Business News 24.2.2021 03:06 pm

Tito Mboweni’s budget of hope and despair

The finance minister seemed more hopeful than expected, and announced several plans to turn the country’s woeful economic tide.

Finance minister Tito Mboweni set himself and government a massive challenge with his plan to both support the economy and public health services, and ensuring the sustainability of the country's public finances and achieve a primary budget surplus by 2024/25.

Business News Read the 2021 Budget Speech in full

Finance Minister Tito Mboweni cuts the budget to R2 trillion, increases some social grants and nails sin taxes on booze, alcohol and fuel.

Business News Budget 2021: Mboweni sets aside R9 billion for vaccines

Funding for the rollout of the vaccine will come from the national budget, with additional funding to be drawn from the Covid-19 components of the HIV, tuberculosis, malaria and community outreach grants introduced last year.

Business News Budget 2021: Here’s how social grants will change

The R350 social relief grant and the Temporary Employer/Employee Scheme (Ters) fund are set to continue for the next three months.

Business News Budget 2021: Good news on income tax, bad news on booze, smokes and fuel

The country’s boozers should expect to pay R5.50 more for a bottle of whiskey while smokers will fork out an extra R1.39 for a pack of cigarettes as excise duties on alcohol and tobacco spike by 8%.

Business News Budget 2021: Government slashes spending by a whopping R300 billion

Over half of the projected spending will be allocated to social services such as culture, health and social development over the medium term.

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Business News Want to buy Bitcoin? Rand cost averaging a favoured method as cryptos grow

Gains are so dizzying many feel they’ve missed boat – but there had been surges like these before.

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Business News Expenses claimable, but home office does not rule tax-wise

Expert says current regulations are outdated and no longer relevant in a changed workplace.

Business News Jobs bloodbath unrelenting: Unemployment rate now highest since 2008

When the job statistics for the third quarter of 2020 were announced, the feeling was that South Africa had reached the peak of unemployment. Sadly, the statistics for the fourth quarter are even worse.

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Business News R200m Covid-19 loan scheme ‘largely dead’ – Intellidex

Scheme role needs to be ‘reconciled with broader objectives’ of the Economic Reconstruction and Recovery Plan.

Business News Shareholders fight Steinhoff over proposed settlement

The Steinhoff group is being accused of favouring contractual claimants like Christo Wiese.

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Business News Corporate excess profits tax a good idea

Tax would be easier to administer and apply as the audited figures would be readily available.

Business News Durban CBD no longer attractive to businesses, says economist

Dumisa, who also has an office in the CBD, said the city should focus on enforcing its by-aws if it has any hope of attracting back premium renters.

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Business News New financial emigration law will ‘deplete tax base’ – expert

Amendment a way to keep pensioners’ savings in the country and is against the spirit of removing exchange control – Prof Jannie Rossouw

Business News Local cane growers renew call for Mboweni to lower sugar tax

SA Canegrowers said sugar tax directly resulted in at least 9,000 job losses in the cane growing sector alone.

Business News Battle lines drawn as Rebosis saga drags on

Zunaid Moti’s voting rights were granted for the upcoming Rebosis AGM, in which he is owed R125 million by CEO Sisa Ngebulana’s Amatolo Family Trust.

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Business News Outgoing Gold Fields CEO regrets employees’ deaths

Over 120 employees have passed away in the line of duty at Gold Fields.

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Business News Naspers still too big for JSE pond

The separate listing of Prosus in Amsterdam did little to unlock the not-so-hidden value.

Business News Agri SA warns of job losses in wake of new minimum wage

Less work will have a high price for workers, as the level of poverty, hopelessness and social decay will increase due to large scale unemployment, says Christo van der Rheede, CEO of Agri SA.