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Tax Acts of 2024 Are Implemented By The National Treasury

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Tax Acts of 2024 Are Implemented By The National Treasury

Tax Acts of 2024 Are Implemented By The National Treasury. The National Treasury has enacted the 2023 Tax Acts, aligning with proposals from the Minister of Finance’s annual Budget Speech. These Acts encompass adjustments to tax rates, excise duties, and administrative procedures, effective from December 22, 2023.

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Implementation of Tax Acts

The National Treasury has officially implemented the 2023 Tax Acts, translating the tax proposals outlined in the previous year’s Budget Speech into legislation.

Overview of Acts

  • 2023 Rates Act: This Act introduces alterations to tax rates, monetary thresholds, and increases in excise duties on alcohol and tobacco.
  • 2023 TLAA: Encompassing intricate anti-avoidance measures, this Act addresses technical tax changes.
  • 2023 TALAA: Focusing on administrative and technical tax proposals, this Act streamlines tax administration.

Release of Supporting Documents

The Treasury has released comprehensive documentation including a final Response Document, Explanatory Memorandum, and Memorandum of Objects, reflecting input from public hearings and stakeholder consultations.

Conclusion

With the implementation of the 2023 Tax Acts, the National Treasury aims to enforce fiscal policies in line with economic objectives, ensuring transparency and efficiency in tax administration. Citizens can access the newly enacted tax laws and associated documents via the National Treasury and SARS websites.

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NSFAS News

How NSFAS Allowances Paid To Students

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How NSFAS Allowances Paid To Students

How NSFAS Allowances Paid To Students. More than one million students in South Africa benefit from comprehensive bursaries provided by the National Student Financial Aid Scheme (NSFAS). Despite this support, student unions, particularly the South African Students Congress (SASCO), have expressed concerns about the effectiveness of the current funding system and have called for improvements.

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Challenges Faced by Students

In 2023, NSFAS funded over a million students enrolled in approved courses at universities and Technical and Vocational Education and Training (TVET) colleges. However, the scheme faced challenges in effectively assisting the poor and working-class students due to several issues. These challenges were partly attributed to the implementation of a direct allowance payment system, which led to irregularities and necessitated “consequence management.”

Controversy Over Allowance Distribution

The direct payment system, introduced in 2022, involved four companies handling student allowance payments. However, an investigation revealed potential conflicts of interest, leading to the dismissal of NSFAS CEO Andile Nongogo and termination of contracts with the service providers. Despite this, in 2024, NSFAS required students to register with these same companies for allowance distribution, drawing criticism from SASCO.

SASCO Criticisms and Demands

SASCO has accused the NSFAS Board of hypocrisy for reinstating allegedly irregular service providers. They argue that the current system exploits students, leading to delays, inefficiency, and unnecessary charges. SASCO calls for the implementation of recommendations from the Werksmans report, including terminating contracts with the companies.

Accommodation Crisis

SASCO also criticizes NSFAS for its indecisiveness in addressing the student accommodation crisis. While NSFAS launched an accommodation portal in 2022, SASCO argues that NSFAS has not taken practical steps to increase bed spaces in higher learning institutions and TVET Colleges. They demand immediate action to improve student living conditions.

Conclusion

The current NSFAS funding system faces criticism from student unions like SASCO, who call for more transparency, efficiency, and student-centered approaches. The ongoing controversies highlight the need for NSFAS to address these concerns promptly to ensure that students receive the support they need to succeed in their studies.

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