Finance Minister Enoch Godongwana, Deputy Minister David Masondo, acting Treasury DG Ismail Momoniat, and SARS Commissioner Edward Kieswetter.Finance Minister Enoch Godongwana tabled the 2023 Budget on Wednesday. Here is all of News24 Business' coverage: This year's National Budget, delivered on Wednesday, was dominated by South Africa's power woes, with Finance Minister Enoch Godongwana announcing that government will take over a large part of Eskom's debt.
The Treasury hopes that the debt relief will set the company on a path to sustainability. Eskom has R422 billion of debt, mostly incurred from the building of mega power stations Medupi and Kusile, which it cannot service from the revenue it earns. This has weighed down Eskom's operational capacity, impeded cash flows for crucial functions like maintenance and limited its ability to borrow to expand the transmission grid.
Currently, businesses that launch solar photovoltaic projects below 1MW are able to deduct 100% of the cost from their tax liability in the first year.The government is reworking its bounce-back loan guarantee scheme to support the rollout of renewables for small businesses that want to beat load shedding.
The Treasury has pencilled in a 3.3% increase in the wage bill over the medium term. However, this is unlikely to be the final outcome as government last week tabled a 4.5% increase offer for 2023/24 in the Public Sector Coordinating Bargaining Council. Amid expectations that South Africa will be added to the global anti-money laundering body's grey list on Friday, Treasury says the country needs more prosecutions and the freezing of more assets to demonstrate its compliance.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Budget 2023 | Huge bailout for Eskom to come with strings attached | BusinessBudget2023 | The National Treasury will relieve Eskom of R254 billion of its debt over the next three years but has imposed far-reaching conditions, which include that it concession out some of its power stations to the private sector | News24_Business _Business And I'm wondering who will buy these power stations... And at what price? _Business There you go 😁 _Business That wasnt hard, we have been done again We saw it coming, we were nervous and now it done Brace yourself pips 😁
Source: News24 - 🏆 4. / 80 Read more »
Budget 2023's big news: Eskom debt, solar tax bonanza and tough choices | BusinessBudget2023 | This year's National Budget, delivered on Wednesday, was dominated by SA's power woes, with Finance Minister Enoch Godongwana announcing that government will take over a large part of Eskom's debt. | News24_Business _Business Thought Eskom is already owned by tgd Government? _Business Christ almighty the ANC gave fuqqd up big time _Business None of this would have happened under Capitalism, South Africa is sinking deeper into debt while there's far easier options to grow wealth and the entire economy to benefit everyone....
Source: News24 - 🏆 4. / 80 Read more »
Budget 2023 | Energy bounce-back scheme to be launched in April | BusinessBudget2023 | Government is reworking the bounce-back loan guarantee scheme for small businesses to allow them to finance renewable energy projects. | News24_Business _Business Terms and conditions apply like the COVID relief? Or is it going to be for all. _Business Ya zitizen of this country is robbed from finances we are gatvol
Source: News24 - 🏆 4. / 80 Read more »
Budget 2023 | All the big tax announcements | BusinessBudget2023 | This year's Budget brings some relief to taxpayers, and where there are tax hikes, they are relatively benign. As for businesses and households that are planning to install solar, a mini tax bonanza awaits. | News24_Business _Business Askies ur loss I guess _Business Those who are financially in a good position are being helped to get off the grid, wait for eskom to turn around and cry about lost revenue hence higher increases to the people who can't afford to get off the grid. 🤡🌎 _Business This isn't a budget, this is waste of billions of rands. Bailing out SOE's that have been plundered and destroyed by the ANC. How much longer are we going to keep on allowing this ? These billions could be used for the poor and other essentials. VoetsekANC
Source: News24 - 🏆 4. / 80 Read more »
Budget 2023 | Prepare for possibility of grey-listing, warns Godongwana | BusinessBudget2023 | Amid expectations that South Africa will be added to the global anti-money laundering body's grey list on Friday, Treasury says the country needs more prosecutions and the freezing of more assets to demonstrate its compliance. Start with Big Nose 👃 _Business Easy one! Don’t allow SA politicians to leave the country or open accounts _Business This is bullshit! You had 3 years to clean up and pass certain laws but you sat on your bums as always! CoruscaKhaya what you were talking about yesterday on Powerfm987 with ThabisoTema. Another failure brought to you by the mighty MYANC!!
Source: News24 - 🏆 4. / 80 Read more »