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Budget News

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.  

South Africa to set up a 'sovereign innovation fund'

By: Rebecca Campbell     11th September 2018 The Department of Science and Technology (DST), in its recently released draft White Paper on Science, Technology and Innovation (STI), stated that a “sovereign innovation fund” is to be created. “There is a need for increased commercialisation funding,” said section 6.2 of the draft White Paper.... 

South Africa’s rating under threat as economy enters recession

By: Marleny Arnoldi     5th September 2018 South Africa’s slide into a technical recession in the second quarter is a timely warning and reminder for the country to get its economy in order, failing which it will lose its only investment grade rating, says Business Unity South Africa CEO Tanya Cohen. Moody’s Investors Service said in... 

South Africa’s rating under threat as economy enters recession

Uncertainty over land expropriation to deter investment – IHS Markit

By: Marleny Arnoldi     24th August 2018 The threat of land expropriation without compensation (EWC) is likely to deter investment up until the 2019 elections and a while afterwards, says global information provider IHS Markit. “Uncertainty over property rights is likely to deter fixed investment, limit government revenue and lower... 

Biofuels unviable alternative in South Africa – expert

By: Paige Müller     17th August 2018 Owing to biofuels being too expensive to manufacture, University of the Witwatersrand (Wits) Business School Energy Leadership Centre director Dr Rod Crompton says this makes them a commercially unviable energy source. He tells Engineering News that, despite the fact that global renewable-energy... 

Biofuels unviable alternative  in South Africa – expert
Photo by Creamer Media
ENERGY LEADERSHIP CENTRE The University of the Witwatersrand launched the Energy Leadership Centre to equip Africa’s energy industry for future technological advancements

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... 

SARB’s reduced economic growth forecast ‘troubling’ – Parsons

By: Marleny Arnoldi     20th July 2018 The announcement by the South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MCP) that it has reduced its forecast for South Africa’s gross domestic product growth for this year sends a troubling message, says North-West University business school economist Professor Raymond Parsons.... 

US-based Opic CEO visits S Africa, African countries to advance development

By: Marleny Arnoldi     19th July 2018 US Overseas Private Investment Corporation (Opic) president and CEO Ray Washburne this week visited South Africa and met with local banks to discuss investment opportunities in advancing development in the country and highlight Opic-supported projects. It is Washburne’s third stop on a... 

SARB launches commemorative Mandela notes, R5 coin for circulation

By: Marleny Arnoldi     13th July 2018 The South African Reserve Bank (SARB) on Friday hosted a commemorative occasion at Freedom Park, in Pretoria, to introduce a series of banknotes and a R5 circulation coin, in honour of what would have been former President Nelson Mandela’s one-hundredth birthday this year.  

SARB launches commemorative Mandela notes, R5 coin for circulation
Photo by Marleny Arnoldi
SARB commemorative notes to be circulated in July

South African M&A activity declines in H1

By: Marleny Arnoldi     12th July 2018 Merger and acquisition (M&A) transactions in South Africa declined in terms of both volume and value of domestic and cross-border deals, according to analysis by law firm Baker McKenzie.  

CIPC launches Extensible Business Reporting Language to relieve regulatory burden

By: Marleny Arnoldi     13th June 2018 The ease of doing business and particularly reducing the regulatory burden for businesses received a boost with the launch of the Companies and Intellectual Property Commission’s (CIPC’s) Extensible Business Reporting Language (XBRL) this week.  

CIPC launches Extensible Business Reporting Language to relieve regulatory burden
Trade & Industry Minister Dr Rob Davies at the XBRL launch, JSE

As Eskom grapples with corporate plan, calls being made for radical restructuring

By: Dylan Slater     1st June 2018 In a concerted effort to save and stabilise State-owned power utility Eskom as well as other deteriorating State-owned entities (SoEs), Public Enterprises Minister Pravin Gordhan announced in his Budget vote in May plans in the next 12 months that include the appointment of capable executive... 

As Eskom grapples with corporate plan, calls being made for radical restructuring

Infrastructure development key to meeting consumer demand in megacities – economist

By: Marleny Arnoldi     31st May 2018 There are rapidly growing megacities, including Accra, Cairo, Lagos, Johannesburg, Nairobi and Kinshasa, in Africa, and it is important to ensure infrastructure development grows at a pace that will meet the increasing consumer demand that will come out of these megacities, said Imara Africa... 

Infrastructure development key to meeting consumer demand in megacities – economist
Imara Africa Consulting managing partner Barbara Barungi speaking at the Rics Summit Africa 2018

Private equity outperforms

By: Marleny Arnoldi     28th May 2018 Private equity has outperformed the FTSE/JSE all share total return index and the FTSE/JSE shareholder weighted total return index over the three-year and five-year reporting periods analysed in the fourth quarter of 2017, says private equity industry body Southern African Venture Capital and... 

