Saving The difference between income and spending.

Seasonally adjusted and annualized The process of removing the seasonal volatility (monthly or quarterly) from a time series. This provides a measure of the underlying trend in the data.

Secondary rebate A rebate from income tax, in addition to the primary rebate, that is available to taxpayers aged 65 years and older.

Secondary sector The part of the economy concerned with the manufacture of goods.

Secondary tax on companies (STC) Tax on dividends declared by a company, calculated at the rate of 12,5 per cent of the net amount of dividends declared (10% wef 1 October 2007)

Section 21 company Non-profit entities registered in terms of Section 21 of the Companies Act.

Service and transfer payments Services involve transactions of non-tangible commodities, while transfers are unrequited transactions that do not generate a counter economic value (eg, gifts and grants).

SITE Stands for Standard Income Tax on Employees. It is that portion of employees' tax which relates to the first R60 000 per annum of income earned from so-called "standard employment".

Skills development levy A payroll tax designed to finance training initiatives, in terms of the skills development strategy.

Small business A 'small business' is a separate and distinct business entity, including cooperative enterprises and non-governmental organisations, which is managed by one or more owners and which predominantly carries on business in any sector or subsector of the economy.

Sole proprietorship The sole proprietorship is usually a relatively small enterprise in which the capital of only one person, the proprietor, is invested. An individual trading under a trading name

Son of Boss transaction "Involves transferring an asset to a partnership, creating a high 'cost basis' for tax purposes. The transaction also includes a step that effectively cancels out much of the transfer in economic terms but keeps the tax basis high. Later, the taxpayer disposes of the stake in the partnership for a price reflecting its significantly lower economic value. He claims the difference between the high cost basis and the low sale price as a loss for tax purposes. The deals are based on an older shelter known as BOSS, which stands for 'bond and options sales strategy'." - WSJ.com

Source-based income tax system A system in which income is taxed in the country where the income originates.

Southern African Customs Union (SACU) An agreement that allows for the unrestricted flow of goods and services, and the sharing of customs and excise revenue, between South Africa, Botswana, Namibia, Lesotho and Swaziland.

Southern African Development Community (SADC) A regional governmental organisation that promotes collaboration, economic integration and technical cooperation throughout Southern Africa.

Sovereign debt rating An assessment of the likelihood that a government will default on its debt obligations.

Specific excise duty A tax on each unit of output or sale of a good, unrelated to the value of a good.

Standing appropriations Government's expenditure obligations that do not require a vote or statutory provision, including contractual guarantee commitments and international agreements.

Statutory appropriations Amounts appropriated to be spent in terms of statutes and not requiring appropriation by vote.

Switch auction Involves government buying back or redeeming certain predetermined securities (e.g. repurchase bonds) that tend to be illiquid, and replacing them with more liquid securities (e.g. replacement bonds).

Syndicated loan A large loan in which a group of banks, headed by a lead manager, work together to provide funds which they solicit from their clients for the borrower.