Insights From Tax Consulting’s Budget Speech Presentations: 5 Key Takeaways
Tax Consulting South Africa
On the frontiers of tax technical expertise & optimal compliance assurance
On 27 February 2024, Tax Consulting hosted the 20th session on the Budget 2024/25 update. These sessions equip the attendees with the “consequences” of the budget for tax practitioners, accountants, payroll professionals and other professionals, who are tasked with practical implications of the announcements made. By demand, the same session will be held next week.
The following highlights from the presentation and interactive polls, is indicative of how professionals view the budget.
PROFESSIONAL RATING OF THE BUDGET SPEECH
Attendees collectively rated Minister Enoch Godongwana’s budget speech between 3/10 and 5/10. The prevailing sentiment was that the speech resembled a “typical election budget” aiming to appease various stakeholders with deferred consequences. There were only two attendees from close to a thousand attendees who gave a 9/10, and they were not government officials.
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GENDER PAY DISPARITY REVEALED
A significant point of interest was the statistics which Jerry Botha from Tax Consulting shared on the gender pay gap. He noted that this slide alone contains data which justifies a whole presentation. The good news is that women are catching up with men, and at certain levels now outearn men. However, at the highest levels, the gap remains material and men far outweigh women.
Attendees expressed concern over the glaring gender pay gap revealed by these figures, indicating a pressing need for efforts to address equal pay for women in South Africa. The data provided a sobering glimpse into the reality of wage inequality in the country.
UTILIZATION OF GOLD AND FOREIGN EXCHANGE RESERVES
The announcement of the government’s plan to draw down R150 billion from the Gold and Foreign Exchange Contingency Reserve Account (GFECRA) sparked discussions about fiscal strategy. This unprecedented move, aimed at reducing borrowing and debt-service costs, raised questions about its long-term implications and sustainability. Tax Consulting is concerned... Read more.