The upcoming Budget Speech should be business-friendly and reduce hindrances to job creation and economic growth, the South African Chamber of Commerce and Industry (Sacci) said. "Sacci hopes that the Budget Statement will reflect a business-friendly fiscal policy that reduces the many hindrances to achieving economic growth and job creation by the private sector in South Africa," Sacci CEO Neren Rau said on Thursday. Finance Minister Pravin Gordhan will deliver the Budget on Wednesday, 22 … [Read more...] about SACCI Calls for Business Friendly Budget
pravin gordhan
Give Gordhan your Budget Tips
With a few weeks to go before Finance Minister Pravin Gordhan tables the 2012 budget in Parliament, the public is called upon to send in their tips to the minister. South Africans are being asked to send in their tips on what they would like to see in the country's budget, said National Treasury on Thursday. Gordhan is due to present the national budget on 22 February. It maps out government's spending, tax and borrowing plans for the next three years, while also describing how government … [Read more...] about Give Gordhan your Budget Tips
And in Huh Duh News – South Africans are Still Not Saving Enough
Finance Minister Pravin Gordhan is worried that South Africans are not saving enough for rainy days. Compared with people in other countries, South Africans are not putting away enough for the future, but are getting used to a culture of consume now, pay later. Data indicates that South Africa's gross savings were 16 percent of Gross Domestic Product in 2009. This is compared with China's savings rate of 52 percent and Russia's rate of 22 percent. "We have become a consumerist society. … [Read more...] about And in Huh Duh News – South Africans are Still Not Saving Enough
Business and SARS to Have a ‘Frank Talk’
Finance Minister Pravin Gordhan said the country's fiscus was losing billions of rands under the guise of commercial transactions. He said the National Treasury and South African Revenue Service (SARS) were set for "frank talk" with business and their advisers to get an assurance that they would not engage in activities that undermined the fiscus. He said in most cases around the world and including South Africa, tax administrators were 10 years behind tax planners. The minister, who … [Read more...] about Business and SARS to Have a ‘Frank Talk’
R9 Billion Jobs Fund Launched
The National Treasury's R9 billion Jobs Fund, which aims to create 150 000 jobs over three years, is now accepting applications from companies and non-governmental organisations with innovative job creation projects, said the Minister of Finance Pravin Gordhan. Gordhan told a media briefing before his Budget Vote in Parliament today that the aim was to give out R2 billion in grants this financial year to those in the private sector. These would either be in the form of matching grants, or … [Read more...] about R9 Billion Jobs Fund Launched
SARS Exceeds Revenue Collection Target by R2 Billion
The South African Revenue Service (SARS) collected R647.2 billion in tax revenue - R2 billion more than what was targeted in the 2011 budget, Finance Minister Pravin Gordhan said on Friday. "Positive economic growth over successive quarters in 2010 and a modest recovery in revenue indicate that our economy is regaining its growth momentum," Gordhan said of the preliminary outcome of revenue collection for 2010/11 fiscal year. Gordhan said he expects tax revenues to continue improving. … [Read more...] about SARS Exceeds Revenue Collection Target by R2 Billion
Government at it’s Wits End on Corruption
Fighting corruption and fraud in the public service remains high on the agenda of government, Finance Minister Pravin Gordhan said on Wednesday, as he warned that the state will not tolerate losing billions of Rands in maladministration. "...Public procurement plays a significant part in the economy and is central to government service delivery. However, citizens and taxpayers do not get full value for money, because this is an area vulnerable to waste and corruption. This compromises the … [Read more...] about Government at it’s Wits End on Corruption
Budget Speech: And More Money Goes To …
Job Creation: Minister of Finance Pravin Gordhan has announced the details of several initiatives and proposals to boost job creation, including a jobs fund, increasing funding for small businesses and spending on skills, rural development and industrial support. Presenting his Budget Speech in Parliament Gordhan said the R9 billion jobs fund would co-finance innovative public and private-sector employment projects over the next three years. Added to this, tax incentives have been … [Read more...] about Budget Speech: And More Money Goes To …
Budget Speech: Youth Wage Subsidy
The National Treasury wants to implement a R5 billion youth employment subsidy in the 2012 financial year - from 1 April 2012. In a media briefing before his Budget Speech, the Minister of Finance Pravin Gordhan said the proposal would be taken to the National Economic Development and Labour Council (Nedlac) on Friday. Details of the youth employment subsidy are set out in a discussion paper, for further consideration by Parliament and Nedlac. The subsidy compensates employers for … [Read more...] about Budget Speech: Youth Wage Subsidy
Budget Speech: Gambling Winnings to be Taxed 15%
Those who rake in gambling winnings of over R25 000, including payouts from the National Lottery, will from next year have to pay a 15 percent withholding tax, the Minister of Finance Pravin Gordhan announced in his Budget Speech on Wednesday. Presenting a budget which will see individuals receive moderate tax relief amounting to R8.1 billion, Gordhan said the withholding tax on gambling would come into effect from April 2012. He said the tax on gambling is in line with practices in other … [Read more...] about Budget Speech: Gambling Winnings to be Taxed 15%
All Eyes on the 2011 Budget
Finance Minister Pravin Gordhan is set to deliver the 2011 national budget this week, with business looking forward to a speech which will boost business confidence following a global recession. Company tax relief is expected to be limited and focused on encouraging capital expenditure as well as job creation, according to Nedbank's economic unit. The bank, along with Business Unity South Africa (BUSA), expects clarification on R20 billion in tax incentives for manufacturing investments … [Read more...] about All Eyes on the 2011 Budget
Your Chance to Tell Pravin What to do With our Budget
Finance Minster Pravin Gordhan is calling on South Africans to send in their budget tips ahead of his address in February. Gordhan would like to hear from citizens specifically on how South Africa can achieve an economic growth rate of 7 percent per year over the course of the next 20 years. Last year, Minister Gordhan said that although the country's economy was recovering from the economic crisis, a 7 percent growth rate was necessary. "South Africans are also encouraged to send … [Read more...] about Your Chance to Tell Pravin What to do With our Budget
