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South Africa

SARS seizes cocaine worth R7.4m at OR Tambo

cocaine

JOHANNESBURG: South African Revenue Service (SARS) customs officials made their second major drug bust this month at OR Tambo International Airport, when they intercepted 26 kilograms of cocaine with an estimated street value of R7.4m. The drugs were discovered by detector dogs in shipment of cosmetics in transit from Sao Paulo, Brazil, to the Democratic Republic of Congo. The narcotics ... Read More »

South African govt. denies approving int’l trade in rhino horns

synthetic-rhino-horn-1

CAPE TOWN: The South African government on Monday denied reports that it has approved international trade in rhino horns. “The commercial international trade in rhino horn is and remains prohibited in terms of all international protocols that South Africa is party to, particularly the Convention on International Trade in Species of Fauna and Flora (CITES),” the Department of Environmental Affairs ... Read More »

SARS seizes cocaine worth R7m at OR Tambo International

SARS seizes cocaine worth R2.6m at OR Tambo International Airport

JOHANNESBURG: South African Revenue Service (Sars) customs officials have seized almost 200 kilogrammes of cocaine and almost R7 million in foreign currency in separate incidents at OR Tambo International Airport in Johannesburg this month. In a statement on Friday, SARS said it had seized 197kg cocaine and approximately R7 million in US dollars in two separate incidents at OR Tambo ... Read More »

South African provisional report on tax refund delays finalized

SARS South African Revenue Service

CAPE TOWN: South Africa’s Office of the Tax Ombud has completed its provisional report on allegations of undue delays in the payment of tax refunds by the South African Revenue Service (SARS). The Tax Ombud, Judge Bernard Ngoepe, launched an investigation into media reports of “systemic problems” at SARS that resulted in delayed refunds, in particular of value-added tax. These ... Read More »

South Africa’s tax reforms fail to increase revenues

Swiss Federal Council Approves WHT Reforms

JOHANNESBURG: Tax measures announced in the South African Government’s 2016 Budget failed to boost tax revenues, the International Monetary Fund (IMF) has said. The Budget, announced in February 2016, aimed to boost revenues by almost ZAR50bn (USD3.7bn) over three years, with a consolidated revenue target of ZAR1.3 trillion, representing 30.2 per cent of gross domestic product (GDP), set for 2016-17. ... Read More »

South Africa joins new free trade pact

fta

JOHANNESBURG: South Africa, the second largest economy in Sub-Saharan Africa, has joined Kenya and other regional countries in signing of the Tripartite Free Trade Area (TFTA) aimed at easing doing business on the continent. Johannesburg joined the FTA pact during the ministerial meeting that was held in Kampala, Uganda last week. TFTA brings together three business regional blocs of Common ... Read More »

South Africa signs tripartite free trade area agreement

South Africa signs tripartite free trade area agreement

JOHANNESBURG: South Africa signed an agreement establishing the Tripartite Free Trade Area (TFTA) in Kampala, Uganda on Friday, during a meeting of the tripartite Sectoral Ministers Committee, the Department of Trade and Industry said. The Department said that the meeting was attended by the trade ministers and officials from the Common Market for Eastern and Southern Africa (COMESA), East African ... Read More »

SARS aims to collect 1.3t in taxes in 2017/18 fiscal year

SARS

JOHANNESBURG: The South Africa Revenue Services (SARS) has acknowledged that it has set its extraordinary revenue target for this year’s tax season in a strained economic environment as it aims to collect R1.3 Trillion for the 2017/2018 tax season. “This extra-ordinary revenue target has been set in a strained economic environment and will see SARS put in extra effort to ... Read More »

Tax target may be a bridge too far for SARS

revenue-target

JOHANNESBURG: The South African Revenue Service (Sars) may have to climb a mountain to meet its tax revenue target of R1.265 trillion for the 2017/18 fiscal year, its commissioner indicated. Speaking at the official launch of Tax Season 2017 in Soweto, Tom Moyane said the economy had entered a technical recession and some companies had already shed jobs. While Sars ... Read More »

South Africa records trade surplus of R9.5b for May: SARS

Trade Surplus Grows

JOHANNESBURG: South Africa registered a trade balance surplus of R9.5-billion for May this year, according to trade statistics released by the South African Revenue Service (Sars) on Friday. The stats, which include trade information with Botswana, Lesotho, Namibia and Swaziland, shows a year-to-date improvement in the trade balance. Between January 1 and May 31 this year, a trade surplus of ... Read More »

South Africa’s annual food producer price inflation drop

inflation eases

CAPE TOWN: The benefits of the uptick in agricultural production is already reflecting in producer price inflation, this was determined after data released showed that South Africa’s food producer price inflation slowed to 5.7% y/y in May 2017 from 6.4% in April 2017. This suggests that consumer food price inflation could moderate over the coming months, as lower producer prices ... Read More »

South African steel production drops 3.5% in May

steel imports drop

JOHANNESBURG: South Africa’s steel production fell by 3.5% year-on-year in May to 561,000 tonnes, according to the World Steel Association. Steel production is an important indicator of a country’s economic health, so that SA’s fell by only 0.8% in the first five months of 2017, after a 4.2% drop last year, is good news. It means overall economic growth should ... Read More »

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

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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

rhino-horns

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

drug

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

pension

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

ECONOMIC SLOWS

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 »