Finance minister Tito Mboweni said national treasury has no plans to boost income tax, corporate tax or VAT even as the coronavirus decimates the nation’s finances.
Browsing: Public sector
Too rich for debt relief available to most African nations and hobbled by its politics, South Africa is facing a public financing crisis.
South Africa must cut spending to avoid a sovereign debt crisis within the next four years, finance minister Tito Mboweni has warned.
The government told asset managers and banks it needs R1.5-trillion of infrastructure investment over the next decade, the country’s biggest specialist fixed-income fund said.
Apple on Tuesday found itself the target of two EU antitrust investigations into its App Store and Apple Pay as regulators said its terms and conditions and restrictions may violate the bloc’s competition rules.
South Africa should think about moving to a zero-based budget, the finance minister said on Friday, ahead of an emergency budget dealing with the economic impact of the Covid-19 pandemic.
Cabinet has resolved to appeal the high court judgment that declared the Covid-19 regulations under levels 3 and 4 invalid and unconstitutional.
The high court in Pretoria has found that government’s Covid-19 lockdown regulations are unconstitutional and has ordered them fixed within 14 days.
South Africa plans to announce a R350-billion infrastructure programme after talks with the private sector and multilateral lenders, said Paul Mashatile, the treasurer-general of the ANC.
State-owned defence firm Denel said on Tuesday it could not pay salaries for May and wages for June and July were at risk, highlighting the gravity of its financial position.