，引领苹果进入时尚界和金融界，让这家公司再度焕发出许多人担心已和乔布斯一同逝去的创新精神。苹果今年一年市值的增长，就接近谷歌(Google)的整体市值。
Only Kobe Bryant had played in more games by age 32, and did so with fewer minutes, and that's just including regular-season games.
We will also consolidate the currently fragmented system of national and provincial Development Finance Institutions.
SOVEREIGN WEALTH FUND
Mr President, a Sovereign Wealth Fund is an important long-term tool for saving and investment for future generations. It can also contribute to strengthening the fiscal framework. We must learn to save during the good times, and a Fund can play an important role as a counter-cyclical fiscal tool.
The hunt for his body began in earnest in 2012 when archaeologists working on historical accounts and geographical clues started to dig beneath the municipal carpark on the spot where Greyfriars was, and found the skeleton.
Trade flows brought China’s balance of trade to $40.82bn, roughly $7.2bn below expectations and down about $3.6bn from November’s revised level of $44.23bn (previously $44.61bn). That balance came to Rmb275.4bn in local-currency terms.
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The show airs on CBS December 4.
AN EFFICIENT AND CAPABLE STATE
The National Development Plan calls for a capable and efficient state that creates the right environment for the private sector to flourish.
SARS is an integral part of the capable state. We are focused on re-establishing institutional integrity and fighting criminal activity. Just this past week two individuals were convicted for up to 168 years’ imprisonment for tax fraud.
For all South Africans, the “state” is their municipality.
Mr President, the National Treasury asked members of the public to provide tips to guide our thinking as we shaped this Budget. Today we are joined by Ms Akhona Mgwele from Gauteng who advised us to “support greater local economic development in municipalities.” We agree with her!
"People didn't just search for the players and the teams. It was a cultural learning experience. It was the first World Cup in Africa, and people wanted to learn about post-Apartheid South Africa," she said. "People also wanted to find out what that noise was -- the vuvuzelas."
The Minister of Cooperative Governance and Traditional Affairs and I have agreed that our officials will find ways to use the allocations made through the Municipal Infrastructure Grant to ensure that municipalities not only build new infrastructure but also maintain the infrastructure they already have.
Elspeth Cheung, head of BrandZ valuation at Millward Brown, says: “The top 10 used to be dominated by consumer goods. This year, it’s technology.”
We think of the passage of NBA time in seasons, for obvious reasons. There's connection, a continuum. It's how we remember things that happen, in the course of a season of play. But there's some benefit to looking back at a calendar year, January 1 to December 31, and what we've learned in that process. After all, many say the "unofficial start" to the NBA season is Christmas, with the new year starting soon after. So here are the lessons we learned about the NBA in the year 2017.
"How to tie a tie" was the No. 1 question in 2010, followed by "how to lose weight", "how to kiss" and "how to write a resume."
All these steps build a capable state.
Madam Speaker, there are a number of entities that report to the Ministry of Finance.
Estimates for the size of the industry vary but Goldman Sachs figures suggest that sector loans grew from Rmb6bn to Rmb83bn between 2012 and 2014.
The country’s money laundering system is currently undergoing a peer review, which will help strengthen the fight against illegitimate and illegal flows. The South African Reserve Bank will in future play a more integral part in this fight.
The National Treasury will take steps to strengthen the budget process.
Winning is not easy.
Less than two years before winning the World Cup, the Springboks lost 57-nil to the All Blacks. Miss Universe did not win her first attempt at Miss South Africa.
To paraphrase Charles Dickens, who I quoted in my first address as Minister of Finance, we will make these the best of times.
A word of appreciation to the Deputy Minister of Finance, The National Treasury Director General and his team.
"If reform implemented 30 years ago solved the problem of ideology, then, at present, reform is to solve the problem of interests. Reform at present is actually like cutting our own with a knife, and we all need to be determined and must strengthen our confidence." WANG YANG, NPC deputy and member of the Political Bureau of the Communist Party of China Central Committee
My gratitude for the Parliamentary Committees who work tirelessly to process the legislation accompanying the Speech.
China's newly issued lunar New Year monkey stamps marking 2016, another Year of the Monkey, also designed by Huang and each with a face value of 1.20 yuan, have attracted much attention, with collectors lining up outside post offices ahead of their release.
“With confidence we lay our case before the whole world, whether we win or die, freedom will rise in Africa, like the sun from the morning clouds”.
Mudzimu fhatutshedza Afurika
What the average person earns in different countries around the world (Supplied by LoveMoney)