Budget 2014 highlights

Comment on this story
iol budget 2012 Money-rand

Some highlights of the 2014 Budget speech delivered by Finance Minister Pravin Gordhan:


* Budget deficit of four percent of GDP expected for 2013/14, narrowing to 2.8 percent in 2016/17;

* Debt stock as percentage of GDP to stabilise at 44.3 percent in 2016/17;

* Tax revenue for 2013/14 expected to be R1 billion higher than projected in 2013 budget;

* Real growth in non-interest spending to average 1.9 percent over next three years;

* National and provincial government expenditure on travel, catering, consultants and other administrative payments declines as a share of spending;

* Expenditure ceiling commits government to spending limits of R1.03trn in 2014/15, R1.11trn in 2015/16 and R1.18trn in 2016/17.


Over the next three years, government will spend:

* R410bn on social grants;

* R15.2bn on the economic competitiveness and support package;

* R8.5bn on the Community Work Programme;

* R8.7bn on settlement of land restitution claims;

* R7bn for subsistence and smallholder farmers;

* R78bn on university subsidies and R19.4bn for the National Student Financial Aid Scheme;

* R34.3bn on school infrastructure;

* R22.9bn to upgrade commuter rail services;

* R143.8bn to support municipal infrastructure;

* R42bn on the HIV and Aids conditional grant.


* Personal income tax relief of R9.3bn;

* Adjustments to tax tables relating to retirement lump-sum payments;

* Measures to encourage small enterprise development;

* Clarity on valuation of company cars for fringe-benefit tax purposes;

* Reforms to tax treatment of the risk business of long-term insurers;

* Amending rules for VAT input tax to combat gold smuggling;

* Measures to address acid mine drainage;

* Adjustment of the proposed carbon tax and its alignment with desired emission-reduction outcomes identified by the environmental affairs department. - Sapa.

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines