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A Economic Preview of 2004

VIEWS: 6 PAGES: 96

									Authorised Financial Services Provider – FSP No: 859
2009 Pre-Budget Presentation:

        “It’s Just a
    Jump to the Left”
         Presented by:
          Dawie Roodt
        4 February 2009
 “It’s Just a Jump to the Left”

1. How your Tax Money is being spent?

2. Can the State afford the ANC Manifesto’s
   bill?
    Basic Economic System

Production       Consumption
  = 100             = 100
Economic Growth
             Year 1:

Production             Investment
  = 100                   = 20
                       Consumption
                          = 80
            Year 2:
      Eco. Growth = 5.0%
Production         Investment
              +2
  = 105               = 22

                   Consumption
              +3
                      = 83
Economic Growth
Things Certain in Life:
  Death & TAXES
             Year 1:

Production      -5     Investment =   15
 = 100                   Taxes   = 30
                        Consumption
               - 25         = 55
          Scenario 1:
    All Taxes are Invested
Production          Investment =15 = 45
             + 30
  = 100               Taxes = 30
                     Consumption
                         = 55
           Year 2:
     Eco. Growth = 10.0%
Production         Investment
             +3        =18
 = 110
                   Taxes   = 30

                   Consumption
              +7      = 62
Economic Growth

                  Scenario 1
        Scenario 2:
All Taxes go to Expenditure
Production      + 10   Investment =15 = 25
  = 100                 Taxes   = 30
             + 30
                        Consumption
                + 20        = 55
                            = 75
            Year 2:
      Eco. Growth = 7.0%
Production    +2   Investment   =17
 = 107              Taxes   = 30

                    Consumption
              +5       = 60
Economic Growth

                  Scenario 1


                  Scenario 2
Scenario 3: Efficiency Loss

Production      +7     Investment =15 = 22
  = 100                  Taxes = 30
               25
             + 30
                        Consumption
                + 18        = 55
                            = 73
            Year 2:
      Eco. Growth = 6.0%
                   Investment = 17
Production    +2            .


= 106.0             Taxes       = 30

                   Consumption
              +4
                       = 59
Economic Growth

                  Scenario 1

                  Scenario 2

                  Scenario 3
             Year 2:
       Eco. Growth = 6.0%
Production              Investment= 17
 • Consumption > Production
 = 106.0                 Taxes = 30
 • CA Deficit
 • Currency Volatility      Consumption
                                  = 59
 • Pressure on Prices, i.e. Inflation
                              Want
 • Upward Pressure on Interest Rates
                             80
                   !!!   as before !!
=106                           =127
              Adverse Impacts…
                        2008      2009

CA Balance:GDP
Consumption >          -7.5%      -5.1%
Production
Inflation              11.6%      4.5%
(CPI, average)
Interest Rate          15.0%      11.5%
(Prime, end of yr)
Rand                   R9.52      R9.00
(end of yr)
HH savings           -0.3% (Q3)   0.1%
Economic
                       3.0%       0.5%
Growth (full year)
   Undermining the Economy

EXTERNALLY

        INTERNALLY
          The State
     Takes from Savers –
      Gives to Spenders
In Reality…..




            Source: SARB, Efficient Research 2008
              But in Reality…
                            2007

GDP                        R2 000bn

GDP Growth (real)           5.1%

Total State Revenue        R537bn

Total Company Income Tax   R137bn

Total Investment           R422bn
         What if Company Tax
             Scrapped?
                                         2007

GDP                                      2000bn
                                       R 2020 bn

                                       5.1% + 0.9%
GDP Growth (real)                         5.1%
                                         = 6.0%
Total State Revenue (excl
                            6 yrs   R537bn – R137bn
CIT)                                   R537bn
                                       = R400bn

