Posts tagged with 'National Treasury'

 

South Africa stuck in longest downward cycle since before Apartheid (1945)! Ramaphosa tries to talk it better…

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Neither communism nor multiculturalism has ever worked, yet South Africa is implementing both at the same time to disastrous effect! Now Ramaphosa has vowed to rebuild crashing confidence in South Africa’s economy, and desperate South Africans, who want concrete things that can make a difference in the economy, have no choice but to hope he does. He promised real actions that “move the needle,”  however in Africa accountability is not required.

After a decade of low growth and deepening poverty, South Africans are looking for signs of progress, according to President Cyril Ramaphosa. He pledged “concrete things” to rebuild confidence in the economy.

This year, the economy will record growth lower than expected, Ramaphosa said. The GDP growth forecast for 2019 has been revised by the National Treasury to 1.5 percent, from an estim
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SAPS R20 billion budget cuts could lead to a loss of 23 000 personnel over next 3 years

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On Wednesday, in the Portfolio Committee of Police, the South African Police Service (SAPS) announced that National Treasury has instructed SAPS to cut their budget through a 5%, 6% and 7% baseline reduction over the next three years, which may ultimately result in a loss of 23 000 personnel. This shocking announcement comes at a time when the majority of South Africans feel increasingly unsafe in their communities, due to escalating levels of violence and crime.

The Democratic Alliance (DA) has proposed an alternative, yet constructive, budget proposal, which considers cutting VIP protection costs instead of other police programmes. The VIP protection budget allocation amounts to approximately R10 million per individual, per year, with an approximate Cabinet cost to taxpayers amounting to R631 million yearly.

It is unconscionable that National Treasury would request SAPS budget cuts, when our police service is already severely under-capacitated and un
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But will officials abide? – Massive changes for how municipalities can spend your money – here’s what you need to know

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The South African government has gazetted new cost containing measures for municipalities, which will curb what officials can blow taxpayer’s money on.

The new rules fall under the Municipal Cost Containment Regulations for 2019, which was gazetted in terms of the Municipal Finance Management Act.

National Treasury said that the objective of the new rules is to ensure that resources given to municipalities are used effectively, efficiently and economically by containing spending.

The rules apply to all municipal officials and political office bearers and entities in South Africa.

According to National Treasury, failure to abide by the rules – ie an officer incurs expenditure that is counter to the rules set out by the department – will result in the official being held liable for financial misconduct or a financial offence.

This could result in officials being reported to the police on fraud charges.

Municipalities wil
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Cash-strapped SABC to receive yet another government bailout – The National Treasury, has, once again, been persuaded to open its coffers up to the embattled broadcaster

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The South African Broadcasting Corporation (SABC) will receive a much-needed government bailout, after failing to improve its financial position in 2019.

Government, by way of the National Treasury, has, once again, been persuaded to open its coffers up to the embattled broadcaster.

Telecommunications Minister Stella Ndabeni-Abrahams confirmed that the finance minister was expected to finalise the bailout plan, which includes guarantees on loan agreements, and, in due course, release the figures to the public.

SABC bailout “to prevent the broadcaster from collapsing”

While the Treasury has remained mum on details relating to the bailout, Ndabeni-Abrahams explained that the finance minister would sign-off on the agreement “to prevent the broadcaster from collapsing”.

Speaking to SABC News on the current challenges, both financial and operational, facing the public broadcaster, Ndabeni-Abrahams explained:

“It is in o
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How ANC- government officials spend taxpayers hard earned money on extravagant cars

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A Deputy Minister of Co-operative Governance and Traditional Affairs apparently wasn’t happy with the list of cars that Treasury negotiated bulk discounts on.

So he asked Treasury for permission to purchase a Volvo XC90D4, at a cost of R1,118,352 to the public purse. The reason for the request was “National Treasury Transversal Contract RT57-2016/2017 does not cater for prefered [sic] vehicle”.

Treasury conditionally approved his request. But he was not alone. Three ministers and a deputy minister, including the above one, applied to Treasury for a deviation when buying new cars in 2017 and 2018 because they did not like the choice of vehicles allowed.

In his most recent budget speech, Minister of Finance, Tito Mboweni, announced spending cuts of R50.3 billion over the next three years. This was not the first year in which Treasury has had to announce spending reductions to help balance the budget. In 2013, government started taking measur
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R1.6 billion stolen from the Eastern Cape’s social development fund – Funds meant for roads, houses and schools ended up going towards fancy dinners, luxury cars and expensive suits

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The South African National Treasury has compiled a series of reports detailing gross expenditure irregularities within the Eastern Cape. These reports have been obtained by City Press, and the information now made public.

The Treasury reports rely on information gathered from special audit services conducted between 2011 and 2017. The audits scrutinised expenses related to mobile classrooms, roads and housing in the province.

Who stole R1.6 billion from the Eastern Cape?
A string of individuals, companies and national government agencies are mentioned in the reports as being involved in the syphoning of government funds.

The Independent Development Trust (IDT), SA National Roads Agency Limited (Sanral) and the Coega Development Corporation (CDC) are accused of smuggling money out from under the Eastern Cape’s government funding.

The Social Housing Regulatory Authority (SHRA), a subsidiary of the national department of human settle
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More ‘money wasted’ and there are lots of concerns over incomplete Free State drug treatment centre

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The Portfolio Committee on Social Development wants to have a meeting with the National Treasury and the Department of Public Works as to why a drug treatment centre in the Free State has not been completed.

In a statement the committee said the facility has been under construction for three years without any progress. This was despite funds having been allocated and made available to the province annually, as a conditional grant.

“This delay impacts negatively on the agreement of having at least one drug treatment centre in every province,” committee chairperson, Zoleka Capa said.

The committee received a shocking report from the Central Drug Authority (CDA) on how the use of drugs is escalating in communities, something which leads to crime and violence in communities.

“This has increased the committee’s belief in the fact that these drug treatment facilities in all provinces should be prioritised in order to deal with this scou
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While National Treasury and SARS scramble for money, a new focus has been placed on the revenue service’s plans to tax SA expats working abroad , who could face having 45% of their earnings over R1 million fed back to government

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South Africa’s expat tax is coming – and there’s only one way to legally avoid it.

Speaking on The Money Show this week, personal financial advisor at Galileo Capital, Warren Ingram said that even though the actual rules around the tax are yet to be finalised, they are planned to come into effect in March 2020.

The new legislation has many expats riled up, with much confusion and uncertainty around the new laws, and many believing that it will not apply to them or that it will be unenforceable.

It has also brought into question whether young South Africans who are working abroad for a short time are tax compliant.

According to Ingram, many South African expats who are working abroad are currently – unintentionally – flouting the country’s tax laws, and may already owe SARS money.

“One thing (expats) don’t do is tell SARS, ‘I am no longer a tax resident’ – this isn’t a process that happens automatically, wher
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