Tag ArchivesNational Treasury

Viceroy released Capitec report in ‘reckless manner’

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, has been trading [short selling] in Capitec shares ahead of the release of its report, and stood to benefit […]

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Minister Malusi Gigaba

Stuart appointed as acting Deputy DG for Budget Office: Treasury

Mr Ian Stuart has been appointed as the acting Deputy Director-General for the Budget Office, the National Treasury said in a statement today. This follows the application by Mr Michael Sachs for a lateral transfer from National Treasury to other areas of public service earlier this month. “Mr Stuart is currently the Chief Director for […]

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Government responds to S&P and Moody’s rating actions

  In a statement early this morning, government responded to the rating decisions of S&P and Moody’s that were published last night: S&P S&P has lowered South Africa’s long term foreign and local currency debt ratings by one notch each to ‘BB’ and ‘BB+’, respectively, citing “weak real nominal GDP growth that has led to […]

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IMF, Treasury, economy, GDP, unemployment, International Monetary Fund

Government notes Fitch’s decision

Fitch Ratings has affirmed South Africa’s long-term foreign and local currency debt ratings at ‘BB+’ and maintained the stable outlook. The National Treasury said in a statement this evening, that Government had noted Fitch’s decision not to further downgrade South Africa deeper into ‘junk status’. “While Fitch’s ratings imply that South Africa is still in […]

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Joon Chong, Webber Wentzel

National Treasury shows some flexibility on share buy-back rules

  By Joon Chong (Partner) and Wesley Grimm (Candidate Attorney) of Webber Wentzel. The Taxation Laws Amendment Bill (TLAB), released on 25 October 2017, proposes measures intended to target certain share buy-back and dividend stripping arrangements. Exempt dividends which are “extraordinary dividends” received or accrued (i) 18 months prior to a disposal of shares; or […]

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Public-sector wage bill crowds out other areas of spending

According to the Medium Term Budget Policy Statement (MTBPS), public finances are facing growing strains and risks. “Several years of fiscal restraint have left funding gaps in a number of programmes, reflected in the build-up of unpaid accounts and financial imbalances. Without resolute action and planning to cut wasteful and inefficient spending areas, there is a […]

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Gigaba: More needs to be done for higher education

The student movement has correctly put the issue of higher education at the centre of the country’s transformation agenda, Minister of Finance, Malusi Gigaba said today as he delivered his Medium Term Budget Policy Statement (MTBPS) speech to parliament. “We cannot hope to grow and develop without the skills and intellectual capabilities that our universities […]

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Gigaba: Eskom’s governance issues of major concern

The failures of governance, leadership and financial management at Eskom are of grave concern. This is according to the Minister of Finance, Malusi Gigaba, who delivered his Medium Term Budget Policy Statement (MTBPS)speech to parliament today. “As government is guarantor over a significant portion of Eskom’s debt, it has become a significant risk to the […]

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