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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

drugs

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 »

South African firms rack in R10m from ZITF

ZITF

CAPE TOWN: South African companies generated export sales totaling R10 million through their participation at last year’s Zimbabwe International Trade Fair. South Africa’s Department of Trade and Industry has again dispatched firms for this year’s edition which kicked off today (Tuesday) in Bulawayo. The companies that are part of the delegation will be assisted by the dti through its Export ... Read More »

South Africa wants to continue trade with UK, despite Brexit

South Africa, UK

JOHANNESBURG: South African Government’s priority is to ensure that there is certainty and continuity in the trade and investment relationship with the United Kingdom as a result of Brexit, says Trade and Industry Minister Rob Davies. Minister Davies told the British Chamber of Business that the Economic Partnership Agreement (EPA) provides a good basis to facilitate trade between South Africa ... Read More »

South Africa’s Rand steadies but stocks’ losing streak

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JOHANNESBURG: South Africa’s rand steadied against the dollar on Friday as developed market currencies came back in favour, ending a recent rally that has lifted the unit to 3-week high. Stocks fell for a fourth straight session to a three-week low, as Pioneer Food Group weighed and investors stayed away from risky assets. At 1530 GMT the rand was trading ... Read More »

South African Customs seizes fake sneakers worth $200,000 in airport cargo

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JOHANNESBURG: More than $200,000 worth of fake sneakers were snatched off the market thanks to customs officials in Johannesburg, South Africa. South African Revenue Service (SARS) officials found over 2,380 pairs of counterfeit shoes hidden in a cargo shed at O.R. Tambo International Airport. The SARS customs unit announced the seizure today; it took place over Easter weekend. The stash ... Read More »

Counterfeit sneakers worth R2.8m seized by customs officials

SARS

CAPE TOWN: SARS customs officials seized a consignment of suspected counterfeit sneakers worth about R2.8 million at Johannesburg’s OR Tambo International Airport over the Easter weekend. SARS spokesman Sandile Memela said that the consignment of 2‚380 sneakers‚ weighing 956kg‚ had been discovered during a routine inspection of a cargo shed at the airport. The consignment originated from Hong Kong. “The ... Read More »

Resources companies lead South African stocks lower, rand firms

stocks lower

JOHANNESBURG: South African stocks slid on Tuesday, dragged down by resources companies, while the rand firmed slightly amid lingering political uncertainty. Iron ore producers were among the biggest losers after iron ore futures in China fell more than 6 percent on Tuesday to their weakest level since January, pressured by a sustained drop in steel prices on concerns about oversupply. ... Read More »

Fitch downgrades South Africa to junk status following political turmoil

Taiwanese banks reduces exposure to China: FITCH

JOHANNESBURG: Listening to 702 on my way there, a few callers said that they opposed Zuma’s actions and wanted him to be removed, but felt that the white Democratic Alliance supporters could rather protest without them. Cape Town has always been controlled by the DA. By the government’s official estimate, 10,000 demonstrated in Johannesburg, as many as 8,000 in Durban, ... Read More »

SARS blames economy for weak tax revenue performance

SARS

JOHANNESBURG: The South African Revenue Service says it expects tax revenue collections to have marginally exceeded targets last fiscal year. The agency said depressed economic growth had had an impact on revenues, which led to an earlier decision to revise down the revenue target for the year. According to provisional figures released by the agency, revenues were just ZAR300,000 (USD21,800) ... Read More »

Chinese customs rejects South African table grape shipment

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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 bulk exports rise 27.4% in March

shares high

CAPE TOWN: South Africa’s bulk export volumes soared by 27.4 percent year-on-year in March to 14 million tons, according to Transnet National Ports Authority. This massive increase was in part due to base effects, as the 861km rail link between Sishen and Saldanha was closed for some days in March 2016 for maintenance. This meant that bulk exports out of ... Read More »

Nestle SA sings MoU with DSBD to create new jobs

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CAPE TOWN: Nestlé SA and the Department of Small Business Development (DSBS) have signed a memorandum of understanding (MOU) that’ll see the creation of more than 600 jobs. The MOU serves as Nestlé SA’s commitment to sourcing and developing micro-distributors who are primarily located in rural SA and townships. The partnership between Nestlé SA and the Department of Small Business ... Read More »

Fitch downgrades South Africa to junk status

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JOHANNESBURG: Fitch has become the second major rating agency to downgrade SA’s rating to junk status, cutting both the foreign currency and local currency ratings by one notch on Friday afternoon on concerns that recent political events, including a major Cabinet reshuffle, would weaken standards of governance and public finances and was likely to result in a change of economic ... Read More »

Hong Kong agrees to automatic exchange of tax information with South Africa and Portugal

taxinfo

HONG KONG: Hong Kong has agreed to automatic exchange of financial account information in tax matters with the governments of South Africa and Portugal, a Hong Kong government spokesperson said April 3, 2017. “We have been seeking to expand Hong Kong’s AEOI network with our tax treaty partners. The signing of agreements with Portugal and South Africa, bringing up the ... Read More »

Hong Kong inks accord with Portugal, South Africa to exchange tax data

treaty - agreement

HONG KONG: Hong Kong has signed agreements with Portugal and South Africa to automatically exchