Tag ArchivesMalusi Gigaba

Nazmeera Moola, co-Head of Fixed Income, Investec Asset Management

Is Budget 2018 enough to please Moody’s?

  By raising South Africa’s VAT rate from 14% to 15%, the South African government indicated a willingness to take difficult (and unpopular) decisions in order to stabilise the fiscus. Coupled with the recent change in the President, this Budget should be enough to keep Moody’s on hold when they release their South Africa sovereign […]

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Personal income tax buoyancy has run its course

South Africa’s tax measures have traditionally focused on personal income tax as an important source of revenue as this had always proven to be a particularly buoyant source of revenue.  However, over the last years South Africa’s personal income tax collections have continued to underperform. (more…)

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Minister Malusi Gigaba

BUDGET 2018 COMMENT: Slow return to path of fiscal consolidation

By Craig Pheiffer, Chief Investment Strategist; Absa Stockbrokers & Portfolio Management.  Bonds rallied and the rand strengthened as minister Gigaba announced a return to the path of fiscal consolidation. The budget deficit  of 4.3% of GDP forecast for the 2017/18 fiscal year was left unchanged as expected, but the 3.9%  deficit forecast for the next […]

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Minister Malusi Gigaba

Budget 2018: Anticipated VAT shocks – another blow to an already bruised taxpayer

By Hermann Marais, associate, Tax practice at Bowmans. Potential VAT increases have been discussed for several years, despite being politically sensitive. The urgency for an increase in the VAT rate escalated towards the end of 2017 when Finance Minister Malusi Gigaba announced in the Medium Term Budget Policy Statement that there would be a ZAR 50.8 […]

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Budget 2018: Treasury faces biggest challenge yet

The National Treasury has never before had such a big challenge as it does this year in having to plug a seemingly continuously growing funding gap in its Budget vote later this month, from a shrinking pool of resources. It may be left with little choice but to squeeze the trusty ‘golden goose’ even further. […]

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Will the Finance Minister increase the VAT rate?

The question on everyone’s lips ahead of the Budget Review is whether the Minister of Finance will announce an increase in the VAT rate,  and if so, what that increase will be? (more…)

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Minister Malusi Gigaba

Treasury confirms resignation of Michael Sachs

National Treasury confirms the resignation of its Deputy Director-General: Budget Office, Michael Sachs. “Mr Sachs has expressed his interest to serve the public sector in a different capacity,” its statement, issued on Monday afternoon, said. “Mr Sachs will not be leaving National Treasury immediately to ensure a proper handover to another senior official and to […]

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Minister Malusi Gigaba

Minister of Finance requests setting up of inquiry into SARS

The Minister of Finance Malusi Gigaba has approached President Jacob Zuma for an urgent establishment of an inquiry into the tax administration and governance of the South African Revenue Service (SARS). The President has acceded to the request. In a statement this afternoon, the Minister said that the Commission will be established soon and its […]

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