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South Africa to Cut Spending if SARS Fails to Meet Revenue Target

If the South African Revenue Service SARS doesnt reach its income goal, the government of South Africa would reduce spending, said Finance Minister En

If the South African Revenue Service SARS doesnt reach its income goal, the government of South Africa would reduce spending, said Finance Minister Enoch Godongwana. Although the most recent budget made some small changes to expenditure estimates, there are still uncertainties, especially with regard to tax collection. If SARS performs as expected, a 2026 tax hike may be avoided if not, significant spending reductions will be necessary. In tackling economic issues, such as growing debt levels, the government seeks to strike a balance between maintaining budgetary stability. Read More..

B2B Tech News | 9 days ago        

Ukraine Ratifies U.S. Mineral Agreement, Advancing Reconstruction Investment Fund

Ukraine and the United States have finalised their historic mineral pact, opening the door for a joint Reconstruction Investment Fund to draw in forei

Ukraine and the United States have finalised their historic mineral pact, opening the door for a joint Reconstruction Investment Fund to draw in foreign capital. This agreement, which was signed on April 30, gives the United States exclusive access to Ukraines vital natural resources, such as lithium, titanium, and rare earth elements, which are vital for the defence and green energy sectors. Comanaged by Washington and Kyiv, the fund seeks to secure longterm U.S. investment while accelerating Ukraines economic recovery. With Ukraine guaranteeing that resource ownership stays domestic, the accord comes after months of intensive discussions. In the face of persistent geopolitical difficulties, the action signifies strengthening strategic collaboration and furthering the U.S.Ukraine economic partnership. Read More..

B2B Tech News | 9 days ago        

G7 Pledges to Address Global Economic Imbalances Amid Trade Policy Concerns

G7 finance ministers and central bank governors have committed to resolving excessive global economic imbalances, highlighting the necessity of a shar

G7 finance ministers and central bank governors have committed to resolving excessive global economic imbalances, highlighting the necessity of a shared framework to combat nonmarket policies that jeopardise economic stability. Although China isnt specifically mentioned in the draft declaration, allusions to exportdriven models and government subsidies raise questions about Chinese trade policies. The G7 also talked about reducing the cap on Russian oil prices and enforcing penalties in the event that a ceasefire in Ukraine is not achieved. The document also emphasises the importance of lowvalue goods, especially from Chinese ecommerce companies, and the resilience of supply chains. In the upcoming months, it is anticipated that the final declaration will influence international trade policy. Read More..

B2B Tech News | 9 days ago        

Canada’s Champagne and U.S. Treasury’s Bessent Discuss Trade at G7 Conference

In Banff, Alberta, during the G7 finance leaders conference, U.S. Treasury Secretary Scott Bessent met with Canadas Finance Minister FrançoisPhilippe

In Banff, Alberta, during the G7 finance leaders conference, U.S. Treasury Secretary Scott Bessent met with Canadas Finance Minister FrançoisPhilippe Champagne, who emphasised the two countries close trade ties. Champagne pointed out that the United States biggest consumer is Canada, which buys more than China, Japan, the United Kingdom, and France put together. The summit coincides with conversations about privatesectorled growth, nonmarket economic practices, and trade imbalances. The bilateral negotiations come after two recent meetings between Prime Minister Mark Carney and President Donald Trump, which indicated an attempt to deepen business ties. The G7 should work together to address global trade issues, such as Chinas nonmarket behaviours and Ukraines reconstruction, Champagne added. Read More..

B2B Tech News | 10 days ago        

Trump’s One Big Beautiful Bill Act Advances With 5% Remittance Tax Proposal

Under President Donald Trumps One Big Beautiful Bill Act, foreign remittances sent by nonU.S. nationals, including those with green cards and H1B visa

Under President Donald Trumps One Big Beautiful Bill Act, foreign remittances sent by nonU.S. nationals, including those with green cards and H1B visas, would be subject to a 5% tax. With $32 billion in remittances from the United States to India in 2023–2024, this tax, if applied at the point of transfer with no exemption level, could have a $1.6 billion financial impact on millions of Indian citizens in the United States. Along with financing for immigration enforcement, border security, and asylum fees, the law also supports Trumps larger policy goals. There are worries about the economic ramifications for U.S. allies as it has progressed in the House Budget Committee and is getting closer to a floor vote. Read More..

B2B Tech News | 10 days ago        

South Africa’s Budget Deficit Expands as VAT Increase Plan Is Scrapped

After abandoning a proposed valueadded tax VAT hike, South Africas National Treasury has forecast a larger budget deficit and increased public debt. P

After abandoning a proposed valueadded tax VAT hike, South Africas National Treasury has forecast a larger budget deficit and increased public debt. Political resistance and legal challenges led to the decision, which caused a revenue deficit of 61.9 billion rand $3.5 billion, requiring the government to update its mediumterm tax revenue predictions. While total debt is predicted to stabilise at 77.4% of GDP, the budget deficit is now anticipated to increase to 4.8% of GDP from 4.6%. The economy is expected to increase 1.4% in 2025, which is less than the 1.9% growth that was originally predicted. To close the budget deficit, the government is thinking about reducing spending and finding other ways to raise money. Read More..

B2B Tech News | 10 days ago        

IndiaEU Trade Talks Accelerate With Early Harvest Pact Targeted for July 2025

With an eye towards completion by July 2025, India and the EU are speeding up talks for an early harvest trade agreement. As a prelude to a fullfledge

With an eye towards completion by July 2025, India and the EU are speeding up talks for an early harvest trade agreement. As a prelude to a fullfledged free trade agreement FTA, the deal will cover tariffs, corporate procurement, intellectual property rights IPRs, and nontariff barriers. India wants to open markets for its steel, pharmaceutical, and clothing exports, while the EU is promoting duty reductions on cars, medical equipment, wines, and poultry. After the 11th round of negotiations in New Delhi on May 16, representatives from the Commerce Ministry are in Brussels for talks. With bilateral commerce reaching $137.41 billion in 2023–2024, the agreement is anticipated to increase economic relations between the two regions. Read More..

B2B Tech News | 10 days ago        

Bitcoin Hits Record $109,857 as ETF Inflows Surge Past $40 Billion

Bitcoin surged to a new alltime high, reaching $109,857, surpassing its previous January peak. The rally was driven by strong ETF inflows, with cumula

Bitcoin surged to a new alltime high, reaching $109,857, surpassing its previous January peak. The rally was driven by strong ETF inflows, with cumulative investments exceeding $40 billion, alongside growing institutional adoption. Analysts attribute the surge to weaker U.S. dollar trends, increased corporate treasury allocations, and regulatory optimism, as the U.S. Senate advances stablecoin legislation. The inclusion of Coinbase in the S&P 500 further signals mainstream acceptance. Bitcoin’s resilience amid macroeconomic volatility highlights its role as a store of value, with investors closely watching policy developments and market liquidity trends. Read More..

B2B Tech News | 10 days ago        



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