By Katlego Sekhu
Kaya Biz’s Gugulethu Mfuphi joins 959 Breakfast with Dineo Ranaka and Sol Phenduka to chime on what to expect in the 2023 Budget Speech taking place at 14h00 Cape Town City Hall.
According to the National Treasury, finance minister Enoch Godongwana will deliver the Budget Speech.
Loadshedding
Loadshedding has been an ongoing crisis in the country and continues to dent the economy and crippling many livelihoods.
South Africans want to know Government’s plans to prioritize energy. Not just in terms of supplementing Eskom which finds itself in debt of over R400 billion.
“They are strong calls for incentives to be provided to South African businesses and households who choose to move off the grid for some kind of rebate or financial support,” adds Gugulethu Mfuphi.
Taxes
Treasury usually announces tax changes/adjustments in the speech. Mfuphi is not expecting big changes except sin tax.
“There are no expectations for increases this year because our pockets have just been too tight. But of course things like sin taxes that would tax on things like tobacco and alcohol, we might be forking out a little more there because it is an easy target.”
Social Grants
Social grant is a big one because there is close to 31 percent of South Africans actually rely on social grants in the form of pensions and child support, and you might recall during the pandemic we got the R350 relief grant.
“We are anticipating that there might be some form of an increase in the social grants and seeing if it does translate into at least some kind of short-term job opportunities the government will incentivize.”
Mfuphi also discussed how state-owned entities being stabilized benefit the country.
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