South Africa economy projected to grow 2.1% in 2022
The country’s real Gross Domestic Product (GDP) is expected to grow by an average of 2.1 % in 2022, finance minister Enoch Godongwana said on Wednesday. Source: BusinessTech
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South Africa beer, wine and cigarette prices to go up – with new vaping tax planned
Government will increase the excise duties on alcohol and tobacco products by between 4.5% and 6.5%, the National Treasury said on Wednesday (23 February). Source: BusinessTech
Tax relief for households in South Africa
With many households and businesses still under financial pressure, National Treasury will not be increasing taxes to keep money in the taxpayer’s pocket. Source: BusinessTech
How much you will be taxed in South Africa in 2022 – based on what you earn
Finance minister Enoch Godongwana has outlined the new tax brackets for personal income taxpayers in his Budget speech 2022 on Wednesday (23 February). Source: BusinessTech
South Africa draft legislation on retirement reform to be published for comment
Finance minister Enoch Godongwana says a draft legislation that proposes partial access to retirement funds, while encouraging a preservation of a bulk of individual retirement savings, will be published by mid-year. Source: BusinessTech
Government in talks with Huawei South Africa to settle out of court over hiring violations
The Department of Employment and Labour is negotiating a possible out-of-court settlement with Huawei South Africa, which it says has failed to meet employment equity rules. Source: BusinessTech
The alarming unemployment number you should know about
South Africa’s unemployment figures have continued to worsen in recent years as the Covid-19 pandemic has taken its toll – but a long-term view of the labour market provides a clearer idea of the dire unemployment crisis facing the country, says Momentum Investments economist Sanisha Packirisamy. Source: BusinessTech
These jobs will be needed in South Africa in the coming years: deputy minister
Mineral Resources and Energy deputy minister Dr Nobuhle Nkabane has encouraged learners to pursue careers in energy and mining as the country transitions towards a low carbon economy. Source: BusinessTech
Game making more changes to its stores in South Africa – including a new focus on furniture
Massmart-owned retailer Game has provided further details around its turnaround strategy – including a plan to relaunch its homeware range. Source: BusinessTech
Eskom considers selling assets as bailout prospects fade
Eskom Holdings SOC Ltd, South Africa’s indebted power utility, is considering selling distribution assets as prospects of the government taking over about half of its R392 billion ($26 billion) obligations dim, people with knowledge of the matter said. Source: BusinessTech