Finance Minister Godongwana’s juggle to sidestep tax hikes in an election year — and balance the government books

Finance Minister Godongwana’s juggle to sidestep tax hikes in an election year — and balance the government books

The Sarb holds these funds, currently just more than R500-billion, for the National Treasury. The last time the government accessed these was in 2003 when R28-billion was deposited, according to the Budget Review. That all sounds technical, but is important because of the economic tough times, which meant South Africa’s economy only grew 0.6% in 2023 — and is expected to grow 1.3% for 2024. This comes in the wake of increased joblessness, or 41.1% on the expanded definition that includes those too discouraged to even try to find work.No State-owned Entity is getting a bailout.

A further R8-billion is expected to be raised from the global minimum tax rules linked to the Organization for Economic Cooperation and Development . Effectively, it’s a top-up tax to ensure multinationals pay 15%.Amid sharp criticism from within the governing ANC alliance partners — labour federation Cosatu and the South African Communist Party — over the persistent macro-economic focus, rather than a socio-economic spending focus, the 2024 Budget drives home that 60.

Government’s infrastructure focus — R943-billion over the next three years — is supported by a new implementation support agency linked to the Development Bank of Southern Africa.Rotational power cuts are cited by National Treasury as the leading cause of drooping economic growth; no new support measures are announced in the 2024 Budget. While business relief continues for another year, 31 March 2024 ends the household rooftop solar incentives.

On the job front, R7.4-billion goes to the presidential employment stimulus that’s placed 1.7 milllion people in various work opportunities, including classroom assistants. Another R650-million is allocated to the Cities Public Employment Programme.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Africa Live: Ghana's finance minister sacked in major reshuffleKen Ofori-Atta has been overseeing Ghana's debt restructuring efforts after the West African country defaulted its external debt in 2022 - and more stories
Source: BBCAfrica - 🏆 23. / 61 Read more »

New Finance Minister After Major Ghana Cabinet ReshufflePresident Nana Akufo-Addo has relieved 13 ministers, including embattled finance minister Ken Offori-Atta, ten months before the country's general elections in December. Ghana has been grappling with a severe economic crisis in recent years, marked by high inflation.
Source: allafrica - 🏆 1. / 99 Read more »

10 things about Mohammed Amin Adam, Ghana’s finance ministerAkufo-Addo’s new finance minister, Mohammed Amin Adam, inherits a difficult portfolio amid crucial negotiations with creditors over Ghana’s $3bn IMF bailout.
Source: TheAfricaReport - 🏆 29. / 55 Read more »

Finance Minister under pressure to cut consumers some slackFinance Minister Enoch Godongwana is facing pressure to reduce fuel levies and keep property and personal taxes unchanged ahead of his budget speech in Parliament.
Source: ewnupdates - 🏆 30. / 53 Read more »

Minister of Finance to Present Budget for 2024 Fiscal YearMinister of Finance Enoch Godongwana will be presenting the country's budget for the upcoming fiscal year in Parliament at a sitting of the National Assembly at the Cape Town City Hall tomorrow, 21 February 2024. The budget speech is expected to address the country's financial challenges, including credit rating downgrades, government debt, and a significant deficit. The timing of the speech, just before a national election, adds to the difficulty for the minister.
Source: 2oceansvibe - 🏆 43. / 51 Read more »