Presented by Stiaan Klue

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Presentation transcript:

Presented by Stiaan Klue 2010 Budget Speech Presented by Stiaan Klue

Executive Summary General comments Expenditure Tax burden Tax submission deadlines Interest exemption

General comments

General Pragmatic & well-balanced budget. Certainly difficult balancing act to address job creation, long term sustainable growth, poverty reduction and improvements in service delivery. Answer to fund the budget proposals: - Improved tax compliance, closing loopholes, improved tax administration, and improved public sector efficiencies.

Expenditure Overall efficiency in government spending is very poor when looking at expenditure outcomes. Furthermore, the delivery in government programs is sometimes questionable.

Expenditure (cont..) Example 1: Expenditure on education As a percentage of GDP is well above the world average Problem is not the amount of money spent but the outcomes of our education South African labour force is poorly educated

Chart 1: Spending on Education as a percentage of GDP.

Chart 2: PIRLS test in 2006 selected countries.

Chart 3: University exemption ratio’s of selected emerging markets.

Chart 4: Education of the workforce compared.

Chart 5: Population in paid employment as percentage of total population.

Tax burden Welcome the R6.5bn relief. Currently 25% of individual taxpayers pay 75% of PIT. Only 0,25% of companies in SA pay 55% of corporate taxes. Less than 5% of all companies pay 91% of all company tax. This is a huge burden by any standards and needs to be addressed in future. Recommend that the tax base be broadened aggresively.

Chart 6: The ratio of taxes to GDP and paid employees to population.

Chart 7: Tax burden – rate of tax revenue to GDP.

Tax submission deadlines

2010 filing season We expected an announcement on the deadlines. Tax practitioners experience pressure. Staggering deadlines.

Interest exemption

Interest exemption Welcome increase in interest exemption. However, it is still not sufficient to encourage individuals to save. Suggest to increase exemption significantly i.e. R50 000.