The National Budget Flashcards
(9 cards)
1
Q
What is the National Budget?
A
It is an announcment of all the govornment’s spendings, revenue, and borrowing plans for the next three years.
2
Q
When does the Financial Year start and end?
A
It runs from the 1st of March to the 28th of February every year.
3
Q
What are the 6 main types of taxes?
A
- VAT (Value Added Tax)
- Income Tax (money from each individual’s salary)
- Import & Export Tax
- Fuel Levy (money from paid fuel)
- Sin Tax (money from negative products)
- Company Tax (money from businesses)
4
Q
Where is any type of tax paid off to?
A
SARS (South African Revenue Services).
5
Q
What is Revenue?
A
Revenue is money that comes into SARS.
6
Q
What is Expenditure?
A
It is all the money that is spent by SARS.
7
Q
Give 3 examples of what expenditure is used for.
A
- Economic Development
- Learning and Culture
- General Public Services
- Health
- Peace and Security
- Community Development
- Social Development
- Debt and Service Costs
- Contingency Reserve
8
Q
What is a Surplus?
A
Is is when revenue exceeds expenditure.
9
Q
What is a deficit?
A
It is when expenditure exceeds revenue.
