Mr Deputy President
Governor of the South African Reserve Bank
Members of the Executive Committees for Finance
Fellow South Africans
Today I table:
The Division of Revenue Bill
The Appropriation Bill
The 2020 Budget Review
The 2020 Tax Proposals
A Datafolha polling group survey published in the Folha de S. Paulo newspaper showed that at Saturday's Brazil versus Chile match, 67 percent of attendees classified themselves as white and 90 percent came from Brazil's top two economic classes, which represent about 15 percent of the country's population.
Corkin died this year but shortly after, journalist Luke Dittrich published a book claiming Corkin buried inconvenient findings, shredded files, and acted unethically in gaining HM's consent.
Mr President, in your State of the Nation Address two weeks ago you reminded us that our capacity to win is not diminished. We have it within ourselves to be the best in the world. Congratulations to Miss Universe Zozibini Tunzi, the Springboks, and the Proteas, who won while we were preparing this Budget.
Before democracy our growth was pedestrian. Indeed, between 1990 and 1992, the economy contracted for three years in a row.
In the five years from 2003 to 2008, growth averaged around 5 per cent, and South Africa was amongst the fastest-growing major economies. The unemployment rate improved by 5 percentage points.
“Ex Africa semper aliquid novi”
Achieving economic growth and higher employment levels requires a plan.
“Do you not know that those who run in a race all run, but only one receives the prize? Run in such a way that you may win.”
What are the conditions under which we must implement our plan to win?
“What happens if one of these Airbnb guests starts a fire?” asked Phyllis H. Weisberg, chairwoman of the Cooperative and Condominium Law Committee at the New York City Bar Association. “Who’s paying for that?”
A teenage student in Southwest China's Chongqing Municipality has been sentenced to one year in jail after trying to poison fellow students for being too noisy in class, local media reported last Wednesday.
Asia (excluding Japan) is expected to grow by 5.8 per cent in 2020. The Coronavirus is a source of uncertainty to this forecast.
Against this backdrop we forecast that the South African economy will grow by 0.9 per cent and inflation will average 4.5 per cent in 2020.
These include, amongst others:
The impending change to the electricity regulatory framework
Persistent electricity problems will, however, hold back growth. Over the next three years, we expect growth to average just over 1 per cent.
TOWARDS AN ECONOMIC STRATEGY
3.Sit in the Front Row
Strengthening the macroeconomic framework to deliver certainty, transparency and lower borrowing costs
Focusing spending on education, health and social development
Modernising “network industries” and restructuring our state-owned enterprises
Implementing a re-imagined industrial strategy
Focusing on job-creating sectors, such as agriculture and tourism
9) I would rather keep people at a distance 0 1 2 3 4
Today, we report on our progress. “We are moving forward!”
PRUDENT FISCAL POLICY
OUTLINE OF THE BUDGET FOR 2020/21
Budgets are complex, but the numbers are simple. The numbers show that we have work to do.
It is unknown why there was still a Best Actress duplicate available when Beatty walked on stage.
Expenditure is projected at R1.95 trillion, or 36 per cent of GDP.
Attractions: Paradise within reach.
Indeed, there is some real personal income tax relief.
Hard-working tax payers, who earn on average R265 000 a year, will see their income tax reduced by over R1 500 a year.
Comic skit “I Want To Be In Spring Festival Gala” (Various artistes)
Bigcommerce does particularly well among small retailers generating $1 million to $2 million in annual revenue, although its following with those in the $20 million to $30 million range is growing quickly. Roughly 70% of its existing customer base also runs a bricks-and-mortar store. For the past year, the developer has worked hard on responsive storefront templates that work equally well on mobile platforms and desktops—design is the number-one consideration for small e-commerce merchants, it says—and on relationships with partners of “adjacent” cloud services from the accounting, payments, customer relationship management, and payroll management worlds.
We are also proposing broadening the corporate income tax base. This additional revenue will be used to reduce the corporate tax rate in the near future to help our businesses grow.
Considering Stryker's founder invented the turning frame -- a device that allows patients to be repositioned in bed while keeping their bodies immobile -- it only makes sense that this medical equipment manufacturer lends employees and their families medical beds, free of charge.