Govt, business welcome S&P’s ratings decision

By: Marleny Arnoldi     28th May 2018 Government and business leaders have expressed relief at ratings agency Standard & Poor’s (S&P’s) decision on Friday night to not further downgrade South Africa’s investment grade rating, but rather affirm long-term foreign and local currency debt ratings at ‘BB’ and ‘BB+’ respectively. According... 

Govt, business welcome S&P’s ratings decision

African economies urged to take advantage of current global economic upturn

By: Marleny Arnoldi     22nd May 2018 PricewaterhouseCoopers chief economist Lullu Krugel says South Africa and African countries have a three-year window to “move and shape” and take advantage of economic growth opportunities during a global economic upturn.  

Economist predicts growth for African countries

By: Marleny Arnoldi     4th May 2018 The tide has turned for many African countries in terms of growth, says Citibank Africa economist David Cowan.  

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. 

Sars’ revenue collection increases by 6.3% y/y, but misses Treasury target
Photo by Creamer Media
Finance Minister Nhlanhla Nene

Treasury implements Twin Peaks model of financial sector regulation

By: Marleny Arnoldi     29th March 2018 South Africa’s financial regulatory system will fundamentally change as from April 1, when two new regulators come into operation – the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA), the National Treasury said on Thursday.  

City of Cape Town's planned hikes for water, sanitation, electricity and rates  

By: News24Wire      28th March 2018 The introduction of fixed charges for water and electricity and a hefty increase in water and sanitation tariffs are some of the proposals for the next year in the City of Cape Town's draft budget, tabled on Wednesday. The total proposed budget for the new financial year that starts in June is... 

City of Cape Town's planned hikes for water, sanitation, electricity and rates

Land expropriation rhetoric unlikely to upset FDI ‘too much’, says economist

By: Irma Venter     23rd March 2018 While land expropriation without compensation “will be a challenge”, with a “lot of work remaining to be done” before it can become a reality, there is hope that “the rethoric around land will not upset foreign investment too much”, says Econometrix chief economist and director Dr Azar Jammine.... 

Land expropriation talk countered by lure of better returns in SA

By: Irma Venter     9th March 2018 While land expropriation without compensation “will be a challenge”, with a “lot of work remaining to be done” before it can become a reality, there is hope that “the rethoric around land will not upset foreign investment too much”, says Econometrix chief economist and director Dr Azar Jammine.... 

Land expropriation talk countered by lure of better returns in SA
Dr Azar Jammine

SA revenue service special voluntary disclosure programme reaches R3.3bn mark

By: African News Agency      8th March 2018 The South African Revenue Service (Sars) said on Thursday it had entered into payment agreements through its Special Voluntary Disclosure Programme with non-compliant taxpayers who owe it over R3.3-billion in tax liabilities through unauthorised foreign assets and income. Sars said such taxpayers... 

 SA revenue service special voluntary disclosure programme reaches R3.3bn mark

Wine industry continuously focuses on transformation, social development, says Vinpro 

By: Marleny Arnoldi     7th March 2018 With every R1-million invested into the South African wine industry, almost five jobs are created, says wine industry representative Vinpro.  

Wine industry continuously focuses on transformation, social development, says Vinpro
Vinpro transformation and development manager Phil Bowes

AfDB secures $52.5m to fund renewable energy projects in Zambia

By: Marleny Arnoldi     7th March 2018 The board of the Green Climate Fund (GCF) has approved the first funding proposal of the African Development Bank (AfDB) for Zambia’s renewable energy financing framework, providing a $50-million loan and a $2.5-million grant.  

AfDB secures $52.5m to fund renewable energy projects in Zambia
100 MW of renewable energy projects will be financed in Zambia

Government to finalise designation of Atlantis and Nkomazi SEZs

By: Marleny Arnoldi     6th March 2018 The Department of Trade and Industry (DTI) will finalise the designation of the Atlantis and the Nkomazi special economic zones (SEZs), located in the Western Cape and Mpumalanga, respectively, in the next financial year.  

Government to finalise designation of Atlantis and Nkomazi SEZs
Photo by Creamer Media
Trade and Industry Minister Dr Rob Davies

UK dept earmarks £21.4bn for African infrastructure development

By: Marleny Arnoldi     6th March 2018 The UK’s Department of International Trade (DIT) is pledging funding for infrastructure development in Africa, including £4-billion in South Africa, £1-billion in Kenya and £750-million in Nigeria, through export credit agency, UK Export Finance (Ukef).  

Gauteng allocates large chunk of 2018/19 budget to health, education

By: Natasha Odendaal     6th March 2018 The Gauteng departments of Education and Health have secured the largest slices of Gauteng’s R121.2-billion budget for the 2018/19 financial year. This year’s budget sets aside R46.4-billion for the Department of Health, an increase of R4.4-billion on the prior year, and R45.2-billion for the... 

Gauteng allocates large chunk of 2018/19 budget to health, education

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... 

 ANC withdraws motion to debate nationalisation of SARB

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
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