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Mboweni seeks public input ahead of Budget Speech
20 January 2020, 6:31 PM

Finance Minister Tito Mboweni has invited South Africans to share their views about economic conditions and other issues they would like government to highlight in the next Budget Speech on February 26th.

He will deliver the Budget Speech at a time when economic growth is forecast to be below 1% and unemployment is close to 30%.

Government’s financial position is also being weakened by rising debt levels and lower tax revenue.

Mboweni would in particular like public views on what government should do to achieve faster and more equitable economic growth.

Contributions can be sent to the Treasury’s website.

Nedbank economist, Isaac Matshego says trying to revive SA’s economy won’t be easy.

“The National Treasury has limited room to manoeuvre the weak economy, which has resulted in weak growth. If you can recall in October last year, the minister indicated that SARS will collect R5 billion less than what was initially expected and on the expenditure side, government needs to spend in order to help to revive economic activity, but unfortunately, it is faced with very high debt levels.”

Struggling Steinhoff hit with multi-million rand fine
12 September 2019, 9:52 PM

The Financial Sector Conduct Authority has imposed an administrative penalty of 53 million rand to retail giant Steinhoff. This is for accounting irregularities that occurred in December 2017.

 

The FSCA  hosted  a conference in Pretoria  on Thursday to discuss how South Africans are not retiring comfortably due to the high retirement fund costs.  It found that the Steinhoff Group made false misleading declarations and forecasts in its public statements to the markets.

 

The FSCA initially imposed an administrative penalty of 1 point 5 billion rand on Steinhoff, but decided to change this to 53 million due to Steinhoff’s current financial position.

 

Listen to Corporate law professor, Tshepo Mongalo below:

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