Total Company Income Tax                 R0bn
                                R422bn + 0.63*R137bn
Total Investment                 = R422bn + R87.5bn
                                    = R509.5bn
        Therefore, Needed
1. Higher Savings:
  – Lower Corporate Taxes
  – Lower Personal Income Taxes
2. Less Social Expenditure:
  – 12m+ Grants Recipients
  – Education Results ??
3. Focus on State Efficiency
4. More Focus on Capital Expenditure/
   Productive Capacity
 Treasury’s
Playground:
  2008/09
Comparing Apples with Apples…
                    2008/09 (Budget)
 SA Reserve Bank                      National Treasury
National Government Finance         Main Budget
    Revenue             625,4           Revenue           625,4
    Expenditure         611,1 0.6% of   Expenditure       611,1
    Balance             14,3 GDP        Balance           14,3
+ Social Security                   + Social Security
                                        Revenue           24,7
                                        Expenditure       20,5
= Consolidated Central Government = Consolidated National Budget
                               0.8% of Balance            18,5
+ provincial                   GDP
+ local government
= Consolidated General Government
+ public enterprises
= Non-financial public sector?
Three Spheres for Revenue
                      • Provincial
        Provincial       –   Motor vehicle licenses
        (1.0%)           –   Casino (gambling) taxes
                         –   Liquor licenses
        Local
        government       –   Fuel levy?
        (municipal)
        (3.6%)        • Local
        National         – Property rates
        (95.6%)
                         – RSC levies (prior to 06/07)
                      • National
                         – PIT, CIT, VAT, Fuel levy


                                    Source: 2008 Tax Statistics,
                                    National Treasury and SARS
Revenue
Revenue
Revenue Categories

              Strong Demand
              Economic Activity,
              Commodity Cycle
               Wage Increases,
               Inflation… 12.0%
National Tax Revenues
   Revenue Sources (Est. 2008/09)
  28%

                         25%

                                Individual Tax
                                Companies (incl STC)
                                VAT
                                Excise Duties
                                Fuel Levy
                          3%    Other
                         4%


  31%               9%
Registered Income Tax Payers
Registered
             Individuals   Companies               Trusts                  PAYE
Taxpayers

 2004/05        4.1m          930k                  320k                    300k


 2005/06        4.5m          1.1m                  345k                    330k

                     45% Total PIT 75% Total CIT
 2006/07                    top paid
                4.8mpaid by 1.2m5.0%by 1.2% companies
                                       375k      350k

                5.2m          1.6m                 385k                    380k
 2007/08
             (9.3% y/y)    (30.0% y/y)          (2.8% y/y)              (8.8% y/y)
                              Source: National Treasury & SARS, 2008, business Day 3 Feb 08
             2008/09 in Review:
                 Revenue
                                      Efficient
             Budget ’08   MTBPS ’08                 Diff. (%)
                                      Estimate
Income Tax     369.7        380.7      383.8      14.0 (3.8%)
Individual     191.1        201.0      196.8       5.8 (3.0%)
Company        156.5        158.9      163.8       7.3 (4.7%)
STC             20.0        18.2        19.7      -0.3 (-1.5%)
Other           2.2          2.6        2.2       -0.1 (0.0%)
VAT            167.0        167.0      154.2      -12.9 (-7.7%)
Fuel Levy       26.4        25.5        25.0      -1.4 (-5.3%)
C&E&Other       91.2        80.4        81.7      -9.5 (-10.4%)
SACU           -28.9        -27.1       -27.5     -1.4 (-4.8%)
Total          625.4        626.5      617.2      -8.1 (-1.3%)
  Reasons for Under Shooting
• Individual tax
      High wage and salary negotiations (wage inflation)

• Company tax
      Commodity prices (“Two halves” of 2008 – commodity
       boom/bust)

• STC
      Retained income

• VAT
      Consumption expenditure plummets
Total Budget Revenue




 • Interest              • Botswana, Lesotho,
                         Namibia, Swaziland (BLNS)
 • Dividends
                         • Similar excise and customs
 • Rent on land          (import) duties
 • Sales of good and     •Revenues pooled and
 services                distributed based on formula
 • Fines and penalties

                                             Source: 2008 Tax Statistics,
                                             National Treasury and SARS
   SA Contributions to and
  received from SACU Pool
Rbn
         Contribution to and received from SACU pool
 50
 40
 30
 20
 10
  0
-10
-20
-30
      2000     2001       2002      2003       2004      2005    2006       2007        2008

       Contribution to (include some BLNS collections)    Receive from      Loss

                                                                   Source: 2008 Tax Statistics,
                                                                   National Treasury and SARS
SACU Revenue Share Formula
1. Customs component
   – Country’s share of intra-SACU trade, including re-
     exports
2. Excise component
   – Based on GDP, net of development component
3. Development component
   – Set at 15% of total excise pool
   – GDP p.c. vs average SACU GDP p.c.
   – GDP < SACU average: compensated
                                            Source: 2008 Tax Statistics,
                                            National Treasury and SARS
       SACU Economic Indicators
                                 Botswana     Lesotho      Namibia            South           Swaziland
                                                                              Africa


