Naledi Ngcobo

South Africa

Specialist Radio Reporter at SABC News

SABC Specialist Reporter (Economics) 📻🇿🇦 Financial Journalist. Wits and GIBS alumni

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Articles

Tax Ombud reports an increase e-Filling profiles hijacking

1 week ago | sabcnews.com | Naledi Ngcobo

The Office of the Tax Ombud has revealed that incidents of hijacking e-filing profiles are on the rise. During an online release of the report’s preliminary findings on Wednesday, the Tax Ombud Yanga Mputa pointed out that the highest level of e-Filing Profile Hijacking occurs among registered tax practitioners.
SAFTU condemns Treasury's proposed fuel levy increase

1 week ago | sabcnews.com | Naledi Ngcobo

SAFTU General-Secretary Zwelinzima Vavi says consumers should not bear the brunt of steep taxes while corporates enjoy huge profits without adequate contribution to the developmental agenda. He has also condemned the National Treasury’s proposed fuel levy increase. Finance Minister Enoch Godongwana announced the proposed levy in the budget that he tabled a week ago. Vavi says it will further burden struggling workers.
Treasury identifies over R300 bln in wasteful programmes

2 weeks ago | sabcnews.com | Naledi Ngcobo

National Treasury and provincial treasuries have identified over R312-billion in wasteful spending on non-performing programmes since 2013. Government spending is estimated to reach nearly R2.6 trillion in the 2025-26 financial year with social services accounting for more than half of spending. Government says a cut in spending on non-performing programmes will override the need for higher taxes going forward.
CEF hands over assets, R5 bln to new petroleum company

3 weeks ago | sabcnews.com | Naledi Ngcobo

The Central Energy Fund (CEF) has handed over leased assets and R5 billion in funding to operationalize the newly established South African National Petroleum Company (SANPC). Three of the CEF Group subsidiaries including iGas, the Strategic Fuel Fund and PetroSA have been merged to form the SANPC in a process which began in 2020.
Unemployment rises to 32.9% in first quarter of 2025

3 weeks ago | sabcnews.com | Naledi Ngcobo

South Africa’s official unemployment rate increased by one percentage point to 32.9% in the first quarter of 2025. This is according to data released by Statistics South Africa (Stats SA). The data shows an increase of 237 000 in the number of unemployed people, bringing the total to 8.2 million. The expanded unemployment rate, which includes discouraged work-seekers, also rose by 1.2 percentage points to 43.1% in the same period.
Gauteng underspends by R1.8 billion in 2024/25 financial year

3 weeks ago | sabcnews.com | Naledi Ngcobo

The Gauteng Provincial Government has reported an underspending of R1.8 billion at the end of the 2024/25 financial year. The Departments of Health and Education accounted for 58% of the unspent funds, with the remaining 42% spread across other departments. Gauteng Finance MEC Lebogang Maile says that of the total underspending, more than R380 million came from conditional grants allocated by the national government, while R1.4 billion was from the Provincial Equitable Share.
Godongwana to meet Finance MECs ahead of Budget Speech

3 weeks ago | sabcnews.com | Naledi Ngcobo

Finance MECs and Finance Minister Enoch Godongwana are expected to meet in a Budget Council today ahead of the National Budget announcement next week. Last month, the National Treasury announced its decision to reverse its proposed 0.5% point Value-Added Tax (VAT) increase following contestation from political parties. Godongwana postponed the Budget Speech in February.
Gauteng goverment can't confirm status of budget

3 weeks ago | sabcnews.com | Naledi Ngcobo

The Gauteng Provincial Government says it is not yet in a position to confirm whether its budget will be maintained or withdrawn ahead of a third attempt at tabling the National Budget next week. Gauteng MEC for Finance and Economic Development Legobang Maile earlier announced that the provincial government underspent by R1.8 billion by the end of the 2024-25 financial year.
SARB, BIS launches TechSprint initiative

1 month ago | sabcnews.com | Naledi Ngcobo

The South African Reserve Bank and the Bank for International Settlements has launched the TechSprint initiative under South Africa’s G20 Presidency and the BIS Innovation Hub. The initiative, which is in its sixth year, focuses on finding technological solutions that are scalable, while enhancing trust and integrity in the financial system.
Govt services continue to be funded under PFMA ahead of Budget pass

1 month ago | sabcnews.com | Naledi Ngcobo

National Treasury says until the passing of the new Budget, government services will continue to be funded under Section 29 of the Public Finance Management Act (PFMA). This allows spending of up to 45% of last year’s Budget during the first four months, and up to 10% for each month after that. National Treasury Director-General Duncan Pieterse says the tabling of multiple budgets will not constitute fruitless and wasteful expenditure as costs have been kept to a minimum.