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SARS nabs two drug smugglers at OR Tambo International Airport

OR Tambo International Airport South Africa

JOHANNESBURG: Three suspected drug mules and three people suspected of smuggling counterfeit goods into South Africa were nabbed at the OR Tambo International Airport in Johannesburg over the long weekend, the South African Revenue Service (Sars) said on Tuesday. The first arrests were made on Thursday when customs officials “intercepted 10 bags and three boxes with counterfeit goods estimated at ... Read More »

Africa in search of new trading partners for development


MINSK: Africa needs to foster partners in the developed world to further boost its international trade and economic growth. This is the consensus at the recent maiden forum on “Belarus-Africa: New Frontiers’’ held in Belarus. The forum, organised by the African Export Import Bank (Afreximbank) and the Belarusian Government brought together government officials and businesses in Belarus and Africa to ... Read More »

SARS guides non-executive directors on vat obligations

Vietnam Ministry of Finance rejects VAT cut proposal

CAPE TOWN: The South African Revenue Service (SARS) has issued further guidance for non-executive directors (NEDs) on the tax treatment of the fees they receive. The guidance is in response to several queries SARS has received regarding the VAT registration process. Since June 1, 2017, NEDs are required to register and account for VAT if their fees exceed the VAT ... Read More »

SARS seizes rhino horns worth R4.99m at OR Tambo


JOHANNESBURG: Ten rhino horns have been seized by customs officials from the South African Revenue Services (SARS). SARS officials intercepted two bags with 10 rhino horns weighing 24.96kg estimated at R4.99-million at Johannesburg’s OR Tambo International Airport. The discovery was made when customs officials followed up on a suspicious bag which led to a second bag that was offloaded from ... Read More »

South African Police finds drugs in a bag at airport worth R9m


CAPE TOWN: Police made a major drug bust when they discovered tik, with an estimated street value of R9 million, at Cape Town International Airport. Police spokesperson Lieutenant Colonel, Andrè Traut, said the drugs were found in an uncollected bag in the airport’s lost and found section. The bag belongs to a male passenger who landed in Cape Town earlier ... Read More »

South Africa tumbles into recession as manufacturing, trade slump

recession - economic recession

CAPE TOWN: Gross domestic product contracted 0.7% for the first quarter of 2017, indicating that the country has entered into a technical recession, according to deputy director general of Economic Statistics at Statistics South Africa (Stats SA) Joe de Beer. The latest GDP data was released by Stats SA on Tuesday. The contraction follows the GDP decline of 0.3% in ... Read More »

SARS ruling clarifies tax treatment of pension fund interest


JOHANNESBURG: The South African Revenue Service (SARS) have issued updated guidance on the taxation of interest on late payment of benefits by retirement funds. SARS have issued a binding general ruling (BGR) to explain the tax treatment for the differing practices that exist in the retirement fund industry with regards to interest accruing on late payment of benefits. Some administrators ... Read More »

S. African economy to slow down even more: World Bank


CAPE TOWN: The World Bank has lowered its estimates for South Africa’s economic growth between 2017 and 2019, it revealed in a report on Sunday. It said South Africa’s economy, which grew by 0.5% in 2016 (2017 Budget Review), would not show much improvement with 0.6% growth in 2017 and 1.1% in 2018, before showing more gains in 2019 of ... Read More »

SARS investigating Zuma’s Nkandla fringe benefit tax


JOHANNESBURG: The Democratic Alliance wants the South African Revenue Service to speed up its investigation in President Jacob Zuma’s fringe benefit tax relating to the upgrades at his homestead at Nkandla. DA MP Alf Lees said on Wednesday that the party welcomes the admission by Advocate Neo Tsholanku of SARS at the meeting of the standing committee on public accounts ... Read More »

SARS seizes more than 7kg of rhino horns at OR Tambo airport


JOHANNESBURG: The discovery of the horns was made when the shipment was put through the scanning process by customs officials. The South African Revenue Service’s (Sars) customs unit seized more than seven kilograms in rhino horns that were declared as “tea bags” at OR Tambo International Airport, Sars said in a statement on Friday. The discovery of 7.035 kilogram of ... Read More »

