- Allocated expenditure:
The part of the national budget that can be divided between the national, provincial and local spheres of government, after debt interest and the contingency reserve have been taken into account.
- Appropriation:
The approval by parliament of spending from the National Revenue Fund.
- Balance of payments:
A summary statement of all the country's international transactions during a particular period of time.
- Baseline:
The initial allocations used during the budget process, derived from the previous year's forward estimates.
- Budget deficit/surplus:
The difference between budgeted expenditure and revenues.
- Capital gains tax:
Tax levied on the income from the disposal of a capital asset by a taxpayer. A capital gain is the excess of the selling price over the purchase price of the capital asset.
- Conditional grants:
Allocations of money from one sphere of government to another, conditional on certain services being delivered or in compliance with specified requirements.
- Consumer price inflation:
Price increases as measured by the consumer price index (CPI), which reflects the prices of consumer goods and services.
- CPIX inflation:
Consumer price inflation excluding mortgage costs.
- Excise duties:
Taxes on the manufacture or sale of certain domestic or imported products.
- Financial and Fiscal Commission (FFC):
An independent body established by the constitution to make recommendations to Parliament and provincial legislatures about financial issues affecting the three spheres of government.
- Gross domestic product (GDP):
The measure of the total national output, income and expenditure.
- Inflation targeting:
A monetary policy framework to stabilise prices over a certain period of time. The Reserve Bank and government agree on a target rate to be achieved over a stipulated period.
- Medium term expenditure framework (MTEF):
The three-year spending plans of the government and provincial administrations published at the time of the main Budget that consolidate projected national revenue and expenditure.
- Producer price inflation:
Price increases measured by the producer price index (PPI), which reflects the prices of a representative basket of goods used in domestic production.
- Residence-based income tax system:
A tax system where the worldwide income of a resident is subject to that country's taxes.