South Africa

Finance Minister Enoch Godongwana says government will introduce a new tax of R2.90 on vaping products from January next year.

National Treasury says to reverse the disturbing trend of using the public purse to service debt costs, a portion of the revenue improvements will be used to reduce the deficit over the next three years.

Effective for tax years ending on or after March 2023, Corporate Income Tax will be reduced by a percentage point in a move aimed at encouraging investment and curbing avoidance.

Headline inflation is projected at 4.8% in 2022 and 4.4% in 2023, National Treasury said on Wednesday.

National Treasury has tabled a basket of proposals aimed at supporting poor and vulnerable households, while staying on course to restore the health of the public purse.

Finance Minister Enoch Godongwana has announced that general public services will, over the next three years, reprioritise R2.4 billion to modernise information and communication technology, as well as fund the shortfall in the allocation for the Integrated Financial Management System (IFMS).

The country’s real Gross Domestic Product (GDP) is expected to grow by an average of 2.1 % in 2022, Finance Minister Enoch Godongwana said on Wednesday.

The National Treasury has proposed that from April 2022, the special COVID-19 social relief grant be extended by another 12 months.

Finance Minister Enoch Godongwana has allocated R664.3 billion over the next three years to improve the country’s safety and security, and the criminal justice system.

Government will soon launch a new business bounce-back scheme aimed at supporting businesses in distress owing to the COVID-19 pandemic, Finance Minister Enoch Godongwana has announced.

Finance Minister Enoch Godongwana says the carbon tax rate will be increased by R10 to R144 effective from 1 January 2022.

The Passenger Rail Agency of South Africa (PRASA) will over the next three years spend R42.1 billion to implement its commuter rail recovery plan.

Finance Minister Enoch Godongwana says a draft legislation that proposes partial access to retirement funds, while encouraging a preservation of a bulk of individual retirement savings, will be published by mid-year.

Finance Minister Enoch Godongwana has in his inaugural Budget Speech announced a R2.3 billion allocation for the purchase of more doses and administering of COVID-19 jabs in the 2022/23 financial year.

Social grant recipients will heave sighs of relief at the announcement that allocations will from April mostly increase by above inflation rates.