The Organisation Undoing Tax Abuse (OUTA) welcomes the decision by President Cyril Ramaphosa, to accept the resignation of Finance Minister Nhlanhla Nene. OUTA commends Minister Nene on tendering his resignation, following concerns raised around his admissions relating to misleading the public, during his testimony at the State Capture Inquiry. During his tenure as Minister of finance, Nene showed courage by standing up against Jacob Zuma’s decisions to force irrational and costly … [Read more...] about Thanks for Resigning Nhlanhla Nene
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Nhlanhla Nene in Uitenhage
Minister of Finance, Nhlanhla Nene recently visited Volkswagen Group South Africa in Uitenhage to see the operations of one of the leading automotive manufacturers in South Africa. Volkswagen has been the passenger market leader in South Africa for seven consecutive years and is well on the way to achieving this for the eighth time in 2018. Volkswagen's Uitenhage plant will produce about 137 000 Polos and Polo Vivos this year with over 80 000 being exported to markets around the world. … [Read more...] about Nhlanhla Nene in Uitenhage
SAA: Nene – 1, Myeni – 0
South African Airways (SAA) chairperson Dudu Myeni has officially lost her battle to reconfigure the airline’s Airbus swap deal, which could have threatened the financial stability of SAA. SAA informed the Treasury that the board approved the execution of the transaction as directed and a process is underway to conclude it within the next few days, Treasury said in a statement late on Monday. Sticking to former minister Nhlanhla Nene's approved plan from July this year, the transaction … [Read more...] about SAA: Nene – 1, Myeni – 0
With All Due Respect Mr Zuma
Dear Mr Zuma Sir, when people say to anyone; "With all due respect" you know that they are not really according you any respect. So..... WITH ALL DUE RESPECT - I am an ordinary guy, not too bright, but with a great love for our country and people in it. At all times I try and put our country first. I do not profess to know how to run a country. As a collective we entrust our politicians to guide our country's voters to becoming the best that we can be. Who am I to judge anyone, … [Read more...] about With All Due Respect Mr Zuma
South Africa remains baffled at Zuma’s axing of Nene
Before the President spoke out about the appointment of David van Rooyen as minister of finance to replce Nhlanhla Nene yesterday, the Nelson Mandela Bay Business Chamber through it's CEO, Kevin Hustler, expressed their deep concern over the recent axing of Finance Minister Nhlanhla Nene after just 18 months in the role. "Whilst we acknowledge that the President has a constitutional right to appoint and dismiss Cabinet Ministers, the decision to dismiss a very experienced and the … [Read more...] about South Africa remains baffled at Zuma’s axing of Nene
Local Business reacts to Medium-Term Budget Policy Speech
The Nelson Mandela Bay Business Chamber CEO Kevin Hustler had the following to say about todays Medium-Term Budget Speech: Against the backdrop of students protesting outside of Parliament and disruptions inside of Parliament, Finance Minister Nhlanhla Nene delivered a balanced Medium-Term Budget Policy Statement (MTBPS) today. The Nelson Mandela Bay Business Chamber is concerned with the scenes of violence today and we trust that government will come to an amicable solution to make fees … [Read more...] about Local Business reacts to Medium-Term Budget Policy Speech
Could we see an increase in VAT?
The door for an increase in South Africa's 14% value-added tax (VAT) remains open, according to Finance Minister Nhlanhla Nene. Speaking to media ahead of his mini budget speech on Wednesday, Nene said the Davis Tax Committee "will look very closely at the need" for an increase in VAT and it will "look at any other taxes in our scheme". Former finance minister Pravin Gordhan launched the committee in 2013 to investigate the country's tax policy framework to help boost employment, fiscal … [Read more...] about Could we see an increase in VAT?
SA needs to do more to reduce poverty and increase jobs
On the back of Comment Minister of Finance. Minister Nene's Medium Term Budget Policy Statement in Cape Town yesterday organised business in Port Elizabeth represented by Kevin Hustler, CEO of the Nelson Mandela Bay Business Chamber commented on the speech as follows: South Africa was steered through a tumultuous time by the firm hand of Pravin Gordhan in the portfolio of Minister of Finance. Minister Nene, in his turn, has inspired in us a measure of confidence through his Medium Term Budget … [Read more...] about SA needs to do more to reduce poverty and increase jobs
Inflation predicted to drop to 5.8%
South African consumers can breathe a sigh of relief as the cost of living is likely to drop to moderate levels. Finance Minister Nhlanhla Nene has projected the Consumer Price Index (CPI) to drop to 5.8% in 2015 - which is within the 3 to 6% target band. But the forecast inflation could change negatively should the Rand depreciate any further. The Minister made the announcement when he tabled the National Treasury’s Medium Term Budget Policy Statement (MTBPS) in the National Assembly on … [Read more...] about Inflation predicted to drop to 5.8%
SA economy forecast prediction 48% down
Cape Town: Finance Minister Nhlanhla Nene has projected South Africa’s economy will grow by 1.4% this year, which is a 48% downward revision from 2.7%. Briefing journalists prior to tabling his first ever Medium Term Budget Policy Statement (MTBPS) as Finance Minister, Nene said despite several constraints, important structural changes were occurring in major economic sectors, which are expected to boost economic growth. He said while the economy will grow gradually by 3% in 2017, the … [Read more...] about SA economy forecast prediction 48% down
National Treasury reviews local government fiscal framework
Finance Minister Nhlanhla Nene says National Treasury is working around the clock to review its fiscal framework to ensure that it helps government achieve its objective of an improved service delivery. "...It is common knowledge that municipalities face challenges in delivering public services to our people. It has been suggested that the local government fiscal framework is not responding sufficiently to this objective. "Given these concerns, National Treasury, in collaboration with … [Read more...] about National Treasury reviews local government fiscal framework
Nene predicts that budget deficit will narrow to 2.8% by 2017
Finance Minister Nhlanhla Nene says he is confident that despite a turbulent economic climate, government will over the next three years reduce its budget deficit. The minister said despite lower than expected revenue over the past few financial years, he expected light at the end of the tunnel looking ahead. He said this when he tabled the National Treasury Budget Vote at the National Assembly on Monday. "The situation is expected to improve over the period ahead, with the budget … [Read more...] about Nene predicts that budget deficit will narrow to 2.8% by 2017
South Africa and USA to share tax information
Finance Minister Nhlanhla Nene and United States (US) ambassador to South Africa Patrick Gaspard have signed an intergovernmental agreement to improve international tax compliance and to implement the Foreign Account Tax Compliance Act. The agreement, which was signed on Monday, promotes transparency between South Africa (SA) and the US on tax matters, while also underscores growing international cooperation in the endeavour to end tax evasion worldwide. "South Africa is committed to … [Read more...] about South Africa and USA to share tax information
South African Economy Still Faces Tough Time
Although South Africa's economy is showing growth, it continues to face uncertain times, says Deputy Finance Minister Nhlanhla Nene. "There is no room for complacency and we continue to face a great deal of uncertainty during this current period of adjustment within the global economy," he said. The deputy minister was speaking at an event hosted by the Sugar Industry Trust Fund for Education in Durban on Wednesday. In the first quarter of 2011, South Africa's economy grew by 4.8 … [Read more...] about South African Economy Still Faces Tough Time
