Tag ArchivesTreasury

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

Government responds to rating action of S&P 

The South African government says it notes S&P’s decision to affirm South Africa’s long term foreign and local currency debt ratings at ‘BB’ and ‘BB+’ respectively, and to maintain the stable outlook. According to S&P, the rating affirmation is underpinned by the following drivers: “Despite upward revisions, South Africa’s economic growth remains tentative, and the […]

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Call for VAT submissions

On 25 April 2018, the Minister of Finance published the Terms of Reference for the Independent Panel of Experts to review the current list of zero-rated items, and consider the most effective way to mitigate the impact of the increase in the VAT rate on poor and low-income households. This is according to a statement […]

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Monale Ratsoma

Ratsoma appointed DG of BRICS NDB ARC

National Treasury’s Deputy Director-General (DDG) for Economic Policy, Mr Monale Ratsoma, has been appointed the Director-General of the BRICS New Development Bank (NDB) Africa Regional Centre(ARC). The Treasury says in a statement that the appointment is effective from 16 April 2018. MrRatsoma’s role will be managing the bank’s African regional operations and leading the bank’sAfrican […]

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Westbrooke raises R565 million as investors take advantage of S12J tax incentive

Westbrooke raises R565 million as investors take advantage of S12J tax incentive

  Westbrooke Alternative Asset Management, South Africa’s largest Section 12J manager, has confirmed that it has recently successfully closed its 2018 fiscal year  fundraise, with over R565 million raised across four S12J investment strategies. (more…)

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Yusuf Bodiat

VAT rate increase and the impact on the short-term insurance industry

By Yusuf Bodiat, Lion of Africa Insurance. Value-added tax (VAT) was introduced in South Africa in September 1991 to replace General Sales Tax (GST) as an indirect tax. VAT was imposed at a statutory rate of 10%, and then increased to 14% in 1993. Since then, the rate of the tax charge has not changed, until […]

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BUDGET 2018: COMMENT – Insights from Grant Thornton

General Comments: “We applaud the Minister for the statement in his Budget Speech today when he said: ‘Transformation calls for more than growth alone, it requires a fundamental shift in the way that wealth is created and shared. The structure of the economy needs to be transformed to allow for new ideas, businesses and economic […]

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Nedbank ‘disappointed’ by S&P’s downgrade of SA’s local currency sovereign debt

Nedbank is “disappointed” by S&P Global’s decision to downgrade South Africa’s local currency sovereign debt ahead of key events such as the ANC’s elective conference in December and the national budget in February next year. While Nedbank welcome Moody’s decision to maintain its investment-grade rating of South Africa’s government debt for now, it notes its […]

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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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