The South African government has gazetted new cost containing measures for municipalities, which will curb what officials can blow taxpayer’s money on. The new rules fall under the Municipal Cost Containment Regulations for 2019, which was gazetted in terms of the Municipal Finance Management Act. National Treasury said that the objective of the new rules..
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But will officials abide? – Massive changes for how municipalities can spend your money – here’s what you need to know
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Can you believe this, the SAA requests R4bn government bailout, their ‘wings’ needs to be clipped NOW
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JOHANNESBURG – South African Airways (SAA) appointed its head of operations as acting chief executive on Friday and said it needs R4-billion from the government to survive the current financial year and allow it to renegotiate loan terms with banks. Zukisa Ramasia becomes interim CEO after Vuyani Jarana unexpectedly resigned on Sunday, after less than..
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Nedbank scraps debt of R14 million to so-called disadvantaged pensioners but cannot confirm whether white people will also be accommodated
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Nedbank has written off debts owed by pensioners, disabled people and homes managed by children. People who owe less than R150,000 to the bank and whose municipal debt is less than R10,000 are affected by the write-off. Nedbank could not confirm whether white pensioners would also be accommodated. Thirty-three title deeds were handed over by..
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Automotive manufacturing giant, Volkswagen SA invests R86 million exclusively in Black Economic Empowerment
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The automotive manufacturing giant, Volkswagen SA, decided to invest R86 million for the development of black automotive suppliers in South Africa. The Black Economic Empowerment Trust Fund, which is regarded as the largest private transformation fund in the South African automotive industry, has already invested almost a quarter of its investable capital in black businesses…
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Former adviser has encouraged the South African government to bailout ESKOM (the-bottomless-pit) otherwise load shedding will just continue
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The South African government needs to “bite the bullet” and bail out struggling state-run power firm Eskom, which has asked for R100 billion in government support, the chief executive of Rothschild & Co in South Africa told Reuters.
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Wonderful news from AfriForum:- they want to spend EFF funds to fight land grabs
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“AfriForum will use the money to fight expropriation without compensation and land grabs in court.”
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Sick and tired of traffic congestion, well a new South African traffic light could shorten traffic jams
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A Stellenbosch University student is testing a new traffic light which may cut traffic congestion times significantly.
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Tom Moyane: the devil incarnate! – described himself as the best Sars commissioner in the democratic era even though his mismanagement lead to revenue shortfalls and the country being hit with a VAT increase this year
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Suspended SA Revenue Service (Sars) commissioner Tom Moyane attacked the judge heading a commission of inquiry into the tax agency during his reign as irrational and biased, saying murderers and serial rapists would get better treatment. Moyane has described himself as the best Sars commissioner in the democratic era and has rejected accusations that his..
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Once again taxpayers will have to pay for the sins of the ANC-regime – SAA, Post Office and other ailing SOEs to receive billions in cash-bailouts
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Finance minister Tito Mboweni has announced a R9.1-billion bailout of struggling state-owned companies such as national carrier SAA and regional airline SA Express. In his first medium term budget policy statement to parliament on Wednesday‚ Mboweni announced that the troubled SAA would once more be recapitalised by the taxpayer to the tune of R5-billion. This..
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Wealth advice to South Africans: ‘invest as much of your money elsewhere’
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South Africans are daydreaming their way to a poorer future by keeping too great a portion of their investments in the country – despite massive underperformance of JSE indices, falling real house prices and a future which looks equally bleak for those trying to grow or even just preserve their wealth. This is according to..
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The Rand is firm for now, but Moody’s delays ratings move!
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The rand strengthened further on Monday after Moody’s Investors Service held off on its ratings review of South Africa on Friday.
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Consumers are warned of second increase in VAT to make up for shortfalls that were stolen by ANC-politicians
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With the new finance minister set to deliver the medium-term budget policy statement later this month, tax experts have warned of a likely increase in VAT in the coming year. Former SA Reserve Bank governor Tito Mboweni was sworn in as finance minister this week, following the resignation of Nhlanhla Nene. Bernard Sacks of Mazars,..
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October fuel price outlook is a ‘major concern’ for Minister of Energy
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Increasing rand weakness against the dollar will not bode well for the fuel price in October, Minister of Energy Jeff Radebe warned on Wednesday evening.
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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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A bombshell plan to lay off 30 000 public servants, whites will probably be the first to go
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President Cyril Ramaphosa’s administration is planning to lay off 30 000 public servants in the next three years as part of the government’s cost-cutting measures.
The move is likely to put Ramaphosa on a collision cause with labour federation Cosatu, which supported his bid to become the ANC president in December.
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