7 h. ago Concerns rise over Military budget ahead of Finance Minister’s speech

South Africa's military spending is among the lowest in its GDP category

Politics

36 h. ago SARS Commissioner Urges G20: ‘Build Collection Capacity Before Hiking Taxes

South African Revenue Service (SARS) Commissioner Edward Kieswetter has advised G20 finance ministers that bolstering tax collection capacity is a far more effective path to increased revenue than simply raising tax rates. His comments came during a panel discussion held on Wednesday, on the sidelines of the G20 Finance Ministers and Central Bank Governors’ meeting… Read More »SARS Commissioner Urges G20: ‘Build Collection Capacity Before Hiking Taxes The post SARS Commissioner Urges G20: ‘Build Collection Capacity Before Hiking Taxes first appeared on iAfrica.

Politics

36 h. ago Nhlanhla Nene Warns Treasury: ‘We Can’t Spend Money We Don’t Have’ as Debt Soars

Former Finance Minister Nhlanhla Nene has cautioned that the National Treasury faces tough decisions to rein in government spending as it prepares to reintroduce the 2025/26 budget to Parliament next month. He believes the option of borrowing more money is no longer viable, given the country’s mounting debt burden. Government’s initial plan to raise R58… Read More »Nhlanhla Nene Warns Treasury: ‘We Can’t Spend Money We Don’t Have’ as Debt Soars The post Nhlanhla Nene Warns Treasury: ‘We Can’t Spend Money We Don’t Have’ as Debt Soars first appeared on iAfrica.

Events

36 h. ago Ramaphosa Demands Urgent Reset on Africa’s Debt Woes at G20 Summit

President Cyril Ramaphosa has called for a fresh approach to tackle Africa’s persistent debt crisis, warning that half of African nations pay more to service their debt than they do on healthcare, education, and other key development priorities. Addressing the opening of the G20 Finance Ministers and Central Bank Governors’ meeting in Cape Town on… Read More »Ramaphosa Demands Urgent Reset on Africa’s Debt Woes at G20 Summit The post Ramaphosa Demands Urgent Reset on Africa’s Debt Woes at G20 Summit first appeared on iAfrica.

Politics

62 h. ago LIVE: President Ramaphosa opens G20 Finance Ministers’ Meeting

President Cyril Ramaphosa opens the first meeting of the G20 Finance Ministers.

Politics

6 d. ago South Africa’s VAT Increase Proposal: Balancing Revenue and Economic Impact

Finance Minister, Enoch Godongwana, proposed raising the value-added tax (VAT) from 15% to 17% to address a significant budget deficit. This proposal led to a cabinet rift, resulting in the unprecedented postponement of the national budget presentation. Proponents argue that increasing VAT would generate essential revenue and is more efficient than other taxes. However, critics… Read More »South Africa’s VAT Increase Proposal: Balancing Revenue and Economic Impact The post South Africa’s VAT Increase Proposal: Balancing Revenue and Economic Impact first appeared on iAfrica.

Politics

7 d. ago Economists Challenge Proposed 2% VAT Hike, Urge Alternatives in SA Budget Debate

South Africa’s Finance Minister, Enoch Godongwana, has drawn criticism for proposing a 2% increase in Value Added Tax (VAT)—from 15% to 17%—as a way to bolster the country’s R60 billion budget surplus. According to economist Patrick Bond, this approach reflects a long-standing insensitivity from the National Treasury, which he says dates back to the apartheid… Read More »Economists Challenge Proposed 2% VAT Hike, Urge Alternatives in SA Budget Debate The post Economists Challenge Proposed 2% VAT Hike, Urge Alternatives in SA Budget Debate first appeared on iAfrica.

Politics

7 d. ago Ramaphosa Stands By Finance Minister As VAT Hike Draws Criticism

President Cyril Ramaphosa has come out in defense of Finance Minister Enoch Gondogwana amid ongoing criticism over a proposed two percentage-point hike in Value-Added Tax (VAT). Speaking on Thursday at the sidelines of the first G20 foreign ministers’ meeting, Ramaphosa emphasized that no finance minister would raise taxes if any viable alternatives existed. Gondogwana has… Read More »Ramaphosa Stands By Finance Minister As VAT Hike Draws Criticism The post Ramaphosa Stands By Finance Minister As VAT Hike Draws Criticism first appeared on iAfrica.

Politics

9 d. ago SACP says budget postponement proves ANC must consult with alliance

Finance Minister as forced to put the tabling of the budget on hold.

Politics

9 d. ago Godongwana’s Budget Delayed as Unity Government Rejects VAT Hike

Finance Minister Enoch Godongwana’s budget presentation was pushed back to 12 March after his proposed two-percentage-point increase in Value-Added Tax (VAT) ran into fierce opposition from the ANC’s government of national unity (GNU) partners. The measure would have brought VAT to 17%—the first increase since 2018—surprising politicians, businesses, labor groups, and economists alike. The postponement… Read More »Godongwana’s Budget Delayed as Unity Government Rejects VAT Hike The post Godongwana’s Budget Delayed as Unity Government Rejects VAT Hike first appeared on iAfrica.

Politics

1 week ago Budget expected to unveil critical tax, economic policy changes

South Africans have called on the Finance Minister to focus on various issues.

Economics