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Kingon’s contract as Sars acting commissioner extended by 3 months

By: Marleny Arnoldi     17th September 2018 Finance Minister Nhlanhla Nene has extended Mark Kingon’s contract as acting commissioner of the South African Revenue Service (Sars) for a further 90 days, effective September 14. The power to appoint a permanent commissioner vests with the President.  

Mabuza: 'Surgical and difficult austerity measures' may be necessary

By: News24Wire      14th September 2018 Deputy President David Mabuza said on Friday during his address to the annual Nedlac conference in Johannesburg that the state may have to implement "surgical and difficult austerity measures”. He also called on local South African companies with cash reserves to start investing in SA, saying... 

Stimulus package to rely on efficiencies not new budgetary resources – Nene

By: Terence Creamer     13th September 2018 Finance Minister Nhlanhla Nene announced on Thursday that government was “building a pipeline of investment opportunities and infrastructure projects” as part of redoubled efforts to address low levels of investment, which had been identified as the main inhibitor of growth in the... 

Don't 'discriminate' against chicken, committee hears on VAT hike

By: African News Agency      12th September 2018 Submissions on the Value-Added Tax (VAT) Panel's report to Parliament on Wednesday ranged from pleas to exempt chicken as a protein staple to imposing a special value added tax of up to 20 percent on luxury goods. The latter came from the Congress of South African Trade Unions (Cosatu), who said... 

Nene to deliver mini budget on October 24 in tough economic environment

By: News24Wire      12th September 2018 Finance Minister Nhlanhla Nene will present 2018's mini budget on October 24, Parliament announced on Wednesday.  The medium-term budget policy statement, delivered in late October about four months before the main Budget the following February - includes adjusted estimates of how much government... 

Parliament to debate recession, fuel price hikes

By: News24Wire      12th September 2018 Parliament will debate record fuel prices and ideas for economic revival on Wednesday afternoon.  Last week Stats SA announced that SA had slipped into a technical recession - defined as two successive quarters of negative economic growth - for the first time since 2009.  

July manufacturing output up 2.9%

By: Reuters     11th September 2018 South Africa's industrial output expanded in July as food and motor vehicle output rose, easing pressure on an economy that recently slipped into recession and is struggling for investment amidst policy uncertainty and possible credit downgrades. The statistics agency in Africa's most... 

ANC calls for immediate stimulus package as economy dips into recession

By: News24Wire      5th September 2018 The African National Congress (ANC) has called for ‘aggressiveness’ in implementing an economic recovery package after Stats SA announced on Tuesday that South Africa had slipped into its first technical recession since 2009.  In a statement on Wednesday, the party’s subcommittee on economic... 

Collaboration required to improve South Africa’s sovereign credit rating

By: Maxine Arries     27th August 2018 Finance Minister Nhlanhla Nene will, on the first day of the 2018 Southern African Metals and Engineering Indaba, meet with Business Unity South Africa CEO Tanya Cohen, Federation of Unions of South Africa General Secretary Dennis George and Centre for Development and Enterprise Executive... 

Mcebisi Jonas to take stand in State capture inquiry

By: News24Wire      24th August 2018 Former deputy finance minister Mcebisi Jonas is expected to address the commission of inquiry into State capture on Friday. Jonas claimed that the Gupta family offered him an initial R600 000 cash, and then R600-million to be given later, if he accepted the job of finance minister. He was... 

Nene unpacks SOE failures, remedial measures 

By: Marleny Arnoldi     22nd August 2018 Finance Minister Nhlanhla Nene on Tuesday addressed governance challenges in State-owned enterprises (SOEs) during a National Council of Provinces gathering, stating that rebuilding should focus on the institutions, rather than individuals. “Given the dire situation in which some of these SOEs... 

SA looking to Equatorial Guinea, South Sudan and Algeria for oil

By: African News Agency      21st August 2018 South Africa is looking to Algeria, Equatorial-Guinea and South Sudan for crude oil sources closer to home as the country experiences its highest fuel prices in history, Energy Minister Jeff Radebe said on Tuesday. "We are looking very aggressively to other countries, Equatorial Guinea, Algeria,... 

Finance ministers fired by Zuma to testify at State capture inquiry

By: News24Wire      20th August 2018 Two of the finance ministers who Jacob Zuma fired during his time as South Africa's president are expected to testify at the State capture commission of inquiry. Head of legal services, Paul Pretorius SC, told the commission that current Public Enterprises Minister Pravin Gordhan and current... 

