Posts tagged with 'treasury'

 

Emigration Tax? ANC Regime to Charge Emigrating South Africans an Additional “Exit Tax” on Retirement Funds!

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In the National Treasury’s latest published Draft Tax Bills, which incorporates the tax proposals made in the 2021 Budget, the amendment proposes a particularly worrying amendment which may upend taxpayers’ carefully planned retirement. The Draft Taxation Laws Amendment Bill (TLAB) proposes an additional “exit tax” to tax retirement fund interests of individuals when they cease South African tax residency. This proposed amendment, due to come into operation on 1 March 2022, would be a further blow to emigrating South Africans wanting to cease their tax residency, following on from the three-year lock-in rule imposed on retirement annuities earlier this year. 

It is important to note that the Income Tax Act No. 58 of 1962 (the Act) already makes provisions for an exit tax where a person ceases their South African tax residency. The Act creates a fiction whereby a person who ceases residency is treated as having disposed of their assets (other than immovable prop
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ANC Government wants to Establish a State Bank, in Line with their Socialist Principles. Hint: Central Banks are Private!

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In keeping with the Socialist principle that the State must own and control everything, as with the ANC’s National Health Insurance Scheme, the National Treasury said it was also moving forward with the establishment of a state-owned bank for South Africa, and that Cyril Ramaphosa, and the Minister of Finance, Tito Mboweni, were supporting it. It might surprise many to discover that the Central Bank is in fact privately owned, as it is worldwide.

Last week, Treasury Director-General Dondo Mogajane said the new state-run Bank was part of the ANC president’s radical reforms and rumor has it that the members of the Committee, who are involved in the matter, are blaming the Treasury for delaying and dragging their feet in carrying out the matter to establish the Bank.

Experts in the economic field have expressed concern about the planned establishment of a state-owned bank and some analysts say it will eventually become just another state owned entity that will not r
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SA 5th Most Infected Country! All BRICs Countries in Top 5 Except China! SA & India Receive USD 1 Billion Covid Loans from BRICs Bank!

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Cases for Cash? For an 8th straight day South Africa has reported the 4th most daily new COVID19 cases (chart below) which has helped push SA into 5th place worldwide, eclipsing many countries far more populace and undeveloped than itself, like Indonesia, Pakistan, Nigeria, Bangladesh, Mexico, etc. Even more remarkable is that 4 of the top 5 most infected countries are BRICs countries – all of them are in the top 5 except China, where it all started, coincidence? Even though China is the most populace country in the world? Did the access and clout that Chinese citizens have in BRICs countries help spread the virus? Or does the fact that South Africa and India have received 1 BILLION dollar Covid Loans from the BRICs Development Bank explain the high figures?

The Board of Directors of the New Development Bank (NDB) approved a USD 1 Billion Emergency Assistance Program Loan to South Africa las
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ANC piggy bank is empty – ANC regime owes municipalities R165 billion

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After a thorough investigation, it was found that the treasury of South Africa’s is indeed empty for a long time. It has been discovered that the state’s owes amount municipalities approximately R165 billion.

To make matters worse, it must be taken into account that the amount is valid for up to the end of June this year.

Economic advisers, on the one hand, explain why the municipalities cannot pay their Eskom and water bills.

Opinion polls say municipalities have the full right to cut off state power at the local municipal level.

The opinion was expressed that the ANC would have to start the president by getting his own house in order and meeting his obligations and paying municipalities what they owed, as this could in turn lead to relief at Eskom.

Salga confirmed that municipalities owe Eskom about R25 billion, plus R15 billion in water consumed.

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South Africa’s new state-owned bank could be a big R7 billion mistake, National Treasury has warned of the possible harmful effects of introducing a state-owned bank into South Africa’s current financial system

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In a presentation to the Standing Committee of Finance on Tuesday (5 February), Treasury warned that a number of recent banking failures – including the failures of African Bank and VBS Mutual Bank – showed that a banking licence should not be handed out lightly.

It also warned of previous issues with state-owned banks, highlighting that the South African Post Office used depositors’ funds to finance postal operational losses in the late 1990s.

“International experience and South Africa’s own experience suggests that state ownership of banks has (the) potential to undermine prompt corrective action by prudential regulators,” it said.

“Prudential regulators sometimes forebear (i.e. they do not apply full regulatory measures) when faced with failing state banks due to the reluctance to frustrate what could be viewed as government policy or programs.”

Treasury added that the traditional rationale for introducing a state bank
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