    GDP per capita                 R51.4k      R6.3k        R26.4k            R41.1k            R18.6k

 To SACU pool (07/08)              R0.2bn      R0.1bn       R0.4bn           R45.4bn            R0.1bn

From SACU pool (07/08)             R9.0bn      R4.1bn       R6.6bn           R21.5bn            R4.9bn

     Win or loose                  R8.8bn      R4.0bn       R6.2bn           R23.9bn            R4.8bn

     Out:In Ratio                       45x     41x           16x               0.5x               49x

 SACU receipt : GDP                 10.3%      36.3%         12.5%             1.1%              23.9%

 SACU : state revenue               34.8%      91.2%         50.4%             4.5%              88.5%


    *Calculated using average R/$7.05                   Source: 2008 Tax Statistics, IMF, own calculations
              Expenditure
“Budget priorities for the period ahead are
focused on social solidarity and building a
more equitable society”
                    (Source: 2008 MTBPS)
                      Expenditure




Rein in Expenditure
Lower foreign debt
        Spending Priorities
  Expenditure: Functional Classification (2008/09 Est.)
        8% 1%
                                       16%

 16%

                        54%                    8%
                          19%

  15%                                        11%

         6%
General Gov        Protection Serv.     Eco. & Infra.
State Debt Cost    Other                Education
Social Dev.        Housing, Com Dev.    Health
Social Expenditure




           Source: Various budgets, own calculations
                     2008/09 in Review:
                        Expenditure
                                               Efficient
        R bn          Budget ’08   MTBPS ’08                             Diff. (%)
                                               Estimate
Voted Amounts           345.3        370.2        366.4                21.1 (6.1%)
Central Gov.*            48.4        51.6          48.9                 0.5 (1.0%)
Fin. & Admin.            23.6        33.8          31.1                7.5 (31.8%)
Social Services         117.3        121.0        118.1                 0.8 (0.7%)
Justice & Protect.       88.7        90.3          93.2                 4.4 (5.1%)
Eco. & Infrastruc.       67.2        73.5          75.0                7.8 (11.6%)
State Debt Cost          51.2        54.0          52.7                 1.5 (2.9%)
Transfer Provinces      199.4        204.0        205.2                 5.7 (2.9%)
Other                    15.2         7.3          14.1                -1.1 (-3.9%)
Total                   611.1        635.5        638.8                27.7 (4.5%)
                                               * Includes: Provincial and local government
Balance/Debt
Revenue and Expenditure
                    Fiscal Balance
            Budget balance adjusted for cash flows, to GDP
1

0

-1

-2

-3

-4

-5
     1996    1998     2000    2002    2004     2006        2008           2010

                                                      Source: SARB
                                                      Forecast: Efficient Group
                        State Debt
                   Total national State Debt, to GDP
50
                                                 Domestic debt: R485.5bn
40                                               Foreign debt: R81.9bn


30

20

10
     1996   1998      2000     2002    2004     2006          2008           2010


                                                       Source: SARB
                                                       Forecast: MTBPS, Efficient
             The Grey Area
- Applying Monetary Policy the Fiscal Way!


   ‘Loss’ paid by State to
   SARB:
   Interest received = 3%         Liquidity
   Interest Paid = 8%             drainage

   “Cost” = R3bn




                                   Source: SARB, Treasury
                    Summary 2008/09

                                              Efficient     Difference
                     Budget ’08   MTBPS ’08
                                              Estimate    (Eff – Budget)
Revenue                625.4        626.5      617.2           -8.1
Expenditure            611.1        635.5      638.8          27.7
(Deficit)/Surplus       14.3        -8.9        -21.6         35.9
% of GDP               +0.6%        -0.4%      -0.9%
Budget 2009/10
Reality Check!
                    Summary 2009/10

