VAT needed to be increased to stabilise debt
  Finance Minister Malusi Gigaba said government had reached a point where increasing value-added tax (VAT) had to be done. This, he said, was necessary after he announced a R51 billion revenue shortfall in the medium term budget in October, which meant that the budget deficit would rise and... Read more
Treasury to assist state-owned companies turn the corner
National Treasury will assist state-owned companies (SOCs) develop and implement robust turnaround strategies, Finance Minister Malusi Gigaba said on Wednesday. Tabling the 2018 national Budget in the National Assembly on Wednesday, Minister Gigaba said government recognises that the business models of some SOCs are unsustainable and that their capital... Read more
Higher growth projected for SA economy
With an improved economic outlook, South Africa’s Gross Domestic Product (GDP) is projected to come in at 1% in 2018, up from the 0.7% projected last year, Finance Minister Malusi Gigaba said on Wednesday. “The 2017 GDP growth projection has been revised upward to 1%, which is higher than... Read more
Minister Gigaba delivers 2018 Budget amid tough climate
Finance Minister Malusi Gigaba’s Budget Speech has seen him make “difficult decisions” to address a revenue shortfall and to fund free higher education. An increase in value-added tax (VAT), fuel levy and a higher estate duty tax are just some of the things South Africans will be faced with... Read more
Vulekamali portal makes Budget more accessible
The Vulekamali portal, launched by Finance Minister Malusi Gigaba on Tuesday, will make information on the Budget more accessible to ordinary South Africans. The online portal presents information in a simplified format and shows members of the public how public resources are generated and used. The Minister launched the... Read more
Is an interest rate cut likely in 2018?
At the release of the PayProp Rental Index Annual Review of 2017 it was suggested that the lending rate could fall in 2018. Johette Smuts, head of data and analytics at PayProp, noted: “Economists are talking about a possible rate cut, which will boost not just the economy but... Read more
SARS welcomes Presidential tax inquiry
The South African Revenue Service (SARS) has welcomed President Cyril Ramaphosa’s announcement of an inquiry into tax administration and governance at the revenue service. “The South African Revenue Service welcomes President Ramaphosa’s State of the Nation pledge to launch a Commission of Inquiry into tax administration and governance at... Read more
SAPO commences with migration of social grant beneficiaries
The South African Post Office (SAPO) Chief Operating Officer, Lindiwe Kwele, says the migration of grant beneficiaries to Postbank has already commenced. Kwele on Tuesday said that the South African Social Security Agency (SASSA) has signed off on the new card design for social grant beneficiaries and that after... Read more
Bank of Baroda to withdraw from SA
The Reserve Bank has received notification from the Bank of Baroda of its exit from South Africa. The Indian state-owned international banking and financial services company notified the Office of the Registrar of Banks of its exit from South Africa. “The Registrar, which is part of the South African... Read more
New banknotes to honour Madiba’s centenary
As the commemoration to mark the 28th anniversary of the release from prison of Former President Nelson Mandela continued on Sunday, the South African Reserve Bank (SARB) has announced that it will issue a set of commemorative banknotes to honour the former statesman’s centenary. Mandela would have turned 100... Read more