Latest news with #R91.83
IOL News
10-07-2025
- Politics
- IOL News
News you should know tonight: Top 5 stories you may have missed on July 10, 2025
President Cyril Ramaphosa is set to hold his inaugural meeting with the newly appointed National Dialogue Eminent Persons Group (EPG) at the Union Buildings on Friday, 11 July 2025. Good evening, IOL News family! It's Thursday, July 10, 2025, and it's time for a wrap of the biggest headlines making waves in South Africa and beyond. Don't forget to join the IOL WhatsApp Channel to stay in tune, informed, and in the know. President Ramaphosa to meet Eminent Persons Group to discuss National Dialogue amid criticism President Cyril Ramaphosa is set to hold his inaugural meeting with the newly appointed National Dialogue Eminent Persons Group (EPG) at the Union Buildings on Friday, 11 July 2025. To read on, click here. Judiciary demands evidence from Lt-Gen Mkhwanazi over serious allegations The Judiciary has called on KwaZulu-Natal police chief Lt-Gen Nhlanhla Mkhwanazi to provide proof to support the allegations he levelled against high-ranking officials during a press briefing at the weekend. To read on, click here. Nearly half of Treasury's R92bn budget to modernise SARS and boost tax efficiency, says Godongwana Finance Minister Enoch Godongwana says nearly 50 percent of Treasury's R91.83 billion departmental budget over the medium term will go to the South African Revenue Service (SARS), marking a significant investment in modernising the country's tax collection systems. To read on, click here. 'My fellow South Africans': Family meeting called to decide Senzo Mchunu's fate Fellow South Africans, President Cyril Ramaphosa has called a family meeting on Sunday to address allegations that Police Minister Senzo Mchunu and senior police leadership are linked to a criminal syndicate with ties to drug cartels. To read on, click here. Excluded from SARS auto-assessment? Here's why your tax return needs to be filed manually SARS has explained that taxpayers are excluded from the auto-assessment process primarily when their tax profiles are considered too complex to be automatically calculated. To read on, click here. Get your news on the go, click here to join the IOL News WhatsApp channel. IOL News
IOL News
10-07-2025
- Business
- IOL News
Nearly half of Treasury's R92bn budget to modernise SARS and boost tax efficiency, says Godongwana
Finance Minister Enoch Godongwana says nearly half of Treasury's R92bn budget will go to SARS to modernise tax systems, boost debt collection, and implement e-invoicing for VAT. Finance Minister Enoch Godongwana says nearly 50 percent of Treasury's R91.83 billion departmental budget over the medium term will go to the South African Revenue Service (SARS), marking a significant investment in modernising the country's tax collection systems. Speaking during his 2025/26 budget vote speech, Godongwana announced that SARS will receive R45.76 billion, or 49.8% of the Treasury's budget, excluding direct charges, over the next three years. This is an R8 billion increase from the previous year's allocation. The funding, he said, is aimed at 'enhancing their ability to collect debt through better systems, increasing staff capacity and modernising their processes to establish e-invoicing for VAT, instant payment systems and upgrades of customs infrastructure.' He emphasised that this investment must go hand in hand with transparency and accountability. 'To monitor progress and improve transparency, last week we published monthly debt collection data from SARS for the first time,' said Godongwana. Godongwana said the department's total budget reflects a careful balance between technical and political demands, between macro and microeconomic realities, and between local constraints and global pressures. 'It is a balance between laws, policies and the ongoing journey. We are a nation moving towards a more equal society.' The Treasury's core focus remains the achievement of sustainable public finances. As part of this goal, the department plans to strengthen infrastructure investment, particularly at the municipal level, and rationalise government programmes through spending reviews.
