South Africa says it has no extra money available for the next three years

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 R40 billion ($2.4 billion) in revenue over the next four years.

The document presented this week shows that will be made up by R5 billion in 2021-22, R10 billion in 2022-23 and in 2023-24 and R15 billion 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.


Read: The ‘silver lining’ of South Africa’s Covid-19 corruption: Ramaphosa

Must Read

Partner Content

Show comments

Trending Now

Follow Us

South Africa says it has no extra money available for the next three years