Latest news with #MinisterOfFinance
Zawya
2 days ago
- Business
- Zawya
South Africa: National Council of Provinces Passes Two Bills
The National Council of Provinces (NCOP) passed the 2025 Appropriation Bill and the Eskom Debt Relief Amendment Bill during its plenary sitting held today. The Appropriation Bill is a key part of the national budget. It outlines how government funds will be allocated among various departments. Section 27(1) of the Public Finance Management Act requires the Minister of Finance to table the annual budget for a financial year in the National Assembly before the start of that financial year or, in exceptional circumstances, on a date as soon as possible thereafter. The Minister of Finance tabled the National Budget for the 2025/26 financial year, including the Appropriation Bill and the Eskom Debt Relief Bill, in May this year. Following the passing of the Bill in the National Assembly last week, the Appropriation Bill was subsequently referred to the Select Committee on Appropriations for consideration and reporting back to the NCOP plenary sitting for adoption. This Bill is the law that authorises government to use public funds for various departments and entities, enabling them to deliver services and develop infrastructure and social programmes such as healthcare, education and social grants, while also supporting economic growth. The Bill also focuses on job creation and addressing unemployment. On the other hand, the main objective of the Eskom Debt Relief Bill is to amend the Eskom Debt Relief Act of 2023 by reducing the financial requirements for Eskom for the 2025/26 financial year. It proposes that the entire amount for that year be treated as a loan, which can be converted into equity upon the fulfilment of certain conditions. The Bill also introduces interest into the Eskom debt relief package at a market-related rate. The aim is to balance the interest charge and Eskom's cash flow, while reflecting a fair market-related rate. This is part of ongoing interventions to stabilise the power utility, which has faced years of operational challenges and financial crisis, and to modify its debt relief plan. Now that the Bill has been passed, there is hope that Eskom will have a more enabling balance sheet to spend more money on improving its capacity to supply electricity. These two Bills passed by the NCOP will now be sent to the President for assent, as required by the Constitution. Once Parliament passes the Appropriation Bill and signed into law by the President, government departments are allocated funds and commence implementing their approved spending plans. Parliament then exercises ongoing oversight through its portfolio and select committees to ensure accountability in the use of public funds. The Auditor-General conducts independent audits of departmental spending and reports the findings to Parliament. Where instances of financial mismanagement or underspending are identified, Parliament may recommend corrective action to ensure responsible and effective use of public resources. Distributed by APO Group on behalf of Republic of South Africa: The Parliament.
Malay Mail
7 days ago
- Business
- Malay Mail
TNB reviewing legal options after RM840m tax blow from IRB
KUALA LUMPUR, July 25 — Tenaga Nasional Bhd (TNB) has received a Notice of Additional Assessment for the Year of Assessment (YA) 2022 amounting to RM840.12 million, dated July 24, 2025, from the Inland Revenue Board. In a filing with Bursa Malaysia today, TNB said that in light of the Federal Court's decision relating to a similar Notice of Additional Assessment issued for YA 2018, it is currently evaluating its available legal options to address the matter. 'This evaluation takes into consideration that TNB has already submitted an application for Investment Allowance under Schedule 7B of the Income Tax Act 1967 (including those for YA 2022) to the Minister of Finance,' it added. — Bernama
Arabian Business
30-06-2025
- Business
- Arabian Business
Saudi Arabia extends cancellation of fines and exemption of penalties by 6 months
The Saudi Zakat, Tax, and Customs Authority (ZTCA) has extended the initiative to waive fines and exempt taxpayers from penalties for an additional six months, until December 31, 2025. The ZTCA, in a notice on its website, said the Minister of Finance has approved the extension to taxpayers under all Saudi tax laws, starting July 1 this year. #ZATCA has extended the Exemption of Fines Initiative December 31, 2025. — هيئة الزكاة والضريبة والجمارك (@Zatca_sa) June 27, 2025 This does not cover penalties for tax evasion violations, fines paid before the effective date of this initiative, or fines related to returns owed to the authority after June 30, 2025. 'The initiative offers relief from penalties associated with late registration, late payment, and late filing of returns. It also waives fines for correcting value-added tax (VAT) returns, fines for field violations related to electronic-invoicing regulations, and general VAT-related infractions,' said ZTCA. ZTCA is also offering taxpayers the option to pay their penalties in instalments. To avail of this, the taxpayer must submit a request to the authority for instalment payments. The request has to be submitted during the initiative's validity period and all payments must be paid within their due dates according to the plan approved by the authority. The requirements stipulate that taxpayers must submit all required returns to the authority that have not been previously submitted, correctly disclose all undisclosed taxes, and fully pay the principal tax debt related to the returns to be submitted or amended to correctly disclose outstanding tax liabilities. ZTCA urged taxpayers to review the details of the initiative and its provisions through the simplified guide, which is available on its website. It provides a detailed explanation of the features of the fine exemption decision, including clarification of the types of fines covered and the conditions for benefiting from the exemption associated with each type of fine.
Zawya
30-06-2025
- Business
- Zawya
Saudi Arabia extends tax penalty waiver initiative until end of 2025
RIYADH — The Saudi Zakat, Tax, and Customs Authority (ZTCA) announced that the minister of finance has approved extension of the initiative to waive fines and exempt taxpayers from penalties for a period of six months, starting July 1, 2025. This extension applies to taxpayers until December 31, 2025 under all Saudi tax laws. The authority said that the initiative offers relief from penalties associated with late registration, late payment, and late filing of returns. It also waives fines for correcting value-added tax (VAT) returns, fines for field violations related to electronic-invoicing regulations, and general VAT-related infractions. The eligibility requirements stipulate that t axpayers must meet registration requirements as outlined by the authority. They must also submit all required returns to the authority that have not been previously submitted, correctly disclose all undisclosed taxes, and fully pay the principal tax debt related to the returns to be submitted or amended to correctly disclose outstanding tax liabilities. Taxpayers may also submit a request to the authority for installment payments, provided the request is submitted during the initiative's validity period and all installments shall be paid within their due dates according to the installment plan approved by the authority. The ZTAC emphasized that the initiative does not cover penalties for tax evasion violations, fines paid before the effective date of this initiative, or fines related to returns owed to the authority after June 30, 2025. The authority called on taxpayers to review the details of the initiative and its provisions through the simplified guide for the initiative, available on its website. The guide provides a detailed explanation of the salient features of the fine exemption decision, including clarification of the types of fines covered, the conditions for benefiting from the exemption associated with each type of fine, and the steps for disbursing financial dues in installments. It also outlines the field control violations covered by the initiative, with illustrative examples. The ZTAC urged all taxpayers to seize the opportunity of extending grace period for the initiative, stressing its readiness to answer any inquiries via the Unified Call Center number 19993, available 24/7, or "Ask Zakat, Tax, and Customs" account on the X Zatca_Care platform, or the email address [email protected], or the live chat on the authority's website. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Argaam
28-06-2025
- Business
- Argaam
ZATCA extends penalty cancellation initiative until December 2025
The Zakat, Tax and Customs Authority (ZATCA) announced that the Minister of Finance decided to extend the penalty cancellation and financial sanction exemption initiative for taxpayers subject to tax regulations for an additional six months, starting from July 1, 2025. In a statement, the authority clarified that the initiative includes exempting taxpayers from penalties for late registration under all tax laws, late payment penalties, and late filing of tax returns under tax laws. This is in addition to penalties for correcting VAT returns, violations identified through field inspections related to e-invoicing compliance, and other general VAT-related penalties.
