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The budget Speech

22 Feb

Pravin Gordhan

Cape Town – Financial literacy education is very dear to me to an extent that I lead a team of volunteers at University that solely focuses on teaching high scholars about money and debt management and saving. The minister of finance, Pravin Gordhan announced in his 2012 budget speech that those who save will get a form of a tax break.

At this stage I am not at liberty of analyzing his speech, but he said many things that are heart warming, and not so heart-warming to smokers, drinkers and gamblers.Personally, I welcome his speech.

What I found profound is the following statement:

To encourage voluntary savings, consideration is being given to the introduction of tax-exempt short and medium-term savings products. The proposal is that individuals should be permitted to save up to R30 000 a year, with a lifetime limit of R500 000, in registered savings or investment products that would be free of tax on interest, dividends or capital gains.

In retrospect the minister is encouraging wealth creation and saving amongst South Africa citizens.

Be financially savvy!

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2 Comments

Posted by on February 22, 2012 in Economics

 

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2 responses to “The budget Speech

  1. mknnko003

    February 28, 2012 at 12:36 am

    I took time to look at the Speech and I have to say that; I am very Impressed with the investment on education infrastructure and I hope The Department of Education will utilize the budget to the maximum extent to Improve and build on the new South Africa and economy.

     
    • Dumi-rocks

      March 4, 2012 at 12:12 pm

      Normally I education enjoy the biggest slice of the budget and yet the investment does not yield high returns. We will see, so I have a similar view as yourself!

       

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