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Budget News

ANC withdraws motion to debate nationalisation of SARB

By: News24Wire      6th March 2018 An African National Congress (ANC) Parliamentary motion to debate the nationalisation of the South African Reserve Bank (SARB) has been withdrawn, to allow the party to consult further on the matter within its structures and with key stakeholders. The debate was set to take place in Parliament on... 

Long-suffering SA manufacturing sector hoping to reap Ramaphosa dividend

By: Dylan Slater     2nd March 2018 Prior to the Valentine’s Day resignation of now former President Jacob Zuma, popular industry sentiment pointed towards a better year in terms of manufacturing and gross domestic product (GDP) on the back of a recovering commodities market.  

Long-suffering SA manufacturing sector  hoping to reap Ramaphosa dividend

Municipal union welcomes new Ministers, wants VAT increase scrapped

By: African News Agency      27th February 2018 Newly appointed South African Finance Minister Nhlanhla Nene should ensure that the increase in value added tax announced in the 2018 budget last week is not implemented, the South African Municipal Workers Union said on Tuesday. Nene, fired as finance minister by former president Jacob Zuma in... 

Municipal union welcomes new Ministers, wants VAT increase scrapped
Photo by Duane Daws
Finance Minister Nhlanhla Nene

VAT increase shouldn't have major impact on business-to-business transactions

By: Simone Liedtke     23rd February 2018 The one percentage point increase in the value-added tax (VAT) rate, from 14% to 15%, should not have a major impact on business-to-business transactions, says auditing firm KPMG COO Andrew Cranston. During a post-Budget discussion on Friday, he explained that the so-called “regressive effects”... 

Sars vows to collect on R2.6-billion additional revenue target

By: African News Agency      22nd February 2018 Tom Moyane, the Commissioner for the South African Revenue Service (Sars), on Thursday committed the revenue authority to achieving an increased revenue target for the 2017/18 financial year. This comes after finance minister Malusi Gigaba on Wednesday increased the anticipated revenue that has... 

Sars vows to collect on R2.6-billion additional revenue target
Photo by Duane Daws
Sars commissioner Tom Moyane

Nuclear industry group cautions against 'rushed decisions' on energy 

By: Rebecca Campbell     22nd February 2018 The Nuclear Industry Association of South Africa (Niasa) has urged the government and energy sector to have a broad perspective in their energy planning and include nuclear in a balanced energy mix. The government should not be distracted by the fact that the country currently had an oversupply... 

Nuclear industry group cautions against 'rushed decisions' on energy
Photo by Niasa
Knox Msebenzi

Russian group thinks nuclear power still has a future in South Africa

By: Rebecca Campbell     22nd February 2018 Russia’s State-owned nuclear corporation Rosatom still believes that nuclear energy has a place in the future development of South Africa. This follows comments made by Finance Minister Malusi Gigaba on Wednesday (Budget Day), which suggested that the country’s planned programme to build a fleet... 

Russian group thinks nuclear power still has a future in South Africa
Photo by Rosatom
Viktor Polikarpov

Budget 2018 highlights 

22nd February 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about Malusi Gigaba’s 2018 Budget speech and what the implications are for the country. 

Budget 2018 highlights
Budget 2018 highlights

Public Procurement aligned to more stringent regulations as Bill goes to Cabinet

By: Megan van Wyngaardt     21st February 2018 The Public Procurement Bill, which will be presented to Cabinet next month for gazetting for public comments, will be slightly delayed owing to the recent changes in government, an Office of the Chief Procurement Officer representative told Engineering News Online on Wednesday. The Bill was aimed... 

Public Procurement aligned to more stringent regulations as Bill goes to Cabinet

Treasury allocates R6bn for drought relief measures

By: Megan van Wyngaardt     21st February 2018 Citizens of towns in the Western Cape, particularly Cape Town, on Wednesday could give a sigh of relief as Finance Minister Malusi Gigaba outlined that a provisional allocation of R6-billion has been set aside in 2018/19 for drought relief measures and to augment public infrastructure investment.... 

Treasury allocates R6bn for drought relief measures

National Treasury makes budget cuts to assure more frugal spending

By: Megan van Wyngaardt     21st February 2018 Departmental budgets have been reduced by R85.7-billion over the medium term, the National Treasury said on Wednesday, noting that cuts at the provincial level would affect conditional infrastructure grants.  The announcement of the expenditure cuts had been highlighted as a priority prior to the... 

National Treasury makes budget cuts to assure more frugal spending

Treasury allocates R57bn to fund fee-free higher education

By: Megan van Wyngaardt     21st February 2018 Finance Minister Malusi Gigaba said R57-billion would be allocated over the coming three years to fund the fee-free higher education and training policy announced to by former President Jacob Zuma in December 2017 and reaffirmed by President Cyril Ramaphosa in February. Noting that this was the... 

Treasury allocates R57bn to fund fee-free higher education
Rhodes University

Spatial transformation key to unlocking infrastructure, industrialisation – Gigaba

By: Megan van Wyngaardt     21st February 2018 South African township businesses needed to work “imaginatively” and think beyond car washes and spaza shops to foster productive, high-value economic activity in townships, Finance Minister Malusi Gigaba said on Wednesday. In his Budget speech, he noted that factories, workshops, tech hubs and... 

Spatial transformation key to unlocking infrastructure, industrialisation – Gigaba

VAT rate rise ‘not desirable’, but ‘unavoidable’ to rebuild public finance integrity

By: Terence Creamer     21st February 2018 Finance Minister Malusi Gigaba confirmed the much-anticipated increase in the value-added tax (VAT) rate from 14% to 15% in his maiden Budget speech to Parliament on Wednesday, describing the increase as “unavoidable if we are to maintain the integrity of our public finances”. The hike was... 

VAT rate rise ‘not desirable’, but ‘unavoidable’ to rebuild public finance integrity
Photo by Reuters
Finance Minister Malusi Gigaba

Land and asset sales on cards as government seeks revenue-neutral support for State firms

By: Terence Creamer     21st February 2018 Finance Minister Malusi Gigaba used his maiden Budget to reinforce President Cyril Ramaphosa’s recent announcement that stakes in cash-strapped State-owned companies (SoCs) could be sold to reduce their reliance on bail-outs and debt. Ramaphosa made the announcement in his response to the debate... 

Land and asset sales on cards as government seeks revenue-neutral support for State firms

Social grants set to increase faster than inflation as taxes rise 

By: Megan van Wyngaardt     21st February 2018 The South African government has committed R259.4-billion towards social development in the 2018 Budget, with social grant payments set to increase faster than inflation to offset the effect of higher taxes on poor households. During the tabling of the Budget on Wednesday, Finance Minister Malusi... 

Social grants set to increase faster than inflation as taxes rise

Civil society calls on Gigaba to deliver a pro-poor budget

By: Sane Dhlamini     21st February 2018 South African civil society organisations have called for a pro-poor policy agenda ahead of Finance Minister Malusi Gigaba’s maiden Budget Speech on Wednesday, which some analysts expect will also be his last. Gigaba’s position is not certain amid talks of an imminent Cabinet reshuffle, which... 

Civil society calls on Gigaba to deliver a pro-poor budget
Photo by Bloomberg
Finance Minister Malusi Gigaba

Eyes on Gigaba amid talk of Cabinet reshuffle before budget

By: Reuters     16th February 2018 South Africa's Treasury is set to present its 2018 budget to parliament on Wednesday but market focus is on whether new President Cyril Ramaphosa will reshuffle the cabinet before then and replace Finance Minister Malusi Gigaba. Ramaphosa was sworn in as head of state on Thursday after his... 

Eyes on Gigaba amid talk of Cabinet reshuffle before budget
Photo by Bloomberg
Finance Minister Malusi Gigaba

PwC forecasts 'pain' for the public amid prospects of tax hikes

By: Megan van Wyngaardt     14th February 2018 The nature of fiscal revenues and expenditure in the 2018/19 fiscal year so far indicate that the fiscal deficit will likely expand to R250-billion, unless prudent spending cuts are implemented, financial services firm PwC warned on Wednesday. As such, South Africans can potentially expect the... 

PwC forecasts 'pain' for the public amid prospects of tax hikes

Trade conditions remain strong – Sacci

By: Dylan Slater     13th February 2018 With general business confidence at its highest level in two-and-a-half years, trade expectations have maintained an improved level going into this year, the South Africa Chamber of Commerce and Industry (Sacci) said on Tuesday.  

Budget is watershed moment for South Africa's economy - economist

By: Megan van Wyngaardt     9th February 2018 While there are early signs of a recovery in the local economy, with expected business conditions improving, government now needs to show - through its Budget later this month - that it has the credibility to take the country forward and build business and consumer confidence. Speaking at a... 

Budget is watershed moment for South Africa's economy - economist

Treasury asks South Africans to submit their tips for 2018 Budget

By: Simone Liedtke     5th February 2018 The National Treasury on Monday encouraged South Africans to share their views about the country's economy and other issues they would like government to highlight when Finance Minister Malusi Gigaba delivers his 2018 Budget Speech, in Parliament, on February 21. South Africans are invited to... 

Treasury asks South Africans to submit their tips for 2018 Budget
Photo by Bloomberg
Finance Minster Malusi Gigaba

Investments accumulated to catalyse off-grid energy development

By: Dylan Slater     26th January 2018 Multilateral development bank African Development Bank’s (AfDB’s) board approved a $30-million investment in the Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI OGEF) last month.  

Industry confident Eskom board changes will help save utility

By: Megan van Wyngaardt     22nd January 2018 The appointment of a new Eskom board with “credibility, business acumen and experience” has given South African businesses hope that the embattled State-owned entity (SOE) can be salvaged, with a number of organisations lauding Deputy President Cyril Ramaphosa for taking a step in the right... 

Industry confident Eskom board changes will help save utility

Ramaphosa to lead South African delegates at World Economic Forum

By: Dylan Slater     10th January 2018 Deputy President Cyril Ramaphosa, who is also the recently elected president of the incumbent African National Congress, will lead a South African delegation to the forty-eighth edition of the World Economic Forum’s yearly meeting, which will be held in Davos-Klosters, in Switzerland, from... 

