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South Africa

Business Confidence in South Africa improves in Q3

business confidance

JOHANNESBURG: Business confidence in South Africa saw a marginal increase in the third quarter of the year but still remained in a subdued territory with seven out of the ten respondents having remained unsatisfied with business conditions in the country.  This is according to the Rand Merchant Bank/Bureau Economic Research Business Confidence Index (BCI) released today.  The BCI increased by ... Read More »

African Bank to repurchase up to R3 bln of domestic bonds

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JOHNNESBURG: African Bank, which was bailed out by the SA Reserve Bank (Sarb) after a near-fatal collapse three years ago, has offered to repurchase up to R3.2 billion of domestic bonds in an effort to reduce the interest repayments on its debt. The bank, which is also known as the Good Bank, said it had issued an invitation to note-holders ... Read More »

Sars unduly delays tax refunds in some cases, Ombud finds

SARS

JOHANNESBURG: The Tax Ombud has found that the South African Revenue Service’s system allowed it to unduly delay the payment of verified refunds to taxpayers in certain cases. However, it appears unlikely that its damning findings would significantly improve the situation. “This [undue delays with tax refunds] has become a systemic issue. The system does not sufficiently protect taxpayers,” Judge ... Read More »

South Africa’s trade surplus falls to 9b rand

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JOHANNESBURG: South Africa’s trade surplus slid to 8.99 billion rand ($688 million) in July from a revised 10.56 billion rand surplus in June, data from the revenue agency showed. Exports fell 8.7 percent to 93.1 billion rand on a month-on-month basis in July, while imports were down 8 percent to 84.1 billion rand, the South African Revenue Service said in ... Read More »

South Africa, Zimbabwe trade deficit widen by 15%

trade-deficit-

JOHANNESBURG: The trade deficit between Zimbabwe and South Africa widened by 15% to $131 million in the first seven months of the year, latest trade data from the Statistics Agency shows. Data gathered from the Zimbabwe Statistical Agency (Zimstat) shows that Zimbabwe exported goods worth $1,1 billion to South Africa between January and July against imports of $1,3 billion, giving ... Read More »

South African rand weakens, stocks set to open lower

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JOHANNESBURG:  South Africa’s rand slipped at the start of the week, reversing gains from the previous session, ahead of a slew of economic data in the coming days that could give clues on the health of the economy. At 0642 GMT, the rand traded at 13.0450 per the dollar, 0.35 percent weaker than its New York close on Friday. The ... Read More »

South Africa, Zambia to join forces on tax collection

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JOHANNESBURG: South Africa and Zambia intend to collaborate in tax administration, treasury management, revenue collection, trade and revenue leakage prevention. This development was announced at a meeting in Pretoria between Zambia’s finance minister Felix Mutati and South Africa’s finance minister Malusi Gigaba. Activities will also include staff exchange programmes and investment in the north-south corridor from Kasumbalesa-Chililabombwe to South Africa. ... Read More »

South African rand edges lower as emerging markets wobble

RAND

JOHANNESBURG:  South Africa’s rand weakened in early trade on Thursday as emerging markets gave back recent gains after U.S. President Donald Trump cast doubt on the future of the North American Free Trade Agreement. At 0624 GMT, the rand traded at 13.1700 to the dollar, 0.13 percent weaker than its overnight close in New York close. Headline consumer inflation slowed ... Read More »

SARS tax amnesty for hidden assets falls flat

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CAPE TOWN: The tax amnesty for undeclared foreign assets, which the government had hoped would yield billions of rand in additional revenue, has been a flop, with just a few hundred applications made ahead of next week’s deadline. The South African Revenue Service (SARS) has so far handled 499 applications only under the special voluntary disclosure programme, which allows taxpayers ... Read More »

Three men sentenced to 25 years in prison for tax fraud

catching-tax-fraud

JOHANNESBURG: Three men accused of fraudulently claiming Value Added Tax refunds to the value of approximately R300 million have been sentenced to a total of 95 years imprisonment, the South African Revenue Services (Sars) said on Thursday. Sars said the Gauteng South High Court sentenced the men to 25 years for fraud, 25 years for uttering, 25 years for forgery ... Read More »

Rhino horn smuggler arrested at O.R Tambo Airport

rhino horn smuggling

JOHANNESBURG: Environmental Affairs Minister Edna Molewa has welcomed the arrest of an alleged rhino horn smuggler at OR Tambo International Airport in Ekurhuleni. Minister Molewa on Friday congratulated members of the Environmental Management Inspectorate (“Green Scorpions”) for their assistance in the arrest of the 30-year-old Zimbabwean woman at the airport on Thursday. She was found in possession of two rhino ... Read More »

Cape Town couple allegedly submits false claims to SARS

SARS welcomes system investigation by  Tax Ombud

JOHANNESBURG: A couple in Cape Town has been arrested for allegedly submitting false claims to the SA Revenue Services (Sars) between 2007 and 2009, the Directorate for Priority Crime Investigation (Hawks) said. “The duo, directors of several companies, were arrested on Thursday by the Serious Commercial Crime Unit of the Hawks, after investigations uncovered that the suspects’ unlawful actions resulted ... Read More »

South African launch for AMI’s click2ship express imports

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CAPE TOWN: The trade-only airfreight and express wholesaler AMI has announced the South African launch of its all-inclusive online service, click2ship Express Imports. The new service is the imports counterpart of click2ship Express Exports, which was launched in South Africa in 2014. click2ship Express Imports provides online quotes and bookings for imports from any location in the world. Prices include ... Read More »

South Africa’s business confidence climbs high in July

shares high

JOHANNESBURG: South Africa’s business confidence climbed to its highest level in five months in July helped by a firmer currency, falling inflation and an increase in vehicle sales, a survey showed on Tuesday. The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) accelerated to 95.3 in July from 94.9 in June. It was the highest ... Read More »

SA’s Finance Minister bid to stall repayment of R6.9b SAA loans

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CAPE TOWN: South African Finance Minister Malusi Gigaba is leading negotiations with some South African Airways (SAA) lenders in an attempt to postpone the repayment of loans due in September. SAA had to find an additional R6.9bn to settle these loans‚ the airline’s chief financial officer‚ Phumeza Nhantsi‚ told MPs on Friday. The loans were due for settlement in July‚ ... Read More »

South Africa donkeys used to smuggle cars into Zimbabwe

South Africa donkeys used to smuggle cars into Zimbabwe

CAPE TOWN: Police in South Africa have foiled an attempt to smuggle a stolen luxury car into Zimbabwe using donkeys to pull it across the Limpopo River. The suspects fled into the bushes towards Zimbabwe after their efforts to free the car from the sand failed, local police say. Last December a vehicle stolen in Durban was recovered on the ... Read More »

South Africa’s trade surplus rises to 10.67b rand in June

Trade Surplus Grows

JOHANNESBURG: South Africa’s trade surplus rose to 10.67 billion rand ($813 million) in June from a revised 7.22 billion rand surplus in May, data from the revenue agency showed. Exports fell 0.6 percent to 102.14 billion rand on a month-on-month basis in June, while imports were down 4.2 percent to 91.47 billion rand, the South African Revenue Service said in ... Read More »

Air transport sector contributes US$12m to South Africa’s GDP

GDP growth

JOHANNESBURG: South Africa’s air transport sector reportedly supports around 490,000 jobs, including tourism-related employment, and contributes 3.5% (US$12 million) to the country’s gross domestic product. These were some of the findings highlighted in a recent study entitled ‘The Importance of Air Transport to South Africa’. The study was conducted by Oxford Economics on behalf of the International Air Transport Association ... Read More »

Zambia government calls for balanced trade with South Africa

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JOHANNESBURG: Emmanuel Mwamba, Zambia’s High Commissioner to South Africa, said the current trade between the two countries was tilted in favor of South Africa and that needs to change. In remarks delivered at the start of a trade and investment forum between Zambian and South African investors, the Zambian envoy said efforts must be put in place to deal with ... Read More »

Woman held at South African airport for rhino horn smuggling

rhino horn smuggling

JOHANNESBURG: South African police Wednesday arrested a 24-year-old woman with 20 kilogrames of rhino horn before boarding a flight bound for Hong Kong, a spokesman said. The woman, whose nationality has not been revealed, was detained at Johannesburg’s OR Tambo International Airport while in transit from the Zambian capital Lusaka. Police said a luggage scanner revealed her suitcase “contained 11 ... Read More »