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Fitch Ratings affirms SA’s long-term foreign-currency IDR at ‘BB+’ with stable outlook

Fitch Ratings today affirmed South Africa’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB+’ with a Stable Outlook. The National Treasury said in a statement that it noted Fitch’s announcement. According to Fitch, “the affirmation and stable outlook takes into consideration signs of recovering governance standards and the prospect of a mild cyclical recovery but […]

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Consumer compares cost of living between South Africa, Spain and the UK

Panel to be set up to review list of VAT zero-rated food items

The increase in the Value-Added Tax (VAT) rate from 14 to 15% will take effect on Sunday, 01 April 2018 as announced in the 2018 Budget, and all VAT vendors are therefore expected to charge the higher rate of 15% from this date. The National Treasury says that in order to ensure that VAT is […]

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Treasury

National Treasury publishes Foreign Member Funds Framework for comment

The National Treasury (NT) today publishes for comment the Foreign Member Funds Framework to be declared by the Minister of Finance in terms of the Collective Investment Schemes Act (Act 45 of 2002). In the 2014 Budget, the Minister of Finance announced the introduction of an alternative class of investment funds called foreign member funds […]

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Treasury

Treasury welcomes comments on insurance draft regulations

The National Treasury (NT) has today published for comment draft amendments to the Regulations to be made by the Minister of Finance in terms of the Long- term Insurance (LTI) and Short-term Insurance (STI) Acts. (more…)

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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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budgettaxsq

BUDGET 2018: COMMENT from the experts

“The projected GDP growth of 1.5% will be challenged by a VAT increase to 15% and the 52c/l increase on the fuel levy as these two factors will drive headline inflation to rise above expected levels in 2018. Additional taxes will put consumers under pressure and limit spending in the economy. We can expect the domestic […]

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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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