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
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
Steinhoff to keep Parliament abreast of developments
Retail holding company Steinhoff has assured Parliament that it will fully cooperate with regulators regarding progress into investigations of accounting irregularities. “Steinhoff assured the Committees that it will fully cooperate with the regulators and Parliament and provide more information to Parliament, regarding the progress in their PriceWaterCoopers internal investigations,”... Read more
SA scores top honours in budget transparency
South Africa shares the top spot in the recently released Open Budget Index (OBI) survey. The OBI survey assesses the availability of eight key budget documents in each of the 115 countries evaluated, and considers the comprehensiveness of data in these documents. “South Africa’s efforts to deepen transparency in... Read more
Government to dispose of its Telkom shares
Finance Minister Malusi Gigaba has announced that government will dispose of its Telkom shares in order to cover a shortfall of R3.9 billion. The Minister said this when he tabled his maiden Medium Term Budget Policy Statement in the National Assembly on Wednesday. The medium-term budget – which projects... Read more
Government to appoint new board for Eskom
The government will appoint a new board for power utility Eskom, Finance Minister Malusi Gigaba said on Wednesday. Tabling the Medium Term Budget Policy Statement (MTBPS) in Parliament, Minister Gigaba said the new board will be appointed before the end of November 2017. He said the government is concerned... Read more
Growth projection revised down to 0.7%
Finance Minister Malusi Gigaba says National Treasury has revised economic growth projections downwards to 0.7% for 2017. The Minister said this not long after the country’s economy slipped out of a technical recession that was brought about by a -0.7% slump in the first quarter of 2017  after dwindling... Read more