South Africa Economic News: National Treasury Warns About No New Money Available

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People gather on a street corner in the Central Business District (CBD) of Johannesburg. Photographer: Waldo Swiegers/Bloomberg Photographer: Waldo Swiegers/Bloomberg Sign up to our Next Africa newsletter and follow Bloomberg Africa on Twitter South Africa’s National Treasury says there are no additional resources available for government departments in the next […]

People gather on a street corner in the Central Business District (CBD) of Johannesburg.

Photographer: Waldo Swiegers/Bloomberg

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South Africa’s National Treasury says there are no additional resources available for government departments in the next three years.

Any additional allocations will have to be funded from reductions in other programs, either within the department’s budget, or from another department’s budget, according to the document presented by Edgar Sishi, the acting head of the budget office, to the National Economic Development and Labour Council this week, and seen by Bloomberg.

The Treasury said in a supplementary budget presented in June that it planned to raise an additional 40 billion rand ($2.4 billion) in revenue over the next four years. The document presented this week shows that will be made up by 5 billion rand in 2021-22, 10 billion rand in 2022-23 and in 2023-24 and 15 billion rand in 2024-25.

Additional tax measures will be announced in February, according to the presentation. Improvements in collections by the revenue service will help and research and analysis is being done on wealth taxes, it said.

A spokesperson for the National Treasury verified the document.

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