Wishing you all the blessings of a beautiful New Year season.愿你拥有新年所有美好的祝福。
To support the property market, the threshold for transfer duties is adjusted. Property costing R1 million or less will no longer be subject to transfer duty.
Auto sales: Car sales reach 17 million but manufacturers scramble to adjust capacity as trucks and SUVs soar in popularity. Pressure to hold down corporate fuel averages drives margins on small cars far below break-even.
Hope you enjoy the happiness of New Year and all the trimmings.
Rich blessings for health and longevity is my special wish for you in the coming year.
February 1985 was the last time global surface temperatures fell below the 20th-century average for a given month, meaning that no one younger than 30 has ever lived through a below-average month. The last full year that was colder than the 20th-century average was 1976.
We have increased excise duties to keep pace with inflation.
- 借钱给妻子用于岳父母买房，一朝离婚明算账？ 法院：可以有
- 6月房价上涨城市数量增多 楼市开启全面严打模式
由美国演员Jared Leto领衔的“火星三十秒”拿到了最佳另类音乐奖，同时还有Lana Del Rey，Lorde，The XX和Imanine Dragons等人提名。
In line with Department of Health policy, we will start taxing heated tobacco products, for example hubbly bubbly. The rate will be set at 75 per cent of the rate of cigarettes. Electronic cigarettes, or so-called vapes, will be taxed from 2021.
Despite this increase, the liabilities of the RAF are forecast to exceed R600 billion by 2022/23. We need to take urgent steps to reduce this risk to the fiscus and bring about a more equitable way of sharing these costs. One option is to introduce compulsory third-party insurance.
According to a 2014 survey it conducted, 86 per cent of respondents who finished the two years said they were taking action to end educational in-equality through their work and 65 per cent outside of their work.
The first time an influenza virus was found to be transmitted directly from birds to people, with infections linked to exposure to poultry markets. Six people in Hong Kong died. This virus was different because it moved directly from chickens to people, rather than having been altered by infecting pigs as an intermediate host. In addition, many of the most severe illnesses occurred in young adults similar to illnesses caused by the 1918 Spanish flu virus.
Rich blessings for health and longevity is my special wish for you in the coming year.
REDUCING STRUCTURALLY HIGH SPENDING
But fiscal sustainability must be uppermost in our mind.
However they went ahead with plans to send 100,000 anti-Pyongyang leaflets.
Total consolidated government spending is expected to grow at an average annual rate of 5.1 per cent, from R1.95 trillion in 2020/21 to R2.14 trillion in 2022/23. This is mainly due to mounting debt-service costs. Non-interest spending declines on average over the MTEF in real terms.
You may already use Google Calendar, but are you using it wisely? Here’s a secret: only put stuff on your Google Calendar that will actually happen at that date and time. Use iPhone Reminders to remember things that are not time-sensitive (down to the hour or minute). Following this strategy will help you stay more sane.
The total reduction is mainly the result of lowering programme baselines and the wage bill by R261 billion. These are partially offset by additions and reallocations of R111 billion. Of this, more than half, or R60 billion, is for Eskom and South African Airways.
Let me unpack the R261 billion in baseline spending reductions.
Adjustments are mainly in conditional grants for provinces and municipalities.
Over the three years, public transport spending is adjusted by R13.2 billion, mainly on allocations to the Passenger Rail Agency of South Africa and the public transport network grant. The planning and implementation of integrated public transport networks will consequently be suspended in the Buffalo City, Mbombela and Msunduzi municipalities.
While some of these savings are good for the fiscus, in many cases we are also making difficult and painful sacrifices. It is therefore important that we direct our constrained resources to areas that have a high social impact and have the largest economic multipliers.
A few people took advantage of technology:
THE WAGE BILL
Public servants do crucial work for our country, often in trying conditions. The governing party is a firm believer in the critical role of the state in development. For this reason, we need qualified, motivated and effective staff.
