The nitty-gritty of the national budget
Despite the attention that is focused on the speech, there is much about the budget process that is not well known
Government budgets across the world are often delivered with some fanfare. SA is no exception. In February every year SA’s finance minister presents his budget speech to Parliament amid national excitement. As the biggest event in Parliament besides the state of the nation address by the president, the budget speech sparks robust and emotional debates. Although attention is focused on the speech, there is a great deal about the budget process that is not well known. For example, it is incorrect to say that the minister "announces" the final budget. Budget proposals have legal standing only once Parliament has followed a particular process to approve them. What this means is that important components of the budget are still being processed months after the minister gives his speech. While it’s true that tax changes announced by the minister come into effect immediately, they can in fact be reversed months later. The reason for this process is that it gives the public and its politica...
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