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Mining strikes dent S.Africa tax take

April 2, 2013 11:47
A wave of wildcat mining strikes that gripped South Africa last year caused a $1.2 billion shortfall in much-needed state revenue, Finance Minister Pravin Gordhan said Wednesday. The country took in a total of 814.1 billion rand ($88.4 billion) for the year ending March 31 which Gordhan said was "admirable" but nonetheless 12 billion rand below his initial 2012 budget expectation. The amount represented an increase of just under 10 percent, with personal taxes making up the biggest chunk of income.

S.Africa focused on growth over spending cuts - Gordhan

March 11, 2013 10:16
JOHANNESBURG, March 11 (Reuters) - South Africa is more focused on lifting economic growth and reducing inequality than cutting spending to appease investors, Finance Minister Pravin Gordhan said on Monday. Gordhan also told an investment conference the government was concerned about volatility in the rand, which has hit four-year lows against the dollar on worries about the impact of strikes in the key mining sector.

UPDATE 1-S.Africa sees lower growth, wider budget gap as revenue wanes

February 27, 2013 10:00
(Adds growth forecasts, market reaction background) * Revenue down partly on mine strikes, to weigh on growth * Government to keep spending under wraps * Growth to lag that of BRICS peers By Stella Mapenzauswa CAPE TOWN, Feb 27 (Reuters) - South Africa cut its 2013 economic growth forecast due to subdued demand from export markets and projected a slightly wider budget deficit than previously forecast because of revenue collection undershooting targets.

S.Africa unveils tough budget amid weak outlook

February 27, 2013 09:16
South Africa finance minister Pravin Gordhan unveiled Wednesday a bootstraps budget of spending curbs and increased "sin taxes" for Africa's largest economy, predicting slow growth and a swollen budget deficit. Gordhan told parliament that growth would be a modest 2.7 percent this year and the government's budget deficit would hit 5.2 percent amid "enormous" challenges facing the country. "South Africa's economic outlook is improving but it requires that we take a different trajectory to move it forward," said Gordhan.

URGENT ¥¥¥ S.Africa GDP to grow by 2.7% in 2013: finance minister  

February 27, 2013 08:45
South Africa's economy is expected to grow by 2.7 percent this year, Finance Minister Pravin Gordhan said Thursday. The forecast came in the annual budget and is a downward revision from an earlier forecast of 3.0 percent. jg/arb/rl

S.Africa's Budget needs to raise revenue to support spending

February 25, 2013 12:00
By Xola Potelwa JOHANNESBURG, Feb 25 (Reuters) - South Africa's chronic joblessness is eroding the tax base and swelling the number of dependants on state funds, goading the government to increase revenues and economic growth to cut a budget gap. In his 3-year budget plan on Wednesday, Finance Minister Pravin Gordhan will try to reassure bond investors worried about increased issuance, and also appease key ratings agencies who have downgraded South Africa's credit rating.

S.Africa to conduct tax review this year - Zuma

February 14, 2013 14:45
CAPE TOWN, Feb 14 (Reuters) - South Africa's finance ministry will review its tax regime this year, including looking at mining royalties, to ensure the government is raising sufficient revenue from the economy, President Jacob Zuma said. "Later this year, the Minister of Finance will be commissioning a study of our current tax policies to make sure that we have an appropriate revenue base to support public spending," Zuma said in his annual State of the Nation address on Thursday.

Swaziland says loan from S.Africa "not working out"

January 8, 2013 11:00
JOHANNESBURG, Jan 8 (Reuters) - A 2.4 billion rand ($280 million) loan that South Africa agreed to extend to Swaziland has hit a snag but the landlocked kingdom, Africa's last absolute monarchy, can survive without it, its finance minister said on Tuesday. The loan was agreed in 2011 as Swaziland grappled with an acute funding crisis. South Africa was due to release the first tranche of the bailout last year but the money never materialised.
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