                                                Efficient
                       Budget ’08   MTBPS ’08
                                                Estimate
Revenue                  692.9        682.9      667.2
Expenditure              681.3        735.0      749.6
(Deficit)/Surplus         11.6        -52.1       -82.4
% of GDP                 +0.5%        -2.0%      -3.4%
Expenditure
Trev’s Plans…
  (MTBPS)
    “Achieving Social Solidarity and
          Equitable society”
Budget Priorities
•   Education                        •   Infrastructure
     – Broaden employment                 – Water, sanitation, housing,
       opportunities                         electricity, public transport
     – Raise productivity
•   Health                           •   (Rural ) Poverty Alleviation
     – Human resource capacity            – Raise rural incomes
     – Child mortality                    – Improve livelihoods (access to
     – HIV, TB, etc.                        arable land, agri services)
•   Crime Prevention
     – Detective and investigation
       services
     – Improving court processes
         Infrastructure Spending
• Public sector infrastructure spending, R568.1bn (+18.0% y/y/) over
  medium term (Expect R70bn+ more)
• Capex to total expenditure expected to rise from 6.3% in 2004/05 to
  11.0% in 2010/11   (MTBPS 2008)
                                                 On Whose Books?
                                                 Credit Rating?


                                             •    Total: R342.8bn
                                             •    73% Generation
                                             •    12% Transmission
                                             •    10% Distribution
Many Smiles…
   Social Grants Beneficiary Numbers
Grant Type              2003    2006     2007        2008          % Change
(‘000)                                            (projected)      2003-2008
Old Age Grant           2,022   2,144    2,195      2,225              10%
Disability Grant        953     1,319    1,422      1,409             47.8%
War Veterans Grant       4        3        2          2               -50.0%
Foster Care Grant       138      313      400        446             223.2%
Care Dependency Grant    58      94       98         110              89.7%
(disabled)
Child Support           2,630   7,045    7,863      8,208            212.1%
Total                   5,808   10,918   11,991     12,402           106.5%
                                                             Source: 2008 Budget
                    2008: 12.5m recipients
                   26.0% of SA population
                                               Fraud!! – R1bn annually
            Changes to Social Grants
                                           2009 Efficient
       Grant Type (R)        2007   2008                      Cost to State
                                                Est

Old Age Grant – men age 61
                             870    940        1050               R3.0bn
(63)
Disability Grant             870    940        1050               R1.8bn
War Veterans Grant           890    960        1080               R0.0bn
Foster Care Grant            620    650         720               R0.4bn
Care Dependency Grant
                             870    940        1050               R0.2bn
(disabled)
Child Support 18yrs?         200    220         250         R3.0bn + (R3.0bn?)
Grant in Aid (full-time
                             200    210         240                  n/a
attendance)
                                                               Source: 2008 Budget

         Additional: R8.3bn (R11.3bn?)
             Other Expenditure
 Surge in Social Spending
 Wage Subsidy (<R46k)
 Job Security/ UIF
 More for Education and Health
 More for Land Reform Budget
 Service delivery to get more and more
 Capital spending
    World Cup
    Housing
 Let’s hope; safety and security - World Cup
JZ’s Plans…
 (Manifesto)
            Spending Plans..
                                     Poverty
              Education    Health
                                    Alleviation



Manifesto        ?           ?          ?


 Budget
             R120.5bn     R72.9bn   R105.1bn
 2008/09


TOTAL        R120.5bn     R72.9bn   R105.1bn
           Manifesto: Education
                               Approximate Cost to
                                  Taxpayer p/y
60.0% of Schools No-Fee              R2.0bn
Recruiting 15 000 Pre-School           ?
teachers/helpers
Sport Facilities for Poorer            ?
Schools
Free School Feeding for all            ?
poor pupils
TOTAL                                R2.0bn
            Spending Plans..
                                     Poverty
              Education    Health
                                    Alleviation



Manifesto     R2.0bn+        ?          ?


 Budget
             R120.5bn     R72.9bn   R105.1bn
 2008/09


TOTAL        R122.5bn     R72.9bn   R105.1bn
             Manifesto: Health
                             Approximate Cost to
                                Taxpayer p/y
Hire More Nurses on Better           R?
Pay Scales
Reopening of Training                R?
Colleges
Boosting fight against               R?
HIV/Aids
Publicly Funded National             R?
Health Insurance System
within next 5 yrs
TOTAL                               R?bn
            Spending Plans..
                                     Poverty
              Education    Health
                                    Alleviation



Manifesto     R2.0bn+      Rbn?         ?


