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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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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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