The Nelson Mandela Bay Business Chamber President Ian Nicholls had the following to say about this mornings 00h30 announcement of a Cabinet Reshuffle: The Nelson Mandela Bay Business Chamber notes with deep concern the reshuffling of Cabinet, and the subsequent axing of former Finance Minister Pravin Gordhan and Deputy Finance Minister Mcebisi Jonas. Whilst we acknowledge that the President has a constitutional right to appoint and dismiss Cabinet Ministers, the decision to dismiss some … [Read more...] about Local Business expresses ‘Grave concern’ over Cabinet Reshuffle
pravin gordhan
Tax system must be “redistributive”
Finance Minister Pravin Gordhan says the South African tax system has to be redistributive if the country is to usher in radical socio-economic transformation. The Minister said this when he interacted with captains of industry, school children and members of the public at a post-budget breakfast briefing in Newlands, in Cape Town, after delivering his Budget Speech in Parliament, on Wednesday. He said this in response to a reaction on National Treasury's decision to introduce a new tax … [Read more...] about Tax system must be “redistributive”
Main Elements of Budget 2017
In his budget 2017 speech to Parliament in Cape Town on 21 February from 2:00 pm, Finance Minister Pravin Gordhan outlined what he considers as the main elements of the 2017 budget: While global growth is slightly better, geo-political and economic uncertainties have increased. Our low growth trajectory provides a major challenge for government and citizens. We need to radically transform our economy so that we have a more diversified economy, with more jobs and inclusivity in … [Read more...] about Main Elements of Budget 2017
Full 2017 Budget Speech by Finance Minister Pravin Gordhan
Honourable Speaker Mister President Mister Deputy President Cabinet Colleagues and Deputy Ministers Governor of the Reserve Bank MECs of Finance Fellow South Africans Sanibonani Molweni Goeie middag Thobela I have the privilege to present our Government's budget for the fiscal year 2017/18, and the framework for the next three years. I am mindful, in the context of our own transformation challenges and the stresses in the global environment, of Oliver Tambo's unwavering … [Read more...] about Full 2017 Budget Speech by Finance Minister Pravin Gordhan
Budget 2017 Main Tax Proposals
The main tax proposals in the South African Budget 2017 are: A new top personal income tax rate of 45 per cent for those with taxable incomes above R1.5 million. An increase in the dividend withholding tax rate from 15 per cent to 20 per cent. Limited bracket creep relief, increasing the tax free threshold from R75 000 to R75 750. An increase of 30c/litre in the general fuel levy and 9c/litre in the road accident fund levy. Increases in the excise duties for alcohol and tobacco, … [Read more...] about Budget 2017 Main Tax Proposals
South Africans urged to engage with 2017 Budget
South Africans are urged to engage with the 2017 National Budget Speech that Finance Minister Pravin Gordhan will table in Parliament on Wednesday. “The presentation of the National Budget is an important part of our open and accountable budget process. It outlines the finances available for the implementation of policy decisions to achieve social and economic transformation. “Therefore, it is important for the public to be informed about government’s budget and its impact on the nation,” … [Read more...] about South Africans urged to engage with 2017 Budget
Time to ‘Share with Pravin’ #BUDGET2017 OR #BUDGETSA2017
Finance Minister Pravin Gordhan has called on South Africans to share their budget tips with him ahead of the tabling of the National Budget later this month. Among the views from the public that the Minister is looking towards is the funding of free education for students in tertiary institutions. “The Minister [would also] like public views on how South Africa can achieve inclusive economic growth as well as how South Africa can use its resources to ensure efficiencies. “The Minister … [Read more...] about Time to ‘Share with Pravin’ #BUDGET2017 OR #BUDGETSA2017
Local Business confirms support for Gordhan and Budget
The Nelson Mandela Bay Business Chamber welcomed the Medium Term Budget Policy Speech delivered by Finance Minister Pravin Gordhan on 26 October. While Gordhan said during his Medium Term Budget Policy Speech that "as a nation we are at a crossroad, politically and economically", he also found himself at a crossroad today: in the unusual position of facing charges in court next week, while having the immense pressure of presenting the Medium Term Budget. The Chamber reiterated their … [Read more...] about Local Business confirms support for Gordhan and Budget
Coega encouraged by 1.7% expected growth for next year
"The Coega Development Corporation (CDC) welcomes the Honourable Minister of Finance Pravin Gordhan, Medium Term Budget Policy speech delivered this afternoon," said Dr Ayanda Vilakazi, CDC Head of Marketing and Communications. Furthermore the CDC warmly welcomes the Minsters mention of the role the Coega Industrial Development Zone (IDZ) is playing in the Energy mix through the allocation of a 1000 MW as part of the gas-to-power programme. The gas-to-power project is key for energy … [Read more...] about Coega encouraged by 1.7% expected growth for next year
#SarsWars – Presidency says…
The Presidency has noted the concerns expressed by individuals and organisations in society about the reported investigation by the Directorate for Priority Crime Investigation (the Hawks) involving the Minister of Finance, Mr Pravin Gordhan as well as other former South African Revenue Services officials. President Jacob Zuma wishes to express his full support and confidence in the Minister of Finance and emphasises the fact that the Minister has not been found guilty of any wrong … [Read more...] about #SarsWars – Presidency says…
What did the Hawks move against Gordhan cost you today?
Personally and directly over the last 12 hours - R134.44 I have been bumbling along for a number of weeks now happy in the fact that the Rand seems to be stable and slowly dropping (see here for a #RandHealthCheck). Then the bombshell dropped yesterday with reports that four former SARS officials have been asked to present themselves to the Hawks on Thursday at 10:00 am - these are are Finance minister Pravin Gordhan, former SARS Deputy Commissioner Ivan Pillay, Group Executive Johann … [Read more...] about What did the Hawks move against Gordhan cost you today?
How about these ex SAA guys Pravin?
OUTA applauds Minister Pravin Gordhan’s decision to introduce new talent and members to the Board of the South African Airways (SAA), but believes that he need not look too far to find all the talent he needs to get the ailing airline back on track. Over the past few years, SAA has lost a lot of fine talent with considerable airline management experience and it would be wise for Minister Gordhan to bring these very same, relatively young and energized people back to fix the mess and damage … [Read more...] about How about these ex SAA guys Pravin?
10 Reasons why SME’s must pay attention to Budget Speech
As the domestic economy continues to contract, Finance Minister, Pravin Gordhan has tough decisions to make while curbing spending, accommodating the drought-stricken agricultural sector and ensuring that small businesses continue to grow. "The National Budget Speech has a direct impact on the bottom line of SMEs and influences long-term business decisions," says Yudhvir Seetharam, Head of Analytics for FNB Business, as he unpacks reasons why small businesses should make time for the budget … [Read more...] about 10 Reasons why SME’s must pay attention to Budget Speech
A declaration of war against the workers
More unions have joined the Congress of South African Trade Unions (Cosatu) in expressing their displeasure with - and possible strike action against - new tax law amendments signed into law by President Jacob Zuma. This means all retirement reforms related to tax harmonisation on retirement contributions and benefits will come into effect on March 1 2016. Cosatu regards the legislation as an offence against all working people, who have their deferred wages to look forward to after … [Read more...] about A declaration of war against the workers
Workers panic over new pension laws
Controversial new pension laws only apply to money saved from 1 April this year, Finance Minister Pravin Gordhan said on Thursday. "Anything you saved up to March this year is not touched. The old rules still apply," Gordhan said at a post-Cabinet briefing broadcast from Pretoria. Panic and anger set in among workers when President Jacob Zuma signed the new tax laws such as the 2015 Tax Laws Amendment Act and the Tax Administration Laws Amendment Act into force. They include a limit on … [Read more...] about Workers panic over new pension laws