Zondo appeals to South Africans to bring evidence on State capture

By: African News Agency      20th August 2018 The chairperson of the commission of inquiry probing allegations of corruption and State capture, Deputy Chief Justice Raymond Zondo on Monday appealed to South Africans to come forward with any information and evidence they think might help the commission in its investigation. Zondo opened the... 

Union takes illicit cigarettes trade fight to National Treasury

By: African News Agency      14th August 2018 Members of the Food and Allied Workers’ Union (Fawu) joined by tobacco farmers and informal traders on Tuesday as they marched to the National Treasury offices in Pretoria CBD, protesting about the thriving inflow of illegal cigarettes into the South African market, suffocating the local... 

Increasing nontaxed items could damage tax base, warns Parsons

By: Marleny Arnoldi     13th August 2018 North-West University Business School economist Professor Raymond Parsons says the independent panel’s recent recommendations for the zero-rating of several additional food and nonfood commodities under value-added tax (VAT) poses a wider challenge to the existing fiscal framework. Finance... 

VAT panel recommends zero-rating of white bread, sanitary products and nappies

By: Anine Kilian     10th August 2018 The independent panel established to review the current list of items that are zero-rated for value-added tax (VAT) has recommended that white bread, flour, cake flour, sanitary products, school uniforms and nappies be included in the list of zero-rated items. Finance Minister Nhlanhla Nene on... 

Nene extends deadline for VAT panel to submit report to him

By: African News Agency      1st August 2018 Finance Minister Nhlanhla Nene has extended the deadline for a panel of experts appointed to review the current list of items exempt from value-added tax (VAT) to submit its final report to him, the National Treasury said on Tuesday. "The Chair of the Independent Panel of Experts for the review... 

VAT zero-rating review: Where are we and what can we expect?

30th July 2018 By Leonard Willemse, Senior Manager at Mazars According to National Treasury, feedback from the review panel, led by Professor Ingrid Woolard, on the zero-rating of certain foodstuffs for Value-Added Tax (‘VAT’) is expected at the end of July 2018. Following this announcement it is necessary to... 

Nene announces independent inquiry into PIC's affairs

By: African News Agency      25th July 2018 Finance Minister Nhlanhla Nene met with the board of the Public Investment Corporation (PIC) on Wednesday and informed them of an independent inquiry into the affairs of the institution which manages pension funds on behalf of South African government employees, a statement from Treasury said.... 

Dube TradePort Special Economic Zone tells BRICS investors: 15% Corporate Tax Rate is in effect, this comes as the zone marks R 3.2 billion in private sector investment secured

25th July 2018 During a high-powered BRICS Business Council delegation visit to Dube TradePort earlier this week investors were told that qualifying companies located within Dube TradePort Special Economic Zone are now eligible to access Special Economic Zone incentives after Finance Minister Mr. Nhlanhla Nene... 

Mandela centenary commemorated with banknotes and R5 coin 

19th July 2018 To commemorate late Statesman Nelson Mandela’s centenary, the South African Reserve Bank has launched commemorative banknotes and a R5 coin into circulation, depicting the most significant occasions in Mandela’s life. Marleny Arnoldi attended the launch. 

Ramaphosa embarks on Eskom overhaul

By: Reuters     12th July 2018 A month after Cyril Ramaphosa took the helm of South Africa's ruling African National Congress (ANC) in December, he called an urgent meeting with then-President Jacob Zuma and senior ministers to save state power firm Eskom. Ramaphosa understood sweeping changes were needed at the struggling... 

Eskom wage talks: Unions want meeting with Nene, Gordhan

By: News24Wire      11th July 2018 Having reached a “sensitive stage” in the wage negotiation process, unions representing Eskom workers have asked to meet with Finance Minister Nhlanhla Nene and Public Enterprises Minister Pravin Gordhan to resolve the matter. This is according to a statement issued by the National Union of... 

VAT, fuel price hikes: Ramaphosa gives ministers 2 weeks for plan to ease consumer pain

By: News24Wire      6th July 2018 Government will in two weeks’ time announce a package of economic measures to cushion the public from the crippling effects of high fuel price hikes and the VAT increase, President Cyril Ramaphosa said on Friday. Addressing business and government leaders in Pretoria ahead of the BRICS Summit... 