Ramaphosa to lead South African delegates at World Economic Forum
Photo by Duane Daws
Deputy President Cyril Ramaphosa

Cyril Ramaphosa wins ANC leadership vote

By: News24Wire      19th December 2017 Cyril Ramaphosa has been elected the new leader of the ruling African National Congress (ANC), defeating Nkosazana Dlamini-Zuma, after a series of tense sessions at the party's conference. The ANC announced on Monday that Ramaphosa had defeated President Jacob Zuma’s preferred candidate... 

Cyril Ramaphosa wins ANC leadership vote
Cyril Ramaphosa

National Treasury appoints new acting Budget Office DDG

By: Megan van Wyngaardt     29th November 2017 Following Michael Sachs’ request to be transferred to other areas of public service earlier this month, the National Treasury Budget Office has appointed Ian Stuart to succeed Sachs as deputy director-general. Stuart is currently the chief director for fiscal policy in the Budget Office within... 

National Treasury appoints new acting Budget Office DDG

Steel Awards 2017 confirms LSFB growth

24th November 2017 This year’s annual Steel Awards, hosted by the Southern African Institute of Steel Construction, showed excellent growth for the South African light steel frame building (LSFB) industry, with more than 25 000 m2 represented in category entries. The awards, which took place on September 13, saw 19... 

Steel Awards 2017  confirms LSFB growth
SUMMIT PLACE The Assupol Building, the 11-storey winning office block in the Summit Place development

Tax, spend, squander provide toxic backdrop for nuclear plans

By: Keith Campbell     24th November 2017 On November 7, France ran out of money. Or, rather, France ran out of its own money; that is, it ran out of all the money the French State had gathered in taxes and other imposts. Between November 7 and December 31, the French State is running on borrowed money. This fascinating calculation was... 

Industry suffers when large companies close down

By: Marleny Arnoldi     17th November 2017 From a global consulting engineers’ perspective, construction industries globally suffer the consequences when large construction companies close down.  

Industry suffers when large companies close down
CHRIS CAMPBELL CESA encourages its consulting engineering member firms to be more involved in business groups that lobby for more political certainty

SA lacking global competitiveness

By: Marleny Arnoldi     17th November 2017 Local legislation, including stringent policy frameworks, continues to prove cumbersome for the South African construction sector, particularly owing to the necessity to conduct socioeconomic- and environmental-impact assessments, as well as obtain approval from the respective government... 

SA lacking global competitiveness
SOCIOECONOMIC BENEFITS Authorities would do well to accelerate the pace of affordable housing delivery, such as Reconstruction and Development Programme housing

Gauteng Dept of Health secures large adjustment in medium-term provincial budget

By: Natasha Odendaal     16th November 2017 The Gauteng Department of Health on Thursday secured the bulk of the adjustments delivered in the Medium-Term Budget Policy Statement and the Adjustment Budget. The total budget of the provincial government increased from R108-billion to R112-billion, with the Department of Health among the... 

Gauteng Dept of Health secures large adjustment in medium-term provincial budget

Business expresses concern over Michael Sachs’ resignation

By: Thabi Madiba     14th November 2017 Business Leadership South Africa (BLSA) on Tuesday said it was concerned with the resignation of head of the National Treasury's Budget Office Michael Sachs. Treasury said on Monday that Sachs would not be leaving the department immediately to ensure a proper handover to another senior official... 

Business expresses concern over Michael Sachs’ resignation
Photo by Duane
BLSA CEO Bonang Mohale

Treasury confirms Budget Office head resignation

By: Thabi Madiba     13th November 2017 National Treasury on Monday confirmed the resignation of the Budget Office head deputy director-general Michael Sachs. According to a National Treasury statement released on Monday, Sachs has expressed his interest to serve the public sector in a different capacity. 

Treasury confirms Budget Office head resignation
Photo by Bloomberg
Finance Minister Malusi Gigaba

Continued volatility impacts on energy and chemicals company

27th October 2017 Continued volatility in the macroeconomic environment, particularly the stronger rand and low oil price, has adversely impacted energy and chemicals company Sasol’s financial performance, says Sasol CFO Paul Victor. 

Continued volatility  impacts on energy and  chemicals company
Photo by Bloomberg
RECORD PRODUCTION Sasol showed great resilience and character through delivering record production volumes at Secunda Synfuels

Sasol mitigates material matters issues in 2017

27th October 2017 To mitigate material matters that could substantially affect its ability to create value in the short, medium or long term, as a result of not being able to execute its strategy and the impact thereof on its ability to stay competitive, petrochemicals giant Sasol has outlined a five-step process... 

Sasol mitigates material matters issues in 2017
MANAGING MATTERS Sasol reviews and monitors material matters through stakeholder inclusiveness always keeping a sustainability context in mind

UCT’s business school to participate in UN programme research council

By: Mia Breytenbach     27th October 2017 The University of Cape Town’s (UCT’s) Graduate School of Business (GSB) has been named as one of nine leading universities to be part of a partnership with the United Nations Development Programme (UNDP) to develop a research agenda that will better leverage private investment to finance the... 

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