South Africa

Consumers of alcoholic beverages and tobacco products will from 1 April 2023 have to dig deeper into their products to indulge in their favourite brands.

The 2023/24 tax brackets will be adjusted in line with the expected inflation rate of 4.9%, says Finance Minister Enoch Godongwana.

Finance Minister Enoch Godongwana has announced that social grants will increase by at least 5% in the next financial year.

Government is expected to spend at least R1.4 trillion over the next three years on higher and basic education and the sports, arts and culture function.

For the second successive year, government will not increase the general fuel and the Road Accident Fund (RAF) levies, in a bid to reduce pressure on households and businesses.

Government has introduced a R9 billion tax relief programme to support South Africa’s clean energy transition, increase electricity supply and limit the impact of consistently high fuel prices.

Tax revenue for 2022/23 is expected to reach R1.69 trillion, says Finance Minister Enoch Godongwana.

Government has made progress in fast-tracking reforms in the priority areas of electricity, water, telecommunications, transport and immigration, says Finance Minister Enoch Godongwana.

Government’s gross debt stock is projected to increase from R4.73 trillion in 2022/23 to R5.84 trillion in 2025/26, says Finance Minister Enoch Godongwana.

While South Africa’s economy grew by an estimated 2.5% in 2022, the growth outlook has deteriorated to a predicted 1.4% growth over the next three years.

National Treasury has proposed to provide the country’s embattled power utility, Eskom, with R254 billion in debt relief over the next three years.

The Department of Water and Sanitation (DWS) continues to monitor the inflow water levels at the Vaal Dam.

The National Assembly (NA) has passed the Agricultural Product Standards Amendment Bill and the National Veld and Forest Fire Amendment Bill during its hybrid plenary on Tuesday.

Rand Water has scheduled a 30-hour planned maintenance, which will commence from 3am on 24 February, until 9am on 25 February 2023.

A local powder drink manufacturing company is receiving interest at the Gulfood exhibition currently underway in Dubai in the United Arab Emirates (UAE).