News 18:00

BULLETIN 21 May 6 pm

Good afternoon. I am……..

In this bulletin:

# We take a look at the latest budget
# Cycling: The Tour de France adds Montmartre to the last stage
# And South Africa mourns the passing of iconic jeweller Jenna Clifford

# Minister of Finance, Enoch Godongwana says the VAT rate will remain unchanged at 15-percent, as the National Treasury prioritises public consultation over increasing revenue. Delivering his budget speech, Godongwana said while raising VAT could boost fiscal resources, concerns about its impact on the poor influenced the decision to keep it unchanged. He emphasised that any future adjustments would require broad engagement and careful assessment:

Godongwana has allocated an additional 7.5-billion-rand to the South African Revenue Service over the medium term to enhance tax collection and combat illicit trade. The funds will help strengthen enforcement, modernise systems, and boost revenue recovery efforts. Godongwana says the investment is expected to generate up to 50-billion-rand annually in additional revenue, reducing the need for new tax increases:

Godongwana has also reduced the budget for the South African National Defence Force’s peacekeeping mission in the Democratic Republic of Congo. However, the funds for safely withdrawing members have increased to three-billion-rand. Godongwana says this shift reflects the planned phased withdrawal from the DRC, focusing more on covering the costs of bringing soldiers and equipment home securely:

# Cycling: The Tour de France will make three circuits of the historic Paris district of Montmartre on its last stage. The new format of the final stage on 27 July is unlikely to decide who wins the 21-day race, but it adds a new edge. The riders will race 16.8-kilometre in Montmartre before the peloton heads to the Champs-Elysees where it will complete three circuits, instead of the previous eight, and end with a mass sprint in the shadow of the Arc de Triomphe.

# The financial indicators: The dollar trades at 17-rand-92-cents and the euro at 20-rand-32-cents. One British pound costs 24-rand-6-cents and Bitcoin trades at 107-thousand-606-dollars. Gold sells at three-thousand-301-dollars-11-cents a fine ounce and Brent crude oil is quoted at 65-dollars-17-cents a barrel.

# And finally: Renowned South African jeweller and philanthropist Jenna Clifford has passed away at the age of 64, after a battle with cancer. She died peacefully, surrounded by her family. Clifford was celebrated for her creative brilliance, kindness, and generous spirit. Her family described her as a mentor, icon, and guiding light. A private funeral will be held, with a public memorial in Johannesburg to follow soon.

Stay tuned for more news………….