Posts tagged with 'treasury'

 

Emigration Tax? ANC Regime to Charge Emigrating South Africans an Additional “Exit Tax” on Retirement Funds!

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Emigration Tax? ANC Regime to Charge Emigrating South Africans an Additional "Exit Tax" on Retirement Funds!

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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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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Parastatal waste equals tax shortfall: Treasury will need to find new resources to close the budget gap

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The R50‑billion shortfall in tax revenue that the treasury will need to find elsewhere to plug the budget gap is close to how much state-owned entities (SOEs) have thrown down the drain in the past financial year. The auditor general, Kimi Makwetu, released national and provincial audit results on Wednesday. Although the number of clean..
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Gigaba’s first test: Can he ace the mid-term budget?

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Finance Minister Malusi Gigaba is in an unenviable position. In his maiden budget – today’s medium-term budget policy statement – he must confront, among other things, low economic growth, a tax revenue hole big enough to fly a plane through and the budgetary consequences of struggling state-owned enterprises. These issues are some of the chief..
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12 000 ‘dead people’ doing business with SA government – Treasury

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It has also identified about 14,000 state employees who are listed as directors of companies that have been awarded state contracts in violation of regulations. South Africa’s National Treasury has discovered about 12,000 dead people in its register of companies that do business with the state. This is among the outcomes of a clean-up of..
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Department of finance is being run by complete morons

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New finance minister Malusi Gigaba’s key advisor over the weekend published an opinion piece advocating for the nationalisation of mines, insurance companies and the banks, leaving Treasury with a PR disaster on Tuesday. Ok look, a bad PR day for some government departments wouldn’t normally cause too much of a ruckus, except if that department..
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The True Reason behind the sacking of Gordan and what will happen next

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What explains the allegedly irrational decisions taken by the South African government over recent days? Two explanations suggest themselves. The first is that the decisions were not irrational, but part of a calculated power-play designed to further entrench the Zuma-aligned faction of the African National Congress (ANC). The second is that Mr Zuma took the..
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