Budget Speech 2023

Finance Minister Enoch Godongwana will address the nation with the annual budget speech at 2pm.

The Estimates of National Expenditure; The 2023 Budget Review; The Second Adjustments Appropriation Bill (2022/23 financial year); The Eskom Debt Relief Bill ...

To put the fear of failure aside and execute the difficult trade-offs needed to get from where we are now, to where we want to be in the future. This takes the total direct allocation to R522 billion over the same period. The allocations for these state-owned companies will be accompanied by strict conditions to ensure sustainability, accountability and transparency. The 2023 Budget increases allocations for all three spheres of government, to assist with urgent spending pressures. In addition to a direct allocation for capital and ICT projects, provisional allocations are set aside to improve revenue raising capabilities of SARS. The result is a total increase to R2090. As we undertake infrastructure projects, we need to crack down on criminality in the construction sector. At the end of December 2022 Municipalities owed Eskom R56.3 billion and the debt is rising. In digital telecommunications, we will soon switch-off the analogue signal and finalise the migration to digital signal. The International Partners Group of developed economies in 2021 pledged US$8.5 billion to support South Africa’s transition. Firstly, doing so will ease pressure on the company’s balance sheet, enabling it to invest in transmission and distribution infrastructure. In response, we are acting decisively to bring additional capacity onto the grid.

"The improvement in revenue is due to higher collection in corporate and personal income taxes, and in customs duties," Godongwana says. The minister says this ...

"The global recovery is slowing. As a result, we are bringing the fiscal deficit down without resorting to tax increases or further cuts in the social wage and infrastructure." There are risks to the fiscal outlook. Since its inception, Operation Vulindlela has made progress in fast-tracking reforms in the priority areas of electricity, water, telecommunications, transport and immigration." The minister says that the lack of reliable electricity supply remains the biggest economic constraint. "Second is a direct takeover of up to R70 billion of Eskom’s loan portfolio in 2025/26. The minister revealed that at the end of 2022, municipalities owed Eskom R56.3 billion. "From March 12023, businesses will be able to reduce their taxable income by 125 percent of the cost of an investment in renewables. Transport and logistics will spend an estimated R351.1 billion, including for Sanral to improve the road infrastructure network. Any withdrawals from the accessible “savings pot” would be taxed as income in the year of withdrawal." The result is a total increase of R2090, "The National Treasury will work with the Presidency on concrete proposals to achieve savings by rationalising or closing public entities.

The Estimates of National Expenditure; The 2023 Budget Review; The Second Adjustments Appropriation Bill (2022/23 financial year); The Eskom Debt Relief Bill ...

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The Budget Justice Coalition has called on government not to reduce social spending in favour of tackling the country's energy crisis.

“This limits the ability of adults to engage in the economy meaningfully, and limits the development of children, compromising the future economy. We, however, caution that the allocation of funds and reduction in spending to address the R400 billion Eskom debt, must not be implemented to the detriment of other rights found within the Constitution. “The BJC is concerned about the current energy crisis and welcomes the promise to permanently tackle load shedding. “In effect, resources are being redistributed away from public spending to government creditors. “We hope that the government rises to the occasion, and tables a budget that is people-cantered and reflective of human rights.” “The BJC is looking forward to seeing decisive steps in increasing support above the poverty line and clear implementation of the UBIG.”

Finance Minister Enoch Godongwana will deliver his second full budget speech from Cape Town City Hall on Wednesday afternoon.

[https://facebook.com/ParliamentofRSA](https://facebook.com/ParliamentofRSA) [https://twitter.com/ParliamentofRSA](https://twitter.com/ParliamentofRSA) Godongwana’s first speech was highlighted by tax relief and improved spending.