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
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
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
Nedbank first to issue BEE affidavits or certificates
In a first for the banking sector, Nedbank is offering business registrations together with black economic empowerment (BEE) affidavits or certificates, endorsed by the Department of Trade and Industry (dti), in one seamless process for new businesses with an annual turnover of less than R10 million. For the past four... Read more
Kganyago named Central Bank Governor of the year
President Jacob Zuma has congratulated the governor of the South African Reserve Bank, Lesetja Kganyago, for winning the Central Banking Governor of the year 2018 award. The award celebrates the officials that have best managed to stimulate growth and stabilise their economy. In announcing the award on Wednesday, Central... Read more
eFiling deadline today
Provisional taxpayers have until 31 January to file their income tax returns, their IRP6 documents, to the South African Revenue Service (SARS) through eFiling. A provisional taxpayer is any person who receives income, or to whom income accrues, other than a salary. This includes persons who receive rental income... Read more
Finance Minister receives SAA’s CEO submission
Finance Minister Malusi Gigaba has received the South African Airways (SAA) submission on who should be its next Chief Executive Officer. “Having followed due process the SAA board has made a submission to me and stated their preferred candidate,” Minister Gigaba said on Thursday. This as the Minister briefed... Read more