Government vows to go after State capture loot

By: African News Agency      28th June 2018 South African Finance Minister Nhlanhla Nene said on Thursday that government was working with international institutions to trace and recover all the monies that were stolen from the country's coffers through "State capture". "Perhaps at times we underestimate the damage that State capture did.... 

Mercedes-Benz to invest R10bn in East London plant expansion

By: Simone Liedtke     26th June 2018 Automotive manufacturer Mercedes-Benz Cars will invest €600-million, or about R10-billion, to expand its South African subsidiary Mercedes-Benz South Africa’s (MBSA’s) manufacturing plant, in East London, and equip it for the future. The investment will be used to build a new paint shop and a new... 

Restructuring Eskom top of South Africa's agenda – Nene

By: Reuters     22nd June 2018 Restructuring State-run power firm Eskom is "on top of the agenda" for South Africa, Finance Minister Nhlanhla Nene said on Friday, though he said recent outages likely had very little impact on the economy. Africa's most industrialised economy suffered power outages earlier in June because of... 

GDP shock will lead to revision of optimistic growth predictions – Nene

By: News24Wire      8th June 2018 The shock contraction of gross domestic product (GDP) in the first quarter will mean a downward revision of optimistic predictions for growth in 2018, Finance Minister Nhlanhla Nene has said. Nene on Friday addressed the Directors Event, a conference attended by some 300 business leaders in... 

Brics’ New Development Bank approves six project loans totalling $1.6bn

By: Marleny Arnoldi     29th May 2018 Multilateral development bank, the New Development Bank (NDB), on Monday held its third yearly meeting of the NDB board of governors (BoG) and the fourteenth meeting of the NDB board of directors (BoD), in Shanghai, China.  

Nene says outlook for tax revenues unchanged

By: Reuters     22nd May 2018 Finance Minister Nhlanhla Nene said on Tuesday that the outlook for tax revenues remain unchanged, in a blow to the chances of reducing the budget deficit. Nene made the comments in parliament. 

Treasury invites proposals for list of zero-rated items after VAT kicks in

By: African News Agency      10th May 2018 The National Treasury on Thursday invited proposals on items on which no tax should be levied, to mitigate the impact of a recent increase in value added tax on poor and low-income households. In his budget in February, former finance minister Malusi Gigaba said VAT would go up by a%age point to... 

Union wage demands puts South Africa's spending cuts at risk – Nene

By: Reuters     8th May 2018 South Africa will struggle to stick to a promise to cut spending if the government fails to agree inflation-linked wage increase with civil service trade unions, Finance Minister Nhlanhla Nene said on Tuesday. Plans to reduce government spending in Africa's most industrialised economy helped it... 

Treasury announces panel of experts to review VAT zero-rated items

By: African News Agency      25th April 2018 Finance Minister Nhlanhla Nene announced that Stellenbosch University's Professor Ingrid Woolard will chair the nine-member independent panel of experts that will review the current list of Value-Added Tax (VAT) zero-rated items. Woolard is currently dean of Economic and Management Sciences at... 

IMF makes positive about-turn on SA growth outlook after January slash

By: News24Wire      17th April 2018 The International Monetary Fund (IMF) is upbeat about South Africa's Gross Domestic Product (GDP) growth in 2018, raising its forecast to 1.5% after cutting its prediction to 0.9% in January. The international lender released its World Economic Outlook report in Washington DC on Tuesday, ahead of... 

Rand spikes on Nene comments, renewed trade war fears

By: News24Wire      9th April 2018 The rand's weakening of over 1% to the US dollar just after noon on Monday has economists puzzled. At least one analyst attributed the spike to a knee-jerk reaction to comments made by Finance Minister Nhlanhla Nene on Monday morning. 

Trade union to seek to put SAA into business rescue

By: Rebecca Campbell     9th April 2018 Trade union Solidarity announced on Sunday that it was to start court proceedings to place State-owned and financially very troubled national carrier South African Airways (SAA) under business rescue. In an open letter to President Cyril Ramaphosa, Finance Minister Nhlanhla Nene and Public... 

Sars’ revenue collection increases by 6.3% y/y, but misses Treasury target

By: Anine Kilian     3rd April 2018 The South African Revenue Service (Sars) collected R1.216-trillion for the 2017/18 financial year, representing growth of R72.4-billion, or 6.3%, year-on-year. This was, however, lower than the R1.217-trillion target set by the National Treasury during the 2018 Budget speech. 

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