News in South Africa 13th February: 1. SA’s biggest risks: The biggest risks to South Africa’s 2024 economic outlook may come from insufficient power supply, strains on debt sustainability and the erosion of state legitimacy ahead of elections, according to Allianz. The global financial services giant estimates that South Africa’s economy will expand by 1.4% […]
News in South Africa 12th February: 1. Budget Speech incoming: Budget Speech season is here and based on Finance Minister Enoch Godongwana’s mid-term presentation, we can expect many complex challenges to be unpacked. Godongwana has projected that the government will miss its revenue targets by nearly R57 billion for the 2023/24 tax year, and then […]
News in South Africa 29th January: 1. SA risks losing out on new ‘gold rush’: The world’s need to decarbonise should benefit South Africa’s mining sector – but government inefficiencies are pushing the industry off the rails. Business Leadership South Africa CEO Busiswe Mavuso said the rapid deterioration of Transnet’s ability to move resources across […]
News in South Africa 10th January: 1. SA’s R990 billion problem: It’s been nearly a decade of waning foreign interest in South African stocks, with outflows nearing R1 trillion over the period. Last year was the eighth year in a row that foreign investors dumped South African equities — a record-long streak — selling stocks […]
News in South Africa 19th December: 1. Severe water shortages: Minister of Water and Sanitation, Senzo Mchunu, has pleaded with residents of Gauteng to reduce their water consumption as the water supply remains vulnerable to disruptions and may not be able to meet demand, resulting in shortages. Johannesburg and its surrounds have been hit by […]
News in South Africa 12th December: 1. NHI means more tax and less benefits: The National Health Insurance (NHI) Bill last week got the nod from the National Council of Provinces and has now been plonked in the lap of President Cyril Ramaphosa. Other than expropriation without compensation, few statutory artefacts have elicited such exasperation from those […]
News in South Africa 14th November: 1. SARS needs funds: The South African Revenue Service (SARS) will soon run out of ways to collect more taxes as tax hikes are not an option, and the factors limiting the country’s tax revenue are outside the service’s control. This is feedback from Deloitte Africa’s tax controversy leader, […]
News in South Africa 30th October: 1. Midterm budget this week: As Minister of Finance, Enoch Godongwana prepares to deliver his mid-term budget speech this week, he said that if the country doesn’t cut expenditure and increase borrowing, it will be out of cash by the end of March 2024. He made the comments at […]
News in South Africa 20th October: 1. Tax filing season starts: The first deadline for the 2023 tax filing season is Monday (23 October), when non-provisional taxpayers must submit their annual tax returns. Taxpayers with more complicated financial affairs or different income streams have until 24 January next year. Taxpayers who have been auto-assessed but […]
News in South Africa 12th October: 1. Foreigners flee SA stocks: Foreign investors have accelerated their (net) selling of equities on the JSE, with sales 40% greater thus far in 2023 than in the same period in 2022. To last Friday, non-SA investors sold a net R103 billion of equities, versus R73 billion in the […]
