Mazars Messenger December 2019

In this issue:

1.) 2019 Medium-Term budget policy statement commentary.
2.) 2019 MTBPS highlights the urgency of reducing government spending.
3.) SA looks to mid-term budget for turnaround plan.
4.) The growing concern of SA SOEs.
5.) What financial services CFOs are losing sleep over.
6.) A line to the future.
7.) Greenhouse gas reporting regulations & carbon tax for business.
8.) Do you have outstanding debt with SARS? Beware!
9.) What’s trending in insurance?

Download the full edition or click through to read individual articles on the pages below: 

2019 Medium-Term Budget Policy Statement commentary.

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Media release: 30 October 2019
During the 2019 Medium-Term Budget Policy Statement, delivered on Wednesday 30 October, Minister of Finance, Tito Mboweni, confirmed that Treasury would once again see a significant revenue shortfall by the end of the financial year. With this year’s revenue gap predicted to be around R53 billion, the Minister’s report on the state of revenue collections has painted a grim picture of the years ahead for the fiscus.

With this in mind, two of Mazars’ tax experts weighed in on the key issues raised by Minister Mboweni:

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2019 MTBPS highlights the urgency of reducing government spending.

Reduce government spending
The Minister of Finance, Tito Mboweni’s speech during the 2019 Medium-Term Budget Policy Statement (MTBPS), on Wednesday 30 October, was a strong warning that South Africa may not be able to recover if government does not act immediately.

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SA looks to mid-term budget for a turnaround plan.

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21 October 2019: Despite the ongoing uncertainty around when the medium-term budget policy statement (MTBPS) will be revealed, Minister Tito Mboweni has his work cut out for him. Addressing pressing national issues such as rising debt levels, ailing state-owned entities, and sluggish economic growth will therefore be top priority for Treasury.

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The growing concern of SA SOEs.

The growing conern of SA SOEs
The national oil company Petroleum, Oil and Gas Corporation of South Africa (PetroSA) is the latest of a long list of cash-strapped state-owned enterprises (SOEs) to find itself in serious trouble, with reports that its flagship Mossel Bay gas-to-liquid refinery is set to run out of gas reserves by December 2020.

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What financial services CFOs are losing sleep over.

What CFOs are losing sleep over
The financial services industry, like many other industries today, is facing unprecedented change and uncertainty as it moves toward an era of digitalisation. Millennial customers are demanding better experiences and want greater transparency, flexibility and control, while pressures on compliance and risk functions remain high as banks continue to operate under multiple regulatory jurisdictions and have to comply with changing rules.

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A line to the future.

5G is opening up opportunities for Telcos
How 5G is opening up opportunities for Telcos.
The future growth of telecommunication companies around the world will be affected by their ability to create and own seamless customer experiences, according to Mazars’ recent future of telcos study.

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Greenhouse gas reporting regulations and carbon tax for business.

Greenhouse gas reporting regulations
The Government Gazette of the 3rd April 2017 published the National Greenhouse Gas Emission Reporting Regulations, under Section 53(a), (o) and (p) read with section 12 of the National Environmental Management: Air Quality Act, 2004 (Act No. 39 of 2004).

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Outstanding debt with SARS? Beware.

Outstanding debt with SARS?
The Tax Administration Act (the TAA) was established with the following main objective: “to achieve a balance between the powers and duties of SARS, on the one hand, and the rights and obligations of taxpayers, on the other”.

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What's trending in Insurance?

Insurance trends
The world of insurance is rapidly changing as customer demands shift, economies show low growth and digitization disrupts the old models of servicing customers. Why not choose an auditor that can keep up with these trends.

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