26 October 2018: The 2018 Medium-Term Budget Policy Statement, delivered on Wednesday 24 October by the Minister of Finance, Tito Mboweni, contained a clear picture of the past mistakes that will continue to haunt South Africa in the coming years. However, this may also be the first time in recent years that the public has been provided with a basis for positive change down the line.
24 October 2018: During the 2018 Medium-Term Budget Policy Statement, which was delivered on Wednesday 24 October, the newly appointed Minister of Finance, Tito Mboweni, indicated that revenue collection for the 2018/19 financial year would fall short by around R27.4 billion of the R1.345 trillion target set in February of this year.
Michelle Olckers and Anoop Ninan have been appointed as the new joint Chief Executive Officers (co-CEOs) of Mazars South Africa, effective 1 September 2018.
Treasury will need to think outside the box this year if it is to make any meaningful difference to its current revenue shortfall, estimated to currently stand at around R50.8 billion. This is according to David French, Tax Consulting Director at Mazars, who says that, ahead of the 2018 Budget Speech, Treasury’s options to raise revenue are becoming increasingly limited.