The Minister of Finance’s bailout plan for Ithala’s retail depositors has drawn sharp criticism from KZN’s Finance MEC Francois Rodgers, who warns the deal’s fine print could leave the province footing a hefty bill.
UCT tax lecturer Ben Cronin argues that by allowing the minister to amend the income tax rates by announcement in the Budget, Parliament has overstepped its competence, eroding the doctrine that places legislative authority firmly in its hands.
Finance Minister Enoch Godongwana won’t reveal where the spending cuts or savings will come from but says South Africa must “do more with less”.
South Africa’s credibility among investors and ratings agencies will depend on whether the government meets the fiscal targets it has set, says Treasury.
Tax specialist Louis Botha answers pressing questions about the suspended VAT increase and its broader implications for budget-making power and taxpayer rights.
SARS tells vendors there is now no legal basis for them to charge consumers VAT of 15.5% from 1 May.
Ithala depositors remain locked out of their funds while disputes over frozen accounts, strategic alliances, and government guarantees deepen.
The ANC and the DA present South Africans with different versions of what led to the decision to halt the increase.
The finance minister defends the VAT hike as an urgent fiscal necessity, warning that suspending it could blow a R13.5bn hole in the Budget.
The minister’s address to the FSCA conference also touched on regulation, South Africa’s G20 presidency, political tensions over the Budget, and economic growth.
The Minister of Finance cites an average 19% VAT among peers to argue that South Africa’s 15% rate is low, but isolated comparisons miss key factors such as exemptions, corporate rates, and overall business costs.
Financially squeezed government wants to overturn a judgment declaring aspects of the SRD regulations unconstitutional.
Experts slam the idea of a VAT increase, pointing to a record tax burden and bloated expenditure. From uncollected billions to inefficient governance, the real fix lies in reining in waste, not squeezing taxpayers.
The VAT hike could add R58bn to government revenue, but with coalition partners clashing over its impact on ordinary South Africans, the debate over how to fund critical services without deepening the cost-of-living crisis is far from settled.
With South Africa’s debt-to-GDP ratio at 75.1%, Finance Minister Enoch Godongwana faces a tough balancing act – can his Budget Speech reassure investors and spark economic growth?
A dip in corporate and VAT revenues has left a R10bn hole in expected tax collections. As the Budget approaches, Treasury faces a difficult balancing act.
Financial institutions will participate in evaluating improvements to Conduct Standard 3 of 2020, aligning these efforts with the COFI Bill.
