South Africa to cut spending if tax agency doesn't meet target
South Africa's government will have to cut expenditure substantially if the South African Revenue Service (SARS) does not meet its revenue target, Finance Minister Enoch Godongwana told Reuters on Thursday.
Godongwana made only minor adjustments to the government's spending plans and deficit projections in a third budget presented on Wednesday after his two previous attempts were scuppered by disagreements within the ruling coalition.
Speaking to Reuters in an online interview, Godongwana said the government did not expect a challenge on its spending plans barring any unexpected shocks but warned that there was a bigger downside risk on the revenue side.
"If SARS raises what we think it will, there will be no need for that revenue measure (a proposed tax increase next year). If not, we will have to cut expenditure substantially," he said.
(Reporting by Colleen Goko; Writing by Bhargav Acharya; Editing by Alexander Winning)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
Sierra Leone's Ministry of Trade and Industry, African Continental Free Trade Area (AfCFTA) Secretariat, and Economic Commission for Africa (ECA) Join Forces to Build National Capacity for African Continental Free Trade Area (AfCFTA) Implementation
The Ministry of Trade and Industry of Sierra Leone, in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat and the United Nations Economic Commission for Africa (ECA), is conducting a four-day capacity building workshop for the National Implementation Committee (NIC) on the AfCFTA. Taking place from 10 to 13 June 2025 in Freetown, with hybrid participation, the workshop aims to equip key national stakeholders with the knowledge, tools, and coordination mechanisms required to implement the AfCFTA effectively. This collaborative effort reflects Sierra Leone's strong commitment to leveraging the opportunities of the AfCFTA, which brings together a market of over 1.4 billion people with a combined GDP of $3.4 trillion. As the national coordinating body for AfCFTA implementation, the Ministry is leading efforts to ensure that Sierra Leone's institutions are fully prepared to operationalize the Agreement in alignment with national development priorities. The workshop will focus on critical areas of the AfCFTA Agreement and its protocols, including: Rules of Origin Digital Trade Intellectual Property Rights Women and Youth in Trade Trade Facilitation Key findings from Sierra Leone's AfCFTA Readiness Assessment Participants include representatives from the public and private sectors, civil society, and development partners. The training is designed to strengthen institutional coordination, enhance technical understanding of AfCFTA instruments, and promote inclusive trade practices. 'This workshop is a crucial step in ensuring that Sierra Leone is not only ready to trade under the AfCFTA, but also strategically positioned to benefit from it,' said a representative of the Ministry of Trade and Industry. 'Our collaboration with ECA and the AfCFTA Secretariat is key to building the technical foundation and partnerships we need to succeed.' The AfCFTA Secretariat and ECA are providing technical support, facilitating knowledge-sharing, and delivering expert insights based on continental experiences and best practices. This initiative also supports broader national policy goals, including export diversification, digital transformation, and inclusive growth, as outlined in Sierra Leone's National Trade Strategy and Medium-Term National Development Plan. The workshop underscores the collective commitment of the three institutions to ensuring that AfCFTA implementation is locally owned, technically sound, and inclusive, laying the groundwork for sustainable development through trade. Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
Zawya
6 hours ago
- Zawya
TECNO Continues the Partnership to Become Official Global Partner of Africa Cup of Nations (AFCON) 2025 and 2027, Fueling the Dream of Africans Through Football
Innovative AI-driven technology brand TECNO ( today announced that it is strengthening its already close relationship with the Confederation of African Football (CAF) by becoming the Official Global Partner of the TotalEnergies CAF Africa Cup of Nations, Morocco 2025 and TotalEnergies CAF Africa Cup of Nations, KE- UG - TA 2027, bringing its 'Stop at Nothing' spirit to the continent's fans for years to come. The announcement follows TECNO's successful sponsorship of the tournament in 2023 when it became exclusive smartphone sponsor for the event. TECNO's role as Official Global Partner and Official Smartphone and Exclusive Partner in the Smartphone category enables the company to further extend its 'Stop at Nothing' brand promise by deepening its engagement and enhancing its visibility. The brand also benefits from additional media and social media activation rights that will enable it to better connect with young people, share the joy of football, and nurture a shared spirit of daring and progress. The Vice President of Transsion Holdings, Benjamin Jiang said: 'This renewed partnership is a testament to the deep trust and shared success we've built with CAF. In our previous collaboration, we witnessed how