SA Finance Minister to deliver Mid-Term Budget Policy Statement on Oct 24

The MTBPS is set to reveal adjustments to the national budget to ensure fiscal sustainability.

Following a two-day Jobs Summit convened last week by the National Economic Development and Labour Council, Cabinet has welcomed the practical interventions emanating from the summit.

The interventions include the commitment to buy local products, more aggressive approach to increasing exports, interventions in agricultural value chains and support for small and medium enterprises. 

The outcome of the summit follows the announcement of the economic stimulus and recovery plan, which seeks to restore economic growth and create much-needed jobs.

Cabinet also announced that newly appointed Finance Minister Tito Mboweni will deliver the Medium Term Budget Policy Statement (MTBPS) on Wednesday, 24 October 2018.

The MTBPS is set to reveal adjustments to the national budget to ensure fiscal sustainability.

Mining Charter

Still, on matters of the economy, Cabinet called on all stakeholders to engage with the Mining Charter so as to finalise and create stability in the mining sector. 

The new Mining Charter – which was finalised in consultation with the mining industry, labour, affected communities and other stakeholders – clarifies the imperatives of growth, sustainability and transformation.

Tax returns

Cabinet also commended the close to three million taxpayers who filed their tax returns, over half of which were submitted through eFiling.

“Proper and efficient revenue collection ensures fiscal sovereignty, and timeous and accurate submissions ensure compliant taxpayers. Tax revenue helps the government to fund the country’s service-delivery projects and other socio-economic development programmes,” said the Minister.

The 2018 tax season closes on 31 October for non-provisional taxpayers and for those provisional taxpayers who opt to file at a South African Revenue Service branch.

Provisional taxpayers who opt to file their returns through eFiling have until 31 January 2019 to do so.

(With inputs from South African Government press release)