Customs seizes more than 7kg of rhino horn at OR Tambo airport

rhino horns

CAPE TOWN: The discovery of the horns was made when the shipment was put through the scanning process by customs officials. The South African Revenue Service’s (Sars) customs unit seized more than seven kilograms in rhino horns that were declared as “tea bags” at OR Tambo International Airport, Sars said in a statement on Friday. The discovery of 7.035kg of ... Read More »

Microsoft to open 2 cloud data centers in South Africa


JOHANNESBURG: Microsoft (MSFT) plans to open data centers in Johannesburg and Cape Town, South Africa next year to serve customers of its Azure cloud computing software. Data research firm International Data Corp. estimated that cloud revenue in South Africa was $243 million, with that number expected to grow 20% annually through 2021. Microsoft, Amazon.com  (AMZN) and Alphabet  (GOOGL) , the ... Read More »

South Africa minister eyes R20 bln in med scheme tax credits for NHI Fund


CAPE TOWN: Health Minister, Dr Aaron Motsoaledi, says the tax credits that are being earmarked for the establishment of the National Health Insurance (NHI) Fund amount to R20 billion. The Minister said this when he tabled the Department of Health’s Budget Vote in the Old Assembly Chamber in Parliament on Tuesday. This comes after former Finance Minister Pravin Gordhan announced ... Read More »

Kenya in talks to resume exports to South Africa


NAIROBI: Kenya is reportedly in talks with South Africa to resume its exports of avocados that have been banned since 2010 due to the presence of fruit fly pest, according to local media. Kenya Plant Health Inspectorate Service (KEPHIS) general manager of phytosanitary services Isaac Macharia recently said that South Africa had given Kenya a number of requirements that it ... Read More »

South Africa awaits new draft of carbon tax bill

Italy urges to introduce carbon tax

CAPE TOWN: After more than eight years in the making, South Africa’s proposed carbon tax legislation could come into force in January 2018. But with coal making up 70% of the country’s energy mix and uncertainty surrounding its gas and nuclear power programmes, industry figures argue South Africa is not ready. Nevertheless, if the country does not take steps soon, ... Read More »

Oiltanking Grindrod Calulo sign agreement for Port Ngqura liquid bulk terminal

Port Ngqura - South Africa

JOHANNESBURG: Oiltanking Grindrod Calulo Holdings has signed an agreement with South Africa’s Transnet National Ports Authority (TNPA) for a new liquid bulk handling facility at the Port of Ngqura. The build, operate and transfer agreement was signed for the terminal which will have 150,000 cubic metre of storage capacity in its first phase, which will store refined petroleum products. It ... Read More »

Chinese customs rejects South African table grape shipment

South African grape export rises to 65.4m cartons, marks record

BEIJING: Customs officials in China’s southern district of Doumen have turned away 16.56 metric tons (MT) of South African table grapes, claiming the shipment’s cold handling didn’t meet requirements and phytosanitary certificates were inconsistent. The table grapes were in inspected while in transit from Hong Kong, with 3,599 cases that had an estimated market value of US$40,000. China inspection and ... Read More »

South Africa’s trade balance records R11.4b surplus in March

surplus (1)

JOHANNESBURG: South Africa’s trade surplus grew sharply in March as commodity exports jumped on the back of strong global demand, raising the chances it will be able to narrow the current account deficit, which is seen as a key economic weakness. The treasury has an ambitious target to trim the current account deficit to around 3% from 4% of gross ... Read More »

South Africa launches public debate on possible wealth tax

Two-thirds of French people want to keep wealth tax

JOHANNESBURG: A committee set up to review South Africa’s tax system launched a public debate on one of the most controversial possible moves on its agenda – a wealth tax. The Davis Tax Committee (DTC) announced it was inviting submissions from South Africans on whether the government should implement such a tax to lessen the glaring inequality in Africa’s most ... Read More »

SARS Intercepts counterfeit goods, drugs worth R10.29m


JOHANNESBURG: Counterfeit goods and drugs with a combined value of over R10,29 million were seized at OR Tambo International airport on Saturday and Sunday, officials said. Customs officials opened various consignments from Hong Kong destined for different suburbs in Gauteng when the illicit goods were discovered, the South African Revenue Service (SARS) said in a statement on Tuesday. Cell phones, ... Read More »