Budget in a Nutshell for 2017/18

Welcome to our very first blog post. In future we’ll be updating you with some amazing info that as a business owner you need to have. We’re always here for you at MJ Chartered Accountants in Durban.

As a snippet here is a Summary of the budget for you.

Proposed expenditure totals R1.56 trillion.
Projected revenues amount to R1.41 trillion, up 7%.
The Budget deficit of R149bn, or 3.1% of GDP, will be borrowed.
Government debt has risen to R2.2 trillion, 50.7% of GDP.
Annual interest payments on debt now amounts to R169bn.
An extra R5bn for higher education will be added to the R32bn previously announced.
Tax receipts have risen from 27.8% of GDP three years ago to 29.4% in 2016/17. It is forecast to rise to 29.8% in the year ahead.
Government spending has risen from 31.5% of GDP in 2013/4 to 32.8%. It is forecast to increase to 33% this year.

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