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Tag: Medium Term Budget Policy statement (MTBPS)
Finance Minister, Tito Mboweni, delivers his first Budget Speech on 20 February at a difficult time for the South African economy. Even though President Cyril Ramaphosa has done much to restore business confidence in his first year in office, GDP growth remains weak, government finances are in relatively poor shape, and renewed load shedding is hurting business confidence.
As an election year, a second State of the Nation Address (SONA) will probably be held during June 2019 wherein the newly elected government will present their programme of action for the 2020 financial year. The SONA address that was delivered by President Cyril Ramaphosa on Thursday 7 February 2019, accordingly reflected on the Medium Term Strategic Frameworks designed and implemented in the past five years.
The 2018 Medium Term Budget Policy Statement (MTBPS) will be a key determinant for SA’s credit ratings. A Moody’s Investors Service credit ratings decision was initially scheduled for 19 October 2018. Moody’s is now expected to release its statement on South Africa's sovereign credit rating after Finance Minister Tito Mboweni delivered the MTBPS.
Tito Mboweni, South Africa's newly appointed Finance Minister, delivered his maiden Medium Term Budget Policy Statement (MTBPS) to Parliament by starting his address with the words, "South Africa finds itself at a crossroads."
Transfer Pricing compliance requirements in South Africa have been significantly tightened and a modern transfer pricing system, including electronic transfer pricing return submission, has been put in place.
All eyes are on newly appointed Finance Minister Tito Mboweni’s first Medium Term Budget Policy Statement (MTBPS), scheduled to be delivered to Parliament on 24 October. Just two weeks into his tenure, Minister Mboweni will face the task of affirming government’s commitment to fiscal consolidation and strategic investment in the face of low economic growth.