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/ 23 February 2005
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South Africa’s savings rate is among the lowest in the world, according to the Budget Review, tabled by Finance Minister Trevor Manuel on Wednesday.The document says savings in the country dropped from 16,2% of gross domestic product (GDP) in the third quarter of 2003, to 14,7% of GDP in the third quarter of 2004.
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/ 23 February 2005
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Smokers will be coughing up R620-million in additional revenue for the fiscus during the 2005/06 financial year, thanks to an increase in excise duties. Presenting his Budget in Parliament on Wednesday, Finance Minister Trevor Manuel said excise duties on tobacco products would be increased by between 7,5 and 14,9%, with immediate effect.
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/ 23 February 2005
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Total expenditure, excluding interest costs and a contingency reserve, rises from R363-billion in 2005/06 to R428-billion by the end of the medium term expenditure framework period in 2007/08, South African Finance Minister Trevor Manuel said on Wednesday.
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/ 23 February 2005
The state’s claims that the trial judge who acquitted apartheid chemical and biological warfare expert Dr Wouter Basson was biased were examined in the Constitutional Court on Wednesday. Alfred Cockrell argued on behalf of the state that any reasonable person would conclude trial Judge Willie Hartzenberg had been unconsciously biased.
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/ 23 February 2005
<img src="http://www.mg.co.za/ContentImages/197779/special_rep_icon_template.gif" align=left>South African economists have reacted positively to Finance Minister Trevor Manuel’s Budget speech delivered on Wednesday, saying they were surprised by the 1% cut in corporate tax, but that it was a "stimulus is in the right place". Dawie Roodt from the Efficient Group said the government had shown itself to have "real guts".
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/ 23 February 2005
<img src="http://www.mg.co.za/ContentImages/197779/special_rep_icon_template.gif" align=left>Excise duties on alcoholic beverages have been increased by between 9,4% and 20% as part of the government’s 2005/06 Budget, according to Minister of Finance Trevor Manuel. Excise duty on unfortified wine and sparkling wine will see the largest increases (20% each on a nominal basis, 15,8% real).
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/ 23 February 2005
South Africa’s national Budget presented on Wednesday provides R6-billion for the land restitution programme over the next three years. Finance Minister Trevor Manuel said this would be to "complete the programme" — although Agriculture and Land Affairs Minister Thoko Didiza has estimated R13-billion would be needed to wrap up the programme.
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/ 23 February 2005
<img src="http://www.mg.co.za/ContentImages/197779/special_rep_icon_template.gif" align=left>The second draft of the proposed Mineral and Petroleum Royalty Bill is expected to be available for public comment during the first half of 2005, with submission to Parliament before the close of the year, according to Finance Minister Trevor Manuel.
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/ 23 February 2005
<img src="http://www.mg.co.za/ContentImages/197779/special_rep_icon_template.gif" align=left>The maximum old age, disability and care dependency grants will rise by R40 to R780 a month from April 2005, Minister of Finance Trevor Manuel announced on Wednesday. In his national Budget speech he said that foster-care grants will be increased by R30 to R560 and the child-support grant goes up by R10 to R180 a month.
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/ 23 February 2005
<img src="http://www.mg.co.za/ContentImages/197779/special_rep_icon_template.gif" align=left>Minister of Finance Trevor Manuel has unveiled reductions in personal income tax totalling R6,8-billion for the 2005/06 financial year as part of the government’s 2005 Budget. Outlining Budget proposals in Parliament on Wednesday, Manuel said the reductions will benefit taxpayers across all income brackets.