The South African Minister of Finance has denied Eskom’s request for a partial exemption from disclosing irregular, fruitless, and wasteful expenditures, as well as material losses from criminal conduct in its annual financial statements. This decision highlights the need for Eskom to improve its operational efficiency and fight fraud and corruption before an exemption can be considered.
The Minister of Finance Enoch Gondongwana presented the National Treasury of South Africa’s Budget Vote for the 2023/24 financial year, highlighting the government’s efforts to foster higher and more inclusive economic growth, address fiscal vulnerability, and stabilize public finances. The total allocated budget for the National Treasury amounts to R34.9 billion, with 85% allocated to transfers and subsidies.
Cape Town has stated its commitment to lawfully allocate and spend funds received for upgrading 16 informal settlements in Khayelitsha. This move was necessary because of the emergence of these settlements during the Covid19 lockdown. ### Allocation Questions Raised by National Human Settlements Minister
The Minister of Public Enterprises, Mr. Pravin Gordhan, recently addressed the unfounded claims made by the DA. He believes that these claims are intended to mislead the South African public, gain political advantage, and destabilize the ongoing work to rebuild stateowned enterprises (SOEs). Minister Gordhan emphasizes that neither he nor the department will be deterred from their efforts to stabilize SOEs, enhance their governance, provide them with skilled leadership, and enable them to spearhead the government’s developmental and transformation agenda.
The National Treasury and the South African Revenue Service (SARS) have recently gazetted a notice that grants a tax exemption for bulking payments made to former members of closed retirement funds. This notice aims to provide consistency in tax treatment, clarity, and certainty for South African taxpayers.
The Passenger Rail Agency of South Africa (PRASA) has been embroiled in a series of legal battles since early 2021, with the rail agency relying heavily on the services of the law firm De Swardt Myambo Hlahla Attorneys. However, concerns have been raised over PRASA’s procurement practices, with the National Treasury warning that the agency may have violated procurement regulations by using De Swardt, which is not on its legal panel.