《为奴十二年》导演史蒂夫?麦奎因(Steve McQueen)在登台领奖时说：我有点吓到了。然后他微微耸肩，引用片中福音歌曲的歌词，说了句“翻涌吧，约旦河，翻涌吧”("Roll, Jordan, roll")。
China's online retail volume is expected to outperform the rest of the world by reaching four trillion yuan (618 billion USdollars) this year, Commerce Minister Gao Hucheng said Sunday.
5. What are my core values? What is important to you as an individual? Is it family, health, spirituality, work, etc.? Make sure that you are living in alignment with what matters most to you.
Between 2006/07 and 2011/12, we were able to add about 190 000 employees. However, at the same time government wages also increased significantly.
Best chances: It's always hard to bet against Streep getting a best actress nomination, and Hanks is overdue for an acting nomination after missing out in recent years.
Madam Speaker, we cannot go on like this. Classroom sizes are growing, hospitals are getting fuller and our communities are becoming increasingly unsafe.
Mr Cook’s lack of showmanship has not always been seen as an asset.
9.Use One Planner
The employer has tabled an agenda item on the management of the public service wage bill at the Public Service Coordinating Bargaining Council, the focus is to discuss containment of costs in the final phase of implementation of the current wage agreement.
There is more than one way in which this goal can be achieved.
Usually sober-minded analysts, accustomed to the auto industry’s slow growth, seem to shed their inhibitions when it comes to Tesla. Rod Lache of Deutsche Bank has attached a $310 price target on the stock. Not to be out-done, Adam Jonas of Morgan Stanley established a $320 price target and calls Tesla it the “most important car company in the world”.
WASTEFUL EXPENDITURE AND CORRUPTION
Also important to EMBA entrepreneurs was the support of their school and alumni network. About three-quarters of entrepreneurs thought that both the school and their alumni network were helpful or very helpful when setting up their company. “Alumni support was key to getting the idea vetted and getting the right contacts needed for the business”, said one.
The President’s instruction requires a dynamic and appropriate mix of quantity, quality, capacity and capability in the administration of the state.
We are moving forward with reforms to the procurement system with a focus on value for money and maximising the quality and quantity of services. Cabinet approved the publication of a new Public Procurement Bill.
We will propose a new law to stop excessive salaries in these public entities.
We are already acting on fruitless and wasteful expenditure. Last year, this House amended the Public Audit Act to empower the Auditor General to:
The top SUV maker and MPV maker last month are familiar to all: Great Wall Motor and SAIC General Motor Wuling stayed on their segment thrones. SAIC Volkswagen also maintained its crown in the sedans and hatchbacks segment.
Take binding remedial actions
To show the determination of the executive to deal with runaway costs, we will implement a number of steps.
- Abolishing the current wasteful subsidence and travel system
- 夹江古建青砖市场陷入混乱 企业实施减产计划
- 电商并非“黄金地” LED企业做好取舍是关键
APPROPRIATE MONETARY POLICY
The twin of our fiscal framework is appropriate monetary policy.
Gov. Ricardo Rossello, 37, proposed several measures aimed at alleviating the crisis shortly after he was sworn in at midnight. Among them is a proposal to hold a referendum that would ask voters whether they prefer statehood or independence. Many have argued that Puerto Rico’s political status has contributed to its decade-long crisis that has prompted more than 200,000 people to flee to the U.S. mainland in recent years.
Juckes warns that we're now trapped in the fourth megabubble fueled by the Federal Reserve in the last 30 years, since the rise of conservative economics. He calls this one, the Bubble With No Name Yet. OK, we invite you to send in your nomination to name the new bubble. But whatever you call it, do it fast, it's close to popping, like the Asian, Dot-com and Credit crashes the last 30 years.
In July, the government made the first stab at regulating internet finance when 10 agencies, including the central bank, the banking regulator and the securities regulator jointly issued guidelines that provide an official definition of “internet finance” and specify which agencies are responsible for regulating which types of internet financial institutions.
The catwalk queen and reality star, 22, topped the annual Forbes list for the first time with earnings of $22 million over the past 12 months.
For our Aloe Ferox to grow to its full potential, we need to do things that will help it in the medium to long-run – for example, augmenting the soil with the right amount of organic manure, providing the right amount of sun and the correct amount of water. For a fast-growing economy we need to make sure our children are well educated, our people are healthy and our money is invested properly.
Consequently, the largest spending areas will be learning and culture, which receives R396 billion followed by health R230 billion, and social development with R310 billion.
Yang Yansui, director of the School of Public Policy And Management at Tsinghua University, said the four-trillion-pension balance was mostly in personal accounts, while the pay-as-you-go pension system was greatly challenged by dependency ratio.
加拿大学校继续失利。今年的上榜学校只有3所，而去年为5所，而且这3所学校的排名都下降了6个位次左右。多伦多大学(University of Toronto)罗特曼商学院(Rotman School of Management)排名最高，为第65位，而加拿大女王大学(Queen’s University)史密斯商学院(Smith School of Business)在今年的榜单中垫底，排名第100。
Transfers to provinces support schooling for 13 million children and healthcare for 49.1 million South Africans. It is in this context that taking forward consultation on the NHI is important.
We will develop cultural programs and industries.
"The autonomous region has invested 4 billion yuan (around 600 million US dollars) to promote industries with local features in poor areas, and relocated 77,000 poor people last year," said Lu Huadong, deputy director with the office.
The Department of Higher Education and Training will reallocate existing funds to undertake a feasibility study for the establishment of a new university of science and innovation in Ekurhuleni.
Refugees from Syria, which has been torn apart by a five-year-old civil war that has left over 200,000 people dead and millions more displaced, account for half of all those counted, followed by refugees from two other war-torn countries, Afghanistan and Iraq.
THE INFRASTRUCTURE FUND
9. Add Personality
In fact, capital spending is the fastest growing component of non-interest spending. This spending is complemented by the Infrastructure Fund. Over the next three years the Development Bank of Southern Africa will package blended finance mega-projects of least R200 billion. Government has committed R10 billion over the next three years.
In those days, of course, Rembrandt was the gold standard. But the Dutchman and his fellow old masters have fallen out of fashion and are no longer as coveted by collectors and investors.
The dollar value of China’s exports fell markedly more than expected last month and import growth more than halved, while revisions to November data erased what had appeared to be a long-hoped-for return to growth for outbound shipments.
To date, Jobs Fund projects have created more than 175 000 permanent jobs, and helped 21 000 people into internships and created 59 900 short term jobs. Of these, 65 per cent went to youth.
We intend to make this intervention a resounding success.
Hua Xu Yin is about a princess who sacrificed her life for the country but later was saved and began her own adventures with another name. It is also a TV series adaptation of an online novel of the same title written by Tang Qi. The series premiered in July 2015, staring Lin Yuan and Zheng Jiaying. However, it did not get as much attention as its rivals. According to the online critics, the lead roles and their costumes were not appealing enough in the adaptation.
Grants reduce inequality and protect the most vulnerable in society.
I am happy to announce that grants are adjusted as follows:
R80 increase for the old age, disability and care dependency grants to R1860 per month
R40 increase for the foster care grant to R1040 per month
Changing the way we provide social grants has generated about R1 billion per annum in efficiency savings, which will be partly used to raise the daily subsidy per child.
开通举报通道 开展专项整顿 北京“回天”整治群租房千余套
Madam Speaker, the next component of our plan is to modernise network industries and to restructure the state-owned enterprises.
Government will do “whatever it takes” to ensure a stable electricity supply. As I said, it is our number one task. We have allocated R230 billion over ten years to achieve the restructuring of the electricity sector.
Determinations to implement the Integrated Resource Plan of 2019 are finalised and await the concurrence of the National Energy Regulator.
SOUTH AFRICAN AIRWAYS
"The Chinese government, universities and investors have provided a friendly environment for young startups. However, the failure rate of fresh graduates founding startups is still too high due to the lack of experience, resources and networking," said Wang Yixin, a senior consultant at Zhaopin.
Google's top 10 searches for 2017–Global
Frankly, this is unlikely to be ready in time for next year, but we'll include it just in case. The second film from Laszlo Nemes, who won the foreign language Oscar earlier this year for Son of Saul, is a coming-of-age drama set in Budapest just before the first world war.
Nevertheless, as New Yorkers grow accustomed to a sharing economy, buildings might ultimately have to embrace it.
OPENING UP OUR MARKETS TO TRADE WITH THE REST OF THE CONTINENT
His strategic shift away from corporate strategy was in spite of the fact that his own school had deterred him from making a career in education, even though he had worked as a private tutor.
“The employee submitted a message through the company web site.”
用户说，语音信息的传输速度很快，可以在微信平台上对话。但和微软(Microsoft Corp.)的Skype等免费语音应用不同的是，在微信上还可以另选时间回复别人发来的语音信息。北京微信用户Robin Wang说，我可以决定什么时候回复，以及回不回复。
We want to encourage South Africans abroad to keep their ties with the country. We will raise the exempt amount for foreign remuneration to R1.25 million. We will phase out the administratively burdensome process of emigration through the South Africa Reserve Bank.
To implement the reimagined industrial strategy:
Industrial business incentives worth R18.5 billion will create and retain approximately 56 500 jobs
R6.5 billion is allocated for small business incentive programmes of which R2.2 billion will be transferred to the Small Enterprise Development Agency
4.Noses That Smell Diseases
LOWERING THE COST OF DOING BUSINESS
Steps are being taken to address South Africa’s lagging productivity growth and reduce the cost of doing business.
The Competition Amendment Act came into force on July 2019, strengthening the Competition Commission’s powers. The Commission has conducted inquiries into a number of sectors to strengthen competition.
The spectrum licensing plan was released in November, preparing the way for auctioning high demand spectrum. ICASA will be appropriately capacitated for this. A voucher system will be introduced to allow households to acquire digital devices.
Over the medium term we will support Agriculture and Tourism. Government has allocated R495.1 million to the Department of Agriculture, Land Reform and Rural Development to improve compliance with biosecurity and support exports.
To support tourism, we will engage with the tourism industry on formalising the tourism levy.
Madam Speaker, fighting corruption is a priority of this Administration.
This will enable the appointment of approximately 800 investigators and 277 prosecutors who will assist with, among other things, the clearing the backlog of cases such as those emanating from the Zondo commission.
The overwhelming weight of the coverage of the oil market by analysts and commentators concentrates on the supply side and the volumes being produced and exported from Saudi Arabia or elsewhere. Supply is important but costs matter more.
OFF-BUDGET INITIATIVES TO GROW THE ECONOMY
Working with the financial sector, a pilot of the Help to Buy scheme has supported over 2 000 families to buy their own homes. For every R1 subsidy provided by government, the scheme crowds in R8 from the private sector. In a single year, the Help to Buy scheme has supported nearly R1 billion in new lending.
Last year, this House passed legislation which will allow state-owned enterprises to apply for banking licences. In July 2019, I tasked the Deputy Minister of Finance with the responsibility to undertake the state bank project. Madam Speaker, I am pleased to inform the House that preferred options for the establishment of a bank are now ready.
Brazil lost that 1950 final, 2-1, to Uruguay, a historic humiliation that still stings Brazilian fans today. Belmonte, 85, hopes he'll get to see his country regain its honor. "I hope Brazil will be able to win this time," he said. "This is our revenge. I want to go see our revenge."
We will also consolidate the currently fragmented system of national and provincial Development Finance Institutions.
SOVEREIGN WEALTH FUND
Mr President, a Sovereign Wealth Fund is an important long-term tool for saving and investment for future generations. It can also contribute to strengthening the fiscal framework. We must learn to save during the good times, and a Fund can play an important role as a counter-cyclical fiscal tool.
One of the two artefacts which has a metal ring attach to it was discovered in the Yizheng city in western Jiangsu.
以丹麦为例，如今，88%的丹麦人口都是白人——这样的多数地位很难动摇。但在1980年，也就是上一代人的时候，丹麦有97%的人口是白人。反移民的丹麦人民党(Danish People’s Party)现在是丹麦议会中的第二大党。在德国，从2011年到2015年间，非本土出生人口激增了大约75%，反移民的民粹政党德国另类选择党(Alternative for Germany)如今获得了破纪录的支持率。
Yet for all Russia's pretence about a rebalancing of priorities towards Asia, since the fallout over Ukraine, it still measures itself against the West, and America in particular.
AN EFFICIENT AND CAPABLE STATE
The National Development Plan calls for a capable and efficient state that creates the right environment for the private sector to flourish.
Bernard Baumohl 作为Economic Outlook Group的首席经济学家，表示他甚至更乐观的认为接下来的两年将会成为至少近十年以来形势最好的两年，他还称“有很多证据充分的表明了经济正在恢复的势头”。
SARS is an integral part of the capable state. We are focused on re-establishing institutional integrity and fighting criminal activity. Just this past week two individuals were convicted for up to 168 years’ imprisonment for tax fraud.
For all South Africans, the “state” is their municipality.
“We will see a lot of headlines about [emerging market export growth] picking up in the first half of 2017,” says Bhanu Baweja, head of EM cross asset strategy at UBS, who believes EM exports will show year-on-year growth of between 8 and 13 per cent in dollar terms in the first quarter of this year, “a complete postcode away” from the negative numbers currently being reported.
Mr President, the National Treasury asked members of the public to provide tips to guide our thinking as we shaped this Budget. Today we are joined by Ms Akhona Mgwele from Gauteng who advised us to “support greater local economic development in municipalities.” We agree with her!
最佳乐队组合：Little Big Town
3The United Kingdom
The Minister of Cooperative Governance and Traditional Affairs and I have agreed that our officials will find ways to use the allocations made through the Municipal Infrastructure Grant to ensure that municipalities not only build new infrastructure but also maintain the infrastructure they already have.
I, however, am not among them.
斯坦福大学的Zhenan Baohas 研发出了一种具备超弹性、超耐性和超敏感的材料，能够作为未来发展人工皮肤的基础。以前，人们也研究过生化皮肤，但是Baohas的材料比以前研发出来的更具敏感性。它带有有机转换物质和一层弹性材料，保证它在不被破坏情况下的延展性。另外，这种材料带有一系列的太阳能电池元件，可以自动充电。
Wardrobe malfunctions was another common theme. Some hapless interviewees “showed up in sweatpants,” one “was wearing mismatched shoes,” and another “didn’t realize his zipper was down.”
You might think Hawaiian has it relatively easy, since its flights rarely have to contend with the kind of challenging weather conditions found on the mainland. Hawaiian perennially rates high in on-time performance rankings, topping the most recent DOT list i n September. It recently announced it will branch well beyond its island home with non-stop service to Beijing.
The commerce ministry data showing plummeting real estate investment follows an overall 53 per cent rise last year to a record $33bn, according to separate data from JLL, a global realtor.
All these steps build a capable state.
Madam Speaker, there are a number of entities that report to the Ministry of Finance.
The country’s money laundering system is currently undergoing a peer review, which will help strengthen the fight against illegitimate and illegal flows. The South African Reserve Bank will in future play a more integral part in this fight.
The National Treasury will take steps to strengthen the budget process.
Winning is not easy.
Less than two years before winning the World Cup, the Springboks lost 57-nil to the All Blacks. Miss Universe did not win her first attempt at Miss South Africa.
Usain Bolt was the most searched-for non-UK Olympian.
To paraphrase Charles Dickens, who I quoted in my first address as Minister of Finance, we will make these the best of times.
Recipient: Britney Spears
A word of appreciation to the Deputy Minister of Finance, The National Treasury Director General and his team.
My gratitude for the Parliamentary Committees who work tirelessly to process the legislation accompanying the Speech.
Since its launch in 2010, the 12306 ticketing system has been upgraded many times to fix bugs and provide better service during the Spring Festival travel rush, or Chunyun.
“With confidence we lay our case before the whole world, whether we win or die, freedom will rise in Africa, like the sun from the morning clouds”.
Mudzimu fhatutshedza Afurika
What the average person earns in different countries around the world (Supplied by LoveMoney)