COVID-19: Mboweni says SA government to put R800 billion to help ease pandemic

PUBLISHED: Fri, 24 Apr 2020 14:24:23 GMT

Our combined fiscal and policy measures are above R800 billion, says Tito Mboweni SA finance minister that will be rapidly rolled out.

“Time is of the essence’, says Mboweni.

Government unveils a package of tax relief and welfare measures to ease the economic pain of COVID-19.

Mboweni said the government would pour billions of Rand into social security payments along with a raft of tax relief measures to help companies with their cash flow.

VAT returns would be fast tracked, says Mboweni, there would be a holiday on the skills development levy; deferments on tax payments; a deferment of the new carbon tax until October 31; a number of other corporate taxes outlined in the budget will be put on hold.

Mboweni also said billions would be poured into the social security system to help poor South Africans. There would be R50 billion put into the system it can pay everyone more for everything from child support to care givers.

The finance minister said the government was tightening its fiscal belt to ensure it had the money to help South Africa weather COVID-19.

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.