 Budget
             R120.5bn     R72.9bn   R105.1bn
 2008/09


TOTAL        R122.5bn     R72.9bn   R105.1bn
  Manifesto: Poverty Alleviation
                               Approximate Cost to
                                  Taxpayer p/y
Raising cut-off age to 18yrs         R3.0bn
for child support grant
Extension of unemployed             R17.0bn
insurance to cover more
unemployed adults
“Active measures” to cushion        R20.0bn
poor from global financial
crisis
TOTAL                               R40.0bn
            Spending Plans..
                                     Poverty
              Education    Health
                                    Alleviation



Manifesto     R2.0bn+      Rbn?      R40bn+

Budget Deficit:GDP = 5.0% ?
 Budget
         R120.5bn R72.9bn R105.1bn
 2008/09  (3.4% prev)
TOTAL        R122.5bn     R72.9bn   R145.1bn
Taxpayer’s Pains…
The Salary Story….
                            Total        Salaries/     Salaries/
                         Remuneration   GDP @ cap    Ave Grant p yr


      President           R 2,107,224      51             187
      Speaker:
 National Assembly
                          R 1,896,546      46             168

      Minister            R 1,612,053      39             143

  Deputy Minister         R 1,327,560      32             118

 House Chairperson        R 1,232,766      30             109
Parliamentary Council:
       President
                          R 1,043,067      25             93
     Member of
     Parliament
                          R 691,641        17             61

Municipal Counselor       R 322,899         8             29
                Qualified Audit Opinions:
   General Report of the Auditor General on Audit Outcomes for the Financial Year 2006-07
          Department           2002-03       2003-04        2004-05        2005-06      2006-07
Arts & Culture,
Sport & Recreation
Public Works

Independent Complaints
Directorate
Land Affairs

Transport

Labour

Justice

Parliament

Health

Defence

Correctional Services

Water Affairs & Forestry

Home Affairs
   Introducing…
The White Elephants
Elephant #1: SAA
           Public vs Private

                        SAA                      Comair

    2006:
 Profit/(Loss)   (R883.0m)                       R 78.8m

   2007:
Profit/(Loss)
                  (R850 m)                       R 109.2m
                 Profit..“Restructuring costs”


 Employee/        8 227/58 =                     1559/23 =
Aircraft Ratio           147                        68
         Dumbo 2 & Dumbo 3:
                      Sentech        Denel
2006: Profit/(Loss)
                       (R85.3m)    (R 1,3 bn)


2007: Profit/(Loss)   (R 17.6m)    (R 549.1m)


2008: Profit/(Loss)    R17.5m      (R 347.2m)

    TOTAL             (R 85.4 M)   (R 2,2 BN)
   RECEIPTS            R 457 M      R 2.0 BN
Revenue
Mercy Please Trev?
              Efficient’s Possible, Likely,
               Probable New Tax Table
                2008/09                                   2009/10
   Taxable Inc (R)         Rates of Tax      Taxable Inc (R)        Rates of Tax
0 – 122 500                    18%        0 – 135 000                    18%
122 501 – 195 000         R21 960 + 25%   135 001 – 210 000       R24 300 + 25%
195 001 – 270 000         R40 210 + 30%   210 001 – 300 000       R43 050 + 30%
270 001 – 380 000         R62 710 + 35%   300 001 – 420 000       R70 050 + 35%
380 001 – 490 000       R101 210 + 38% 420 001 – 550 000         R112 050 + 38%
490 001 –               R143 010 + 40% 550 001 –                 R161 450 + 40%
                Rebates                                   Rebates
Primary                       8 280       Primary                       9 000
              Tax Threshold                             Tax Threshold
Below 65                      46 000      Below 65                      50 000
             Effect of Adjustment

    Income      2008/09 Tax   2009/10 Tax    Difference
R100k             R9 720        R9 000      R720 (7.4%)
R150k            R20 555       R19 050      R1 505 (7.3%)
R200k            R33 430       R31 550      R1 880 (5.6%)
R300k            R64 930       R61 050      R3 880 (6.0%)
R400k            R100 530      R96 050      R4 480 (4.5%)
R500k            R138 730      R133 450     R5 280 (3.8%)

             “Cost” = R8.0bn
             Do not cover inflation!
Income Tax: Indiv. & Companies
           Type                    2008/09             Possible changes ?
Medical Aid Contributions   R570 first two members   R630 first two members
                                (R530, +7.6%)                (10.5%)
                            R345 second members      R380 second members
                                     (R320)                  (10.5%)
Interest Exemption              R19 000 (R18k)               R25 000

Capital Gains Tax               R16 000 (R15k)               R20 000
STC                                  10%              Replaced by Dividend
                                                        withholding tax
SME                                                     Include Professional
Presumptive Turnover Tax                                 service providers?
                                                     (accountants, optometrist
      < R100k                       Zero               Bracket Adjustment
      R100 001 – R300k           2.0% > 100k
      R300 001 – R500k          R4000 + 4.0%
      R500 001 – R750k          R12 000 + 5.5%
      R750 001 – R1m            R25 750 + 7.5%
              Carbon Tax
        Paying for your footprint?
•   2008 Budget Proposal:
    –   R100/ton on carbon dioxide equivalent
    –   Increased to R250/ton by 2010
•   SA economy based on (low priced) carbon intensive
    energy
•   Involve electricity demand management, renewable
    energy and reduction in emissions (Min. V Schalkwyk)
•   Cap-and-trade system (Deloitte)
    –   Incentivise behavioral change
       Large Industrial Projects
•   R5bn of tax incentives for ‘large projects’ meeting SA’s
    ‘industrial-policy objectives’
•   R10bn over next three years
•   To replace oversubscribed strategic industrial projects
    incentive.
              Electricity Levy
–   Where’s the incentive?
–   Where’s the alternative?
–   Estimated R2.0bn to revenue in 2008/09 and R4bn in
    2009/2010.
–   2c/kWh up to 4c/kWh?
        Life’s Little Pleasures
Sin Taxes’ contribution to state revenue fiscal 2008/09 (09/10):
       Beer R5.5bn (R5.8bn)
     + Wine and spirits R3.0bn (R4.3bn)
     + Cigarettes R8.5bn (R9.6bn)
     = R17.0bn (2.8% of revenue) (R19.7bn) (2.9% exp)

Disposable income under pressure…?
What Else…
             Forex Controls
         - Blessing or Burden?
•  Blessings:
  – Protect from risky international investments
  – We need to keep capital in SA
  – “Unpatriotic”
• Burdens:
  – Capital should be free to flow to highest yield
  – Limits business and economic growth
  – Complicates international investment structures
  – The return of the “FORWARD BOOK”
Cost of Forex Controls




                    Source: SARB
Talking about the SARB…
                        GDP @
 Central                         Salaries, Salaries/
              Country    cap                                  CPI
 Banker                           PPP $ GDP p cap
                        PPP $

Joseph Yam Hong Kong    44,413   913,262     20.6            2.7%

Mervyn King    BOE      36,571   440,063     12.0            3.1%

Jean-Claude
               ECB      33,882   289,352     8.5             1.1%
   Trichet
    Tito
               SARB     10,187   814,751     80.0           10.1%
  Mboweni
Mark Carney   Canada    39,339   297,617     7.6             1.2%
   Ben
                US      47,025   144,059     3.1            0.1%*
 Bernanke
                                              * y/y, all urban consumers
… or a jump to the reality!
            An (affordable?) Wish List
                Based on fiscal 2008/09 estimates
       Tax Category       Wishes Granted in 2008       We want more!
PIT (Mid/high income)             Lower                     Lower
Company tax                      Lower   ✓         Lower (i.e. R5.8bn loss in
                                                      revenue, per 1%)
STC                            Lower/Scrap           Scrap (R20.0bn loss)
VAT                               Higher           Higher (i.e. R11.0bn gain
                                                     in revenue, per 1%)
Transfer duty                    Abolish             Abolish (R6.0bn loss)
Customs Duties                 Lower/Scrap           Lower/Scrap (SACU
                                                         outflow!!)
Small comp. VAT returns   Lower frequency/Higher
                               threshold ✓
Flat tax rate                      22%
… or just a jump?
    Manuel: Lucky number 13?
Possible successors:
• Mandisi Mphalwa (Min. trade and industry)
• Ndlanhla Nene (Deputy Finance minister)
• Cyril Ramaphosa (businessman, ex politician)
• Max Sisulu (ANC national executive committee)
 Authourised Financial Services Provider – FSP No: 859




www.efgroup.co.za

								
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