Hot buttered Budget Speech breakfast
24 February 2014
Posted by: Author: SAIT and FPI
Author: SAIT and FPI
Johannesburg:The eagerly anticipated 2014 Budget Speech Breakfast will see a panel of leading business and financial authorities discuss the wider implications of Minister Pravin Gordhan’s 2013/2014 Budget Speech on the morning of February 27th.
Co-hosted by two of South Africa’s leading professional bodies, the Financial Planning Institute (FPI) and the SA Institute of Tax Practitioners (SAIT), this annual event is the country’s largest independent, post budget speech breakfast, and attracted over 1000 delegates last year who engaged in a lively discussion over how the National Budget impacts South Africa with regards to taxation (taxation legislation), the economy (economic recovery), socio-economic (socio-economic development) and political environments.
According to Chief Executive of SAIT, Stiaan Klue, the slowdown in the economy and consumer spending (consumer spending trends) towards the second and third quarter of 2013, combined with the wave of mostly illegal strikes in the mining sector last year will negatively impact total projected revenue collection for the fiscal year ending 30 March 2014. "Ongoing financial pressure on government, may force the Finance Minister’s hand to find creative ways to increase taxes while remaining sensitive to the proletariat given the fact that this is an election year.”
"It is widely acknowledged that there will be a significant shortfall in tax revenue this fiscal year, and speculation is rife on which measures and reforms National Treasury (National Treasury South Africa) will introduce to bolster the balance sheet in the coming year,” comments FPI Chief Executive, Godfrey Nti. An outright increase in direct tax (direct tax relief) is unlikely in an election year. However, the government will garner popularity if they introduce tax reforms that further their objectives in the redistribution of wealth, such as an increase in Capital Gains Tax (CGT), and the introduction of luxury VAT rate similar to the UK.
With this said it, is absolutely imperative for all professionals within the financial services industry (financial services industry in South Africa) to work on creating financially informed South Africans who are educated on how to prepare and adjust their finances for such tax reforms (tax reform options). The FPI and SAIT’s partnership over the budget breakfast, enables both organisations to effectively share its expertise in ensuring that South Africans can make informed financial decisions to navigate their way around the country’s 2014 budget amendments.
The Budget Speech Breakfast has assembled an expert panel comprising of leading financial commentators and thought leaders, including Prof Jackie Arendse, Mike Schussler, Patrick Craven, Ronald King, CFP® and Prof Steven Friedman. Each will share their personal analysis of the Budget Speech (Budget Speech for 2014) before engaging in a panel discussion where the floor will be opened to delegates.
"It’s crucially important to cut through some of the jargon that surrounds the Budget Speech and to focus on issues that will have the biggest impact on the financial health of the Country,” adds, Klue. "The purpose of the Budget Speech breakfast is to give the delegates an inside track on how certain reforms will affect their businesses and the South African economy (South African emerging economy) as a whole.”
In order to cater for the nationwide interest in the Budget Speech Breakfast which takes place at Gallagher Estate in Johannesburg, Business Day TV has been commissioned to broadcast the live discussion to audiences in Bloemfontein, Cape Town, Durban and Port Elizabeth.
Online registration is open until 24 February and seats can be booked by contacting Ingrid Erwee firstname.lastname@example.org or contact the FPI events team at email@example.com. Attendance secures two hours verifiable CPD points recognised by the major the professional bodies (professional bodies in South Africa). Individual tickets, priced at R550 for members and R600 for non-members, include a three-course breakfast. Exclusive sponsored tables of up to ten can be reserved for R5000.
Follow the Budget Breakfast on twitter #fpisait2014 on: @fpi_SAnews or @thesait1
The South African Institute of Tax Professionals (SAIT) is the largest of the professional tax bodies in South Africa, and seeks to enhance the tax profession by developing standards in education, compliance, monitoring and performance. SAIT contributes to the development of world class professional practises and people. The Institute plays a leading role in developing sound tax policy and shaping fiscal legislation through participation in, and dialogue with, Parliament. SAIT actively contributes to industry leading thought leadership content and guidance to taxpayers. Through SAIT’s international network, and influence as chair of the global Tax Directors Forum, South Africa participates and contributes to the work of the OECD, and the Institute regularly hosts international tax conferences and summits in support of the national developmental agenda.
The Financial Planning Institute of Southern Africa (FPI), the South African Qualifications Authority (SAQA) recognised professional body for financial planners, which serves the public by ensuring that people who carry the CFP® designation are qualified, experienced and professional. FPI is recognised internationally and is a founding and a current affiliate member of the international Financial Planning Standards Board Ltd (FPSB) based in the USA, along with 24 other affiliate member countries who offer CFP® certification, the highest recognised professional designation worldwide for a financial planning professional.