Cosatu vows to push back against proposed wage cuts

Trade union federation Cosatu has labelled the 2020 Budget “provocative”, saying that instead of a clear diagnosis of the problems facing SA, National Treasury attempted to “dump the bill for industrial-scale looting on public servants”. A key item in the Budget was a proposal to cut the state’s wage bill[…]

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SA bankers criticize proposal for commercial state bank

Representatives of SA’s banking and financial services industry say they are finding it difficult to understand government’s rationale behind establishing a commercial state bank. Delivering the Budget in Cape Town on Wednesday, Finance Minister Tito Mboweni said government would proceed to establish a new state bank whose “architecture will be[…]

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Mboweni faces tough task of balancing government’s books

Shocking unemployment numbers, low growth and state-owned enterprises, billions of rand in debt. Finance Minister Tito Mboweni faces the tough task of balancing government’s books when he delivers his medium-term budget policy statement. READ: Mboweni expected to do a balancing act Analysts say Mboweni can win favour from ratings agencies and investors by converting[…]

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Why Budget 2019 will create more pain for taxpayers

South African taxpayers will once again find themselves squeezed by the fiscus for a number of reasons, Bernard Sacks, tax partner at Mazars said in reaction to Budget 2019. He explained that the most notable of these is the announcement that no changes will be made to the personal income[…]

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Mboweni’s budget in a nutshell

Finance minister Tito Mboweni’s first National Budget came with no real surprises or shocks. Given the pressure-cooker that is state finances, especially those of struggling power utility Eskom, it appears to be a well-balanced act. Government’s central economic policy goal remains to accelerate inclusive growth and create jobs, said the[…]

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Prepare to cough up more for cigarettes and fuel

South Africans are set to cough up even more for tobacco and alcohol, following yet another increase on sin taxes announced by finance minister Tito Mboweni on Wednesday. If you’re feeling the pinch, one option to save money would be to swap your favourite tipple of whiskey or sparkling wine[…]

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No major tax hikes expected in election year

Finance Minister Tito Mboweni is not expected to announce any major changes to corporate, personal income tax as well as value added tax (VAT) in his budget speech on February 20, according to Deloitte Africa tax & legal. Delia Ndlovu, Deloitte’s tax & legal managing director said instead they believe[…]

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