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Budget News

Godongwana receives praise for energy incentives, but rising debt a concern

By: Schalk Burger 23rd February 2023 In response to the Budget Speech delivered by Finance Minister Enoch Godongwana on February 22, a number of organisation have lauded the incentives that were announced to help businesses and households install renewable energy systems. However, many also flagged rising debt, with government... →

Mixed reactions to Godongwana’s Budget speech

By: Sane Dhlamini 23rd February 2023 Democratic Alliance Shadow Minister of Finance Dion George has criticised Finance Minister Enoch Godongwana’s Budget speech as a “missed opportunity” for failing to announce sound structural reforms that could drive economic growth, incentivise savings and attract foreign capital. Godongwana’s... →

Finance Minister Enoch Godongwana

Godongwana announces R254bn Eskom debt-relief package, with terms and conditions

By: Creamer Media Reporter 22nd February 2023 Engineering News editor Terence Creamer gives an overview of the 2023 Budget delivered by Finance Minister Enoch Godongwana, including the announcement of a R254-billion Eskom debt-relief package and the conditions that apply to that package; the assumption that it would only work in tandem with... →

2023 Budget Highlights

Water projects take centre stage in govt’s planned infrastructure spend

By: Marleny Arnoldi 22nd February 2023 The National Budget facility for infrastructure has approved municipal water infrastructure projects to the value of R3.7-billion. These projects are ready for implementation once the 2023 Appropriations Bill is enacted, while government will also spend R115-billion in the medium term on 11... →

No increase in sugar tax for now

By: Marleny Arnoldi 22nd February 2023 Following heavy lobbying from industry bodies the Sugar Association of South Africa and South African Cane Crowers’ Association, government has decided to not increase the Health Promotion Levy (HPL), or sugar tax, in the 2023/24 and 2024/25 financial years. This will allow the sugar industry... →

Carbon fuel levy for 2023/24 increases by 1c

By: Marleny Arnoldi 22nd February 2023 In line with the carbon tax increase that become effective on January 1, 2023, from R144/t to R159/t of carbon dioxide equivalent, the carbon fuel levy for 2023/24 will increase by 1c to 10c/l for petrol and 11c/l for diesel, from April 5. The carbon tax cost recovery quantum for the liquid fuels... →

R&D business incentive to be extended by ten years

By: Marleny Arnoldi 22nd February 2023 Over the past three years, government has focused on measures to protect the tax base and reforms aimed at improving equity, efficiency, certainty and simplicity. Following a recent review of tax incentives, government has decided to discontinue a number of incentives owing to there being little... →

Sanral, Transnet, Denel among SOEs to receive fiscal support in 2023/24

By: Marleny Arnoldi 22nd February 2023 As State-owned entities (SOEs) continue to rely on government bailouts and dominate the guarantee portfolio of the fiscus, Finance Minister Enoch Godongwana has announced conditional in-year allocations to various SOEs in the National Budget speech delivered on February 22. These include... →

Conditions linked to R254bn Eskom debt relief may lead to concessioning of coal plants

By: Terence Creamer 22nd February 2023 Conditions linked to R254bn Eskom debt relief may lead to concessioning of coal plants The R254-billion Eskom debt-relief package unveiled by Finance Minister Enoch Godongwana in his 2023 Budget includes a sweeping set of conditions that will restrict the State-owned utility’s capital expenditure... →

Finance Minister Enoch Godongwana

Govt aims to stimulate renewables investment with R9bn in tax incentives, reworked bounce-back scheme

By: Terence Creamer 22nd February 2023 South Africa’s 2023 Budget includes tax incentives worth R9-billion to support businesses and households invest in renewable energy, including rooftop solar, in a bid to offset the impact of intensifying power cuts. In addition, the National Treasury announced that it would amend the bounce-back... →

Govt extends diesel fuel levy refund to foodstuff manufacturers

By: Marleny Arnoldi 22nd February 2023 To limit the impact of the energy crisis on food prices, government has decided to extend a diesel fuel levy refund to manufacturers of foodstuffs for a period of two years, effective from April 1, 2023, to March 31, 2025. This, alongside an announcement of no increase in the general fuel levy,... →

Govt moots ‘stricter headcount management’ amid public service wage risk

By: Marleny Arnoldi 22nd February 2023 As negotiations over the increase in public sector wages in the 2022/23 financial year continues, Finance Minister Enoch Godongwana stated in his Budget speech in February 2022 that government remains resolute on narrowing the public sector wage bill in the medium term. He noted that a public... →

SBI lists issues impeding economic growth ahead of Godongwana budget

By: Donna Slater 21st February 2023 Ahead of the national budget, to be tabled on February 22, the Small Business Institute (SBI) has called on Finance Minister Enoch Godongwana to support small businesses and their employees, households and families who are facing high costs of living and experiencing negative impacts as a result... →

Professor shines a sobering light on stakeholders’ expectations of the Budget

By: Marleny Arnoldi 20th February 2023 As multiple stakeholders have stated their wishes for what needs to be addressed and accounted for in the National Budget, come February 22, Stellenbosch Business School economist Professor André Roux says that, even with the best will in the world, it is impossible for government to deliver this... →

BLSA lacks faith in Budget to make any impact

By: Darren Parker 20th February 2023 Business organisation Business Leadership South Africa (BLSA) CEO Busi Mavuso has said that no matter what financial salves Finance Minister Enoch Godongwana allocates to soothe South Africa’s numerous economic ailments in his Budget speech on February 22, the money will not achieve much unless... →

Business Leadership South Africa CEO Busi Mavuso

Investec says fiscal ratio risks loom in National Budget

By: Marleny Arnoldi 17th February 2023 Ahead of Finance Minister Enoch Godongwana’s delivery of the National Budget on February 22, banking and wealth management group Investec says it expects the Budget to remain focused on fiscal consolidation, with higher fiscal ratios remaining a risk. Specifically, Investec believes downward... →

Salga calls for SoNA to address municipal debt recovery, energy crisis

By: Darren Parker 8th February 2023 The South African Local Government Association (Salga) has expressed hopes that President Cyril Ramaphosa will address municipal debt recovery, local government funding and the energy crisis as part of his State of the Nation Address (SoNA) on February 9. This year's SoNA takes place as South... →

Outa braces for more empty promises from SoNA

By: Darren Parker 8th February 2023 Ahead of President Cyril Ramaphosa’s yearly State of the Nation Address (SoNA) on February 9, Organisation Against Tax Abuse (Outa) CEO Wayne Duvenage has warned that empty promises will only deepen the distrust South Africans have towards the government. “The Edelman Trust barometer has, for... →

President Cyril Ramaphosa

Treasury says municipalities continue spending beyond their means

By: Marleny Arnoldi 6th December 2022 National Treasury says municipalities will realise operating deficits on their operating budgets for the 2022/23 financial year as the total operating expenditure increases at a higher rate than the revenue projections, meaning that municipalities are living beyond their means and are... →

Gauteng’s R12.9bn e-tolls debt repayment will not further burden citizens – Mamabolo

By: Darren Parker 25th November 2022 Gauteng Finance MEC Jacob Mamabolo has assured Gauteng residents that the repayment of R12.9-billion to settle Gauteng’s portion of e-tolls debt would not further burden citizens of the province, stating that the debt would be paid by optimising existing sources of revenue and introducing... →

Gauteng budget adjusted upwards by R2.4-billion

By: Darren Parker 24th November 2022 Gauteng’s overall budget has been increased by R2.4-billion, up from the R152.9-billion tabled on March 9 to R155.3-billion, Gauteng Finance MEC Jacob Mamabolo revealed on November 24. “The Adjustments Budget is about making permissible amendments, which includes unforeseeable and unavoidable... →

Photo by Creamer Media
Gauteng Finance MEC Jacob Mamabolo

Gauteng infrastructure budget adjusted downwards amid underspending

By: Darren Parker 24th November 2022 The budget of R12.26-billion, which was allocated this financial year for the Gauteng Provincial Government (GPG) infrastructure programme to provide additional capacity and to improve the condition of the existing stock of infrastructure assets, has been adjusted downwards by R487.8-million to... →

Tshwane Automotive SEZ

Township economy to replace gold mining as primary economic driver in Gauteng

By: Darren Parker 24th November 2022 With gold mining no longer the major economic driver that it once was for Gauteng, the future of the province’s economic growth lies in the development of the township economy, Gauteng Finance MEC Jacob Mamabolo said on November 24. “Gold is gone and it is not coming back. The Gauteng economy is... →

Outa questions Sanral’s claims of R43bn in GFIP debt

By: Darren Parker 4th November 2022 Nonprofit Organisation Against Tax Abuse (Outa) has called into question the truthfulness and accuracy of the South African National Roads Agency Limited’s (Sanral’s) claim on October 26 that R43-billion of its R45.9-billion total debt is attributed to the Gauteng Freeway Improvement Project... →

Higher revenue collections support consolidation as growth headwinds strengthen

By: Terence Creamer 26th October 2022 Better-than-expected revenue collection enabled Finance Minister Enoch Godongwana to report an improvement in government’s fiscal position relative to the one forecast in the February Budget. However, slowing global and domestic growth together with ongoing power cuts pose a risk to the fiscal... →

Finance Minister Enoch Godongwana

R300m SMME Crisis Partnership Fund to assist township businesses

By: Darren Parker 5th October 2022 To support small-, medium-sized and microenterprises (SMMEs) in Gauteng’s townships, the Gauteng Provincial Government (GPG), the Industrial Development Corporation (IDC) and the South African SME (SA SME) Fund have launched the SMME Crisis Partnership Fund – a R300-million debt fund.  The SMME... →

Godongwana rallies financial services sector for climate resiliency efforts

By: Donna Slater 15th September 2022 In an address at the Government Employees Pension Fund’s yearly Thought Leadership Conference on September 15, Finance Minister Enoch Godongwana said the “winds of change” have started to blow within the pension fund industry as it shifts to focus on social upliftment. “As part of this change,... →

An image of Finance Minister Enoch Godongwana

Photo by Creamer Media's Donna Slater
Finance Minister Enoch Godongwana

Manufacturers must increase export potential – export council

By: Halima Frost 9th September 2022 Igniting investor relations and export potential, as well as increased investment in projects, are paramount to gaining traction when trying to reignite the economy post Covid-19, stresses South African Capital Equipment Export Council (SACEEC) CEO Eric Bruggeman. He highlights the opportunities... →

A row of capital equipment, or construction equipment, including graders and diggers on a construction site with the sun rise in the background

South African Capital Equipment Export Council CEO Eric Bruggeman discusses the state of the sector

New Gauteng urban hub seeks to strike inclusivity, tech-savvy balance

By: Darren Parker 26th August 2022 The Lanseria smart city initiative, announced by President Cyril Ramaphosa in his 2020 State of the Nation Address, has steadily been gaining momentum over the past two years, despite setbacks caused by the outbreak of Covid-19.  The new urban economic hub is planned to become home to between... →

DBSA reports record profit for the year

By: Darren Parker 19th August 2022 State-owned development finance institution Development Bank of Southern Africa (DBSA) has reported a record R3.8-billion net profit for the financial year ended March 31, showing a profitability increase of more than 168% from R1.4-billion in the previous financial year. “Our stellar financial... →

Photo by Creamer Media
DBSA CEO Patrick Dlamini

AECI Much Asphalt to pioneer low carbon asphalt production

12th August 2022 South African chemicals group AECI Much Asphalt and carbon negative materials producer Origin Materials have launched a programme to create a novel low-carbon bitumen that is expected to create considerable value in the developing African market. →

Company expects to benefit from its diverse portfolio offering

By: Mandisa Nyathi 12th August 2022 In spite of chemical supply chain constraints, flow measurement and calibration technology company Wika expects to benefit from its diverse portfolio offering to provide quality instrumentation for clients. →

44 MW solar plant gets refinanced by shareholders

By: Darren Parker 28th July 2022 The Concentrator Photovoltaics Power Plant No.1 (CPV1), a 44 MW concentrated solar photovoltaic plant in the Western Cape, has successfully been refinanced by its shareholders Pele Green Energy (PGE), the Public Investment Corporation (PIC) and Touwsrivier Solar Community Trust, which represents... →

DFIs pledge support for African Infrastructure Investment Fund

By: Donna Slater 27th July 2022 Development finance institutions (DFIs) British International Investment (BII) and FMO on July 27 made a joint commitment to the African Infrastructure Investment Fund 4 (AIIF4), managed by African Infrastructure Investment Managers (AIIM), aimed at supporting AIIF4 in reaching its $500-million... →

New gauge assembly protects people and the environment

By: Mandisa Nyathi 22nd July 2022 Measuring instruments supplier Wika Instruments has launched its new Emission Control Gauge, referred to as the Emico gauge pressure measuring assembly, to ensure safety for people and the environment in critical processes, says Wika product specialist Sagadevan Kanniappen. →

Company looks to virgin fluorocarbon refrigerants and gases

22nd July 2022 A-Gas has continued to grow worldwide since it was founded 30 years ago, initially supplying only virgin fluorocarbon refrigerants. It has evolved to offer innovative sustainability solutions to its customers and end-users. As the global leader in the supply and lifecycle management of... →

Treasury reports quicker turnaround in govt’s payment of suppliers

By: Marleny Arnoldi 18th July 2022 A new report by the National Treasury has shown a year-on-year improvement in government’s payment of invoices to service providers in the 2021/22 financial year. The report investigated national and provincial departments’ non-compliance with payment of supplier invoices within 30 days,... →

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