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Finance Minister Tito Mboweni is due to present the budget at 14:00 today (Wednesday) 24 February 2021.

 

 

 

All eyes will be on finance minister Tito Mboweni when he delivers his much-anticipated budget speech in parliament on Wednesday afternoon.

 

Mboweni is set to deliver his budget speech at 2pm. It come in the wake of shocking unemployment figures that were shared by Stats SA on Tuesday.

 

The unemployment rate in the fourth quarter of 2020 increased by 1.7 percentage points to 32.5% compared to the third quarter. This is the highest since the start of the Quarterly Labour Force Survey (QLFS) in 2008.

 

Stats SA said the unemployment rate, according to the expanded definition of unemployment, decreased by 0.5 of a percentage point to 42.6% in the fourth quarter of 2020 compared to the third quarter.

 

“The results of the QLFS for the fourth quarter of 2020 show that the number of employed people increased by 333,000 to 15 million, and the number of unemployed people also increased by 701,000 to 7.2 million compared to the third quarter of 2020, resulting in an increase of one million (up by 4.9%) in the number of people in the labour force,” it said.

 

Among other things, Mboweni is expected to elaborate on measures undertaken to help the economy recover since the onset of the Covid-19 pandemic more than 11 months ago.

 

Any changes announced by Mboweni on Wednesday come into effect in April.

 

Last month, he called for South Africans to send him their tips on how to improve the country’s ailing economy. The liquor and motor industries have asked for tax relief.

 

Read More: https://www.timeslive.co.za/politics/2021-02-24-budget-2021-wishlist-heres-what-sa-hopes-to-hear-from-tito-mbowenis-speech-today/

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  • To support economic recovery, government will not raise any additional tax revenue in this budget.
  • The personal income tax brackets and rebates will increase above the inflation rate of 4 per cent.
  • Government will increase excise duties on alcohol and tobacco by 8 per cent for 2021/22.
  • Inflation-related increases of 15c/litre and 11c/litre will be implemented for the general fuel levy and the RAF levy, respectively, with effect from 7 April 2021.
  • The UIF contribution ceiling will be set at R17 711.58 per month from 1 March 2021.
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