Treasury publishes framework to facilitate foreign capital
National Treasury has published the Foreign Member Funds Framework for public comment. The framework, which is to be declared by the Minister of Finance in terms of the Collective Investment Schemes Act (Act 45 of 2002), not only aims to create a favourable regulatory environment but also facilitate the... Read more
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
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
Treasury slams “reckless” Viceroy report
National Treasury has condemned US research company Viceroy’s “reckless” report into Capitec bank. “The National Treasury notes the reckless manner in which Viceroy, a US-based trader/research firm, released its report on Capitec bank earlier in the week. Viceroy is not regulated in South Africa, and by its own admission,... 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
Sanlam: MTBPS 2017 – A plea for more time, but no consolidation
The MTBPS 2017 is a plea for more time and support to implement new economic policy. It does not attempt to quantify the potential impact of these interventions. Rather, it shows what the Budget would look like should there be no policy action and/or additional fiscal consolidation, says Arthur Kamp,... 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