Friday, 14 December 2018
Latest news
Main » For the first time in 25 years South Africa increases Value-Added Tax

For the first time in 25 years South Africa increases Value-Added Tax

25 February 2018

President Cyril Ramaphosa has received messages of congratulations from a number of Heads of State and Government during a round of telephone calls on Sunday afternoon.

Mr Zuma resigned after years of scandals that damaged the reputation of the ruling ANC, which had instructed him last week to step down or face a parliamentary motion of no confidence that he would nearly certainly lose. Ramaphosa was elected president last week, a day after his party forced Jacob Zuma to quit following a scandal-marred nine-year tenure during which economic growth stagnated.

Ratings agency Fitch‚ which considers South African debt as junk‚ said earlier SA's budget has reversed some of the fiscal deterioration seen in 2017 - particularly during the medium-term budget policy statement.

"We expect markets to continue to price in a reduced likelihood that South Africa is subjected to World Government Bond Index (WGBI) exclusion", says Khan.

"Moody's will need concrete reasons not to deliver a downgrade. To avoid disruptions, we will stay away from the House for the entire country to see that Ramaphosa is sustaining the legacy of disreputable ministers like Gigaba, awarding them with the privilege of presenting the country's budget which they have ensured it benefits corrupt interests of the Gupta syndicate". Mr. Gigaba said the government believes the economy grew 1% in 2017, up from its previous 0.7% forecast, and will expand 1.5% in 2018, 1.8% in 2019 and 2.1% in 2020. "The biggest challenge will be turning around struggling state-owned enterprises". "Anybody who is anxious about investment in South Africa would have been anxious when you mentioned expropriation of land without compensation".

Large increase in the Ohio River flood crest
Drier weather will return to Greater Lafayette beginning Sunday afternoon and linger through the middle part of next week. Portions of Route 8 in northern Kentucky become flooded, as well as portions of Lawrenceburg and Aurora, Indiana.

"Coming off a very low base, the growth number is very achievable", Jeffrey Schultz, an economist at BNP Paribas, said by phone from Johannesburg.

The budget allocates an additional R57bn over the next three years to finance a plan announced by Zuma late last year to fund free post-school education for poor students.

South African President Cyril Ramaphosa said today he wanted "healing and atonement" following the 2012 massacre of 34 striking workers at a mine run by Lonmin where he was a director.

"Any spending on state-owned companies will have to be done in a budget-neutral way, " Gigaba said. "The population was offered a refresher course in democracy, legal systems, the economy, state-owned business and how safeguards failed us".

"The president ultimately has the prerogative over this issue", Gigaba told reporters before his speech.

For the first time in 25 years South Africa increases Value-Added Tax