Finance Minister Enoch Godongwana will deliver his inaugural Budget Speech on Wednesday.
The Budget Speech, which is preceded by the State of the Nation Address (SONA), will provide details of spending and make proposals about how the priorities outlined by President Cyril Ramaphosa will be funded.
The Budget will also outline the funds to be allocated to different spheres of government, departments and state entities. The Budget allocation aims to strike a balance between competing national spending priorities.
Among them, learning and culture, health, social development, community development, economic development, peace and security, and general public services.
Godongwana is scheduled to introduce the Appropriation Bill and to table the Division of Revenue Bill to Parliament.
He is also expected to announce the main budget revenue projection, gross debt, total consolidated spending and forecast on local economic performance.
Below is the list of things expected to be announced in the Budget Speech:
- Corporate and personal income tax rate.
- Alcohol and tobacco tax increases.
- Fuel levy and UIF contributions increase.
- The Special COVID-19 social relief of distress grant and increases in old age, disability, care dependency, child support, and foster care grants.
- Municipalities will receive more than R450 billion over the 2022 Medium Term Expenditure Framework (MTEF).
- Allocation to the Infrastructure Fund.
- Funding for higher education will total R158.8 billion.
- The National Skills Fund and sector education and training authorities will receive R1.4 billion in 2022/23.
- An additional provisional allocation of R20.5 billion in 2022/23 for wage bill adjustments.
- The amount allocated to State-Owned Enterprises such as Eskom.
- The amount allocated to purchasing and manufacturing of vaccines.