The Financial and Fiscal Commission has recommended that government’s social protection system be strengthened, to protect vulnerable segments of society, especially those exposed to the negative impact of rising inflation, including higher energy, fuel and food prices. The FFC tabled its recommendations for the 2024/25 Division of Revenue under the theme “Improving service delivery and inclusivity in an environment of expenditure moderation”. National Treasury and the Department of Social Development have been called upon to address the challenges of access to the current social protection measures, especially the Social Relief of Distress Grant.

For more news, visit sabcnews.com and #SABCNews on all Social Media platforms….(read more)

HOW TO: Hedge Against Inflation

REVEALED: Best Investment During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

The Financial and Fiscal Commission (FFC) has made its recommendations for the Division of Revenue in South Africa for the 2024/25 financial year, which seeks to address the country’s ongoing economic and fiscal challenges.

The FFC has recommended that the national government prioritises social expenditure, such as health, education and social development. This would help support the most vulnerable members of society and ensure that the benefits of economic growth are shared more equitably.

The FFC also recommends that the provincial and local governments be empowered to raise their own revenues, which would help reduce their dependence on grants from the national government. This would require a reform of the intergovernmental fiscal system, which currently favours the national government.

The FFC has also called for greater investment in infrastructure, particularly in rural areas. This would help catalyse economic growth in these regions and create jobs, while also improving access to basic services like water and electricity.

To pay for these investments, the FFC recommends that the government explores new revenue sources, such as a tax on wealth or carbon emissions. This would provide a more sustainable source of revenue for the government and help reduce inequality in the country.

Finally, the FFC has called for greater transparency and accountability in the administration of government finances. This would require improved financial management systems, as well as greater public participation in the budgeting process.

Overall, the FFC’s recommendations provide a roadmap for addressing South Africa’s economic challenges in a sustainable and equitable way. By prioritising social expenditure, empowering provincial and local governments, investing in infrastructure, exploring new revenue sources, and improving transparency and accountability, the government can help build a more resilient and inclusive economy for all South Africans.