football ignited passion and inspired dreams, and how AI-powered smart technologies became powerful tools to connect and empower millions across why this partnership goes beyond the game—it stands as a symbol of ambition and a platform where young people can shine, united by an unstoppable spirit of progress. It reflects our shared vision of harnessing AI-driven innovation to shape a brighter future for Africa. This renewed collaboration marks a significant milestone in TECNO's journey forward.' In addition, TECNO will continue its Dream on the Field Renovation Campaign in cooperation with CAF, launched in 2024. The philanthropic initiative aims to bring more empowerment to African football through technology and to foster youth engagement by improving access to quality playing fields in underserved communities, reflecting TECNO's enduring 'Stop at Nothing' ethos. Véron Mosengo-Omba, CAF General Secretary, said: 'TECNO's longstanding support for football in Africa has had a meaningful impact on the development of the sport. As the highest-profile football tournament on the continent, the Africa Cup of Nations symbolizes passion and the achievement of life-long dreams, resonating with young people's hope for the future and spirit of exploration. Deepening this partnership will help to ensure that AFCON 2025 and 2027 reach new heights of excitement to delight football fans.' The partnership represents a milestone for TECNO in further strengthening its emotional bond with younger generations by empowering them to achieve more possibilities, building on its position as a leading brand among the entire African continet through its imaging technology, product performance and design aesthetics. For any related media queries, please contact Distributed by APO Group on behalf of TECNO Mobile. About TECNO: TECNO is an innovative, AI-driven technology brand with a presence in over 70 markets across five continents. Committed to transforming the digital experience in global emerging markets, TECNO relentlessly pursues the perfect integration of contemporary aesthetic design with the latest technologies and artificial intelligence. Today, TECNO offers a comprehensive ecosystem of AI-powered products, including smartphones, smart wearables, laptops, tablets, smart gaming devices, the HiOS operating system, and smart home products. Guided by its brand essence of 'Stop At Nothing,' TECNO continues to pioneer the adoption of cutting-edge technologies and AI-driven experiences for forward-looking individuals, inspiring them to never stop pursuing their best selves and brightest futures. For more information, please visit TECNO's official site:
The National
9 hours ago
- The National
Iran blasts US travel ban citing 'deep hostility' to Iranians and Muslims
Iran on Saturday said the US travel ban on Iranian citizens and 11 other mostly Middle Eastern and African countries was a sign of a 'racist mentality'. The move, which is expected to take place on June 9, is "a clear sign of the dominance of a supremacist and racist mentality among American policymakers," Alireza Hashemi-Raja, the foreign ministry's director general for the affairs of Iranians abroad said in a statement. The decision "indicates the deep hostility of American decision-makers towards the Iranian and Muslim people", Mr Hashemi-Raja said. US President Donald Trump's decision will bar citizens from 12 countries including Afghanistan, Myanmar, Chad, Congo Republic, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen. Mr Trump said the list could be revised and new countries could be added. The ban, which Mr Trump said was necessary to protect against "foreign terrorists", is a similar move he implemented during his first term in office from 2017 to 2021, when he barred travellers from seven Muslim-majority nations. The ban has been justified on national security grounds following a firebomb attack at a pro-Israel rally in Colorado. The alleged attacker, Mohamed Soliman, is from Egypt, which is not on the list. Mr Hashemi-Raja said the policy "violates fundamental principles of international law" and deprives "hundreds of millions of people of the right to travel based solely on their nationality or religion". The foreign ministry official said that the ban was discriminatory and would "entail international responsibility for the US government", without elaborating. Since 1979 Iranian revolution, Washington and Tehran severed diplomatic ties and relations have remained deeply strained since. It is known that the US is home to the largest Iranian community outside Iran. According to figures from Tehran's foreign ministry, there were some 1.5 million Iranians in the US in 2020. Mr Trump enacted a so-called Muslim ban during his first term, barring citizens of several Muslim-majority countries and others from entering the US. Travellers from Cuba, Iran, Libya, North Korea, Somalia, Sudan, Syria, Venezuela and Yemen were barred from entry. The policy went through several iterations before it was upheld by the Supreme Court in 2018. Mr Trump has blamed the immigration policies of former president Joe Biden for rising crime in the country, and he has been swift to issue executive orders, cracking down on people entering the country illegally.
