Budget Speech 2018Summary of the National Budget |
Summary of the National Budget
R million |
2017/18 |
2018/19 |
2019/20 |
2020/21 |
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Budget estimate |
Revised estimate |
Budget estimate |
Medium term estimates |
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REVENUE |
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Estimate of revenue before tax proposals |
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1 285 146 |
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Budget 2018/19 proposals: |
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36 000 |
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Direct taxes |
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7 310 |
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Taxes on individuals and companies |
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Personal income tax |
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7 510 |
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Revenue from not fully adjusting for inflation |
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6 810 |
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Revenue if no adjustment is made |
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14 155 |
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Partial bracket creep for person income tax |
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-7 345 |
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Medical tax credit adjustment |
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700 |
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Corporate income tax |
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-350 |
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Special economic zones |
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-350 |
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Taxes on property |
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150 |
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Estate duty increase |
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150 |
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Indirect taxes |
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28 690 |
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Increase in value-added tax |
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22 900 |
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Increase in general fuel levy |
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1 220 |
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Increase in excise duties on tobacco products |
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420 |
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Increase in excise duties on alcoholic beverages |
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910 |
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Increase in ad valorem excise duties |
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1 030 |
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Increase in environmental taxes |
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280 |
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Introduction of health promotion levy |
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1 930 |
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Estimate of revenue after tax proposals |
1 242 417 |
1 194 585 |
1 321 146 |
1 427 785 |
1 542 655 |
Percentage change from previous year |
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10.6% |
8.1% |
8.0% |
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EXPENDITURE |
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Direct charges against the National Revenue Fund |
636 178 |
635 937 |
683 691 |
738 283 |
794 512 |
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Debt-service costs |
162 353 |
163 155 |
180 124 |
197 664 |
213 859 |
Provincial equitable share |
441 331 |
441 331 |
470 287 |
505 020 |
542 447 |
General fuel levy sharing with metropolitan municipalities |
11 785 |
11 785 |
12 469 |
13 167 |
14 027 |
Skills levy and sector education and training authorities |
16 641 |
15 771 |
16 929 |
18 299 |
19 819 |
Other (1) |
4 067 |
3 895 |
3 883 |
4 133 |
4 360 |
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Appropriated by vote |
767 038 |
775 993 |
814 509 |
883 980 |
950 815 |
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Current payments |
216 813 |
217 708 |
225 904 |
241 732 |
258 852 |
Transfers and subsidies |
529 374 |
524 279 |
569 851 |
623 194 |
671 700 |
Payments for capital assets |
15 831 |
15 078 |
14 297 |
14 346 |
15 349 |
Payments for financial assets |
5 019 |
18 928 |
4 457 |
4 708 |
4 914 |
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Provisional allocation for contingencies not assigned to votes (2) |
- |
- |
6 000 |
2 308 |
2 125 |
Total |
1 403 215 |
1 411 930 |
1 504 200 |
1 624 571 |
1 747 452 |
Plus: |
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Contingency reserve |
6 000 |
- |
8 000 |
8 000 |
10 000 |
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Estimate of national expenditure |
1 409 215 |
1 411 930 |
1 512 200 |
1 632 571 |
1 757 452 |
Percentage change from previous year |
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7.1% |
8.0% |
7.6% |
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2017 Budget estimate of expenditure |
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1 409 215 |
1 522 183 |
1 652 192 |
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increase / decrease (-) |
|
2 715 |
-9 983 |
-19 621 |
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Gross domestic product |
4 741 206 |
4 699 381 |
5 025 379 |
5 390 083 |
5 808 342 |
| (1) | Includes direct appropriations in respect of the salaries of the President, Deputy President, judges, magistrates, members of Parliament, National Revenue fund payments (previously classified as extraordinary payments), and the International Oil Pollution Compensation Fund. |
| (2) | Provision for contingencies related to drought relief in several provinces, support to the water sector and public investment projects supported by improved infrastructure planning. |
Source: National Treasury