In the National Treasury’s latest published Draft Tax Bills, which incorporates the tax proposals made in the 2021 Budget, the amendment proposes a particularly worrying amendment which may upend taxpayers’ carefully planned retirement. The Draft Taxation Laws Amendment Bill (TLAB) proposes an additional “exit tax” to tax retirement fund interests of individuals when they cease South African tax residency. This proposed amendment, due to come into operation on 1 March 2022, would be a further blow to emigrating South Africans wanting to cease their tax residency
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Emigration Tax? ANC Regime to Charge Emigrating South Africans an Additional “Exit Tax” on Retirement Funds!
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ANC Government wants to Establish a State Bank, in Line with their Socialist Principles. Hint: Central Banks are Private!
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In keeping with the Socialist principle that the State must own and control everything, as with the ANC’s National Health Insurance Scheme, the National Treasury said it was also moving forward with the establishment of a state-owned bank for South Africa, and that Cyril Ramaphosa, and the Minister of Finance, Tito Mboweni, were supporting it. It might surprise many to discover that the Central Bank is in fact privately owned, as it is worldwide.
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SA 5th Most Infected Country! All BRICs Countries in Top 5 Except China! SA & India Receive USD 1 Billion Covid Loans from BRICs Bank!
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Cases for Cash? For an 8th straight day South Africa has reported the 4th most daily new COVID19 cases (chart below) which has helped push SA into 5th place worldwide, eclipsing many countries far more populace and undeveloped than itself, like Indonesia, Pakistan, Nigeria, Bangladesh, Mexico, etc. Even more remarkable is that 4 of the top 5 most infected countries are BRICs countries – all of them are in the top 5 except China, where it all started, coincidence? Even though China is the most populace country in the world? Did the access and clout that Chinese citizens have in BRICs countries help spread the virus? Or does the fact that South Africa and India have received 1 BILLION dollar Covid Loans from the BRICs Development Bank explain the high figures?
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ANC piggy bank is empty – ANC regime owes municipalities R165 billion
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After a thorough investigation, it was found that the treasury of South Africa’s is indeed empty for a long time. It has been discovered that the state’s owes amount municipalities approximately R165 billion. To make matters worse, it must be taken into account that the amount is valid for up to the end of June..
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Bankrupt SA’s bankrupt governors – taxpayers’ contribution to the treasury is recklessly ransacked
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While everyone is encouraged by the ANC regime to help build the economy, so-called governors are making the taxpayers’ contribution to the Treasury wastefully wasted. If R750m from the empty treasury is dumped to renovate the homes of ANC ministers and deputy ministers and even pay thousands of Rands for dog kennels, it’s no wonder..
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South Africa’s new state-owned bank could be a big R7 billion mistake, National Treasury has warned of the possible harmful effects of introducing a state-owned bank into South Africa’s current financial system
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In a presentation to the Standing Committee of Finance on Tuesday (5 February), Treasury warned that a number of recent banking failures – including the failures of African Bank and VBS Mutual Bank – showed that a banking licence should not be handed out lightly. It also warned of previous issues with state-owned banks, highlighting..
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The ANC is coming for what’s yours! South African pensioners’ biggest fear has now become a reality – Pensions now need to fund bankrupt government’s state entities
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With the ANC’s launch of their election manifesto, it was debated that Treasury should see if pension funds cannot be used to help the bankrupt state entities. Meanwhile, Mark Barnes Chief Officer at the Post Office and said it would be a big move for the country. The prospective pensioners as well as current pensioners’..
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Something is fishy, indulge us… what peacekeeping efforts? – South Africa gets R728 million paycheck from the UN for ‘peacekeeping’
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The United Nations (UN) has paid South Africa a cool R728 million for its peacekeeping efforts. This was revealed by Finance Minister, Tito Mboweni, during his recent mid-term budget speech. According to the address, South Africa’s Department of Defence (DoD) earned a much-needed payday for its involvement in peacekeeping efforts on the African continent. National..
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Influence of Zuma and the Guptas is still sinking government entities – Denel struggles to pay salaries
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The weapon manufacturer Denel could not pay his senior management’s full salary at the end of September. Denel needs urgent funding and financial assistance and will probably be helped by treasury with tax money to continue production. The influence of Zuma and the Guptas is still having a great influence on state entities and are..
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ANC regime exploiting taxpayer’s money more and more – Treasury writes off R23 billion, SAA will get more money
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The Treasury has announced that it has written off almost R23 billion of government’s SA investment. In the previous financial year, R13 billion was written off and Treasury expects SAL to show losses until 2020. According to economists, it is clear that state-owned entities are exploiting taxpayers hard earned money and that these enterprises are..
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Treasury News:- Sars shortfall to blame for VAT hike, so we are paying for their incompetency!
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Treasury would not have needed to increase value added tax (VAT) by one percentage point to 15% in April if not for the revenue shortfall at the South African Revenue Services (SARS), deputy director general at national treasury Ismail Momoniat told the Nugent commission of inquiry on Wednesday.
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Billions and billions of Rands are pumped into the SAA ‘black’ hole
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The already struggling and bankrupt SA Airline received a further rescue buoy of R5 billion of taxpayers’ money from treasury.
SAA has not shown any profit for the past six years and state aid has so far already reached R20 billion.
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Treasury open to reviewing zero-rated VAT items
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According to Treasury’s budget review document, there are 19 basic food items on the zero-rated list. This includes dried beans, samp, maize meal, rice, milk, tinned pilchards, brown bread, eggs and vegetables, as well as illuminated paraffin.
In its submission, Treasury highlighted findings from the Davis Tax Committee in 2015 that advised that no more zero-rated food items should be considered.
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How you will pay for Zuma’s free education plan
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The government is considering drastic budget cuts to fund free higher education, including cutting social grants, freezing the roll-out of RDP houses and increasing taxes. With the country facing an unpre-cedented R50.8‑billion revenue hole, a treasury document has been put before President Jacob Zuma by the presidential fiscal committee, outlining possible areas where budgets could..
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Zuma will make an 85% profit on his Nkandla home after repaying the state R7.8m
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NEWS ANALYSIS: President Jacob Zuma has until the end of August to repay the state R7.8-million for taxpayer-funded improvements to his Nkandla home. But, ironically, that amount represents – conservatively – an 85% profit for Zuma. Combining the findings of the treasury with a 2014 report by the Special Investigating Unit (SIU) shows that the..
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