South Africa

Social grants are expected to increase to keep in line with inflation and increase access for those who are eligible.

A combination of high debt servicing costs and a higher budget deficit has led to the introduction of a new reform of the Gold and Foreign Exchange Contingency Reserve Account (GFECRA).

Finance Minister Enoch Godongwana says although structural reforms have made “good progress”, load shedding and freight rail challenges remain an obstacle.

At least 70 municipalities have applied for and been approved for the Eskom debt relief programme introduced by National Treasury last year.

Government has raised US$3.3 billion so far from Multilateral Development Banks and International Finance Institutions to support climate change, energy, and just transition objectives. 

South Africa’s economy is expected to grow at some 1.6% over the next three years, with real Gross Domestic Product (GDP) reaching 0.6% in 2023.

Some R765 billion has been allocated to the peace and security cluster to fight crime and support the defence forces.

Over the next few years, government plans to implement a global minimum corporate tax to limit the negative effects of tax competition. 

New retirement reforms that will allow access to a portion of one’s retirement savings before retirement will be effective from 1 September 2024, says Finance Minister Enoch Godongwana.

National Treasury and the South African Revenue Service (SARS) have called for comments on the 2024 Draft Rates Bill (2024 Draft Rates Bill), 2024 Draft Revenue Laws Amendment Bill, Draft Global Minimum Tax Bill, and the Draft Global Minimum Tax Administration Bill.

With weak performance by South Africa’s economy resulting in a sharp deterioration in tax revenue collection for 2023/24, government has proposed tax measures to alleviate immediate fiscal pressure and support faster debt stabilisation.

Gauteng Education MEC, Matome Chiloane has condemned an incident at a school in Ekurhuleni where a teacher was allegedly found in possession of drugs on school premises. 

The Electoral Commission of South Africa (IEC) has welcomed the announcement by President Cyril Ramaphosa setting the 2024 National and Provincial Elections date for 29 May.

A total of R22 million has been allocated to support South African spaza shop owners, supermarkets, and general dealers in KwaZulu-Natal.  

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