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Comments on Current Affairs

9
Apr
2025
0

Some Key Points From South Africa’s 2025 Budget…

• VAT Increase:
The budget includes a 0.5% increase in the Value Added Tax (VAT) rate, with a potential further increase of 0.5% in 2026.

• Economic Growth:
The country’s growth is estimated to reach 0.90% for 2025, while the Budget assumes a growth rate 1.90% for 2026.

• Spending Priorities:
Key spending areas include Learning and Culture (Education), Social Development (Grants and Welfare), Health Services, Community Development (Infrastructure & Housing), and Economic Development (Job Creation & Innovation).

• Retirement Fund Proposals:
The two-pot system for retirement funds remains in place, with no changes to the ability of members to access their retirement component until retirement.

• Personal Income Tax:
Personal income tax brackets and rebates will not be adjusted for inflation in 2025/26.


Note: South Africa’s 2025 budget is still subject to parliamentary approval and potential amendments.

18
Sep
2024
0

Sa’s Progress Towards Exiting Greylisting

  • In February 2023, South Africa was placed on the Financial Action Task Force (FATF) Greylist due to shortcomings in its Anti-Money Laundering and Counter-Terrorism Financing.

  • As of mid-2024 authorities are working to address the 14 outstanding action items in a plan that extends through early 2025.

  • National Treasury have reported some progress and the aim is to resolve these deficiencies by June 2025.

Source: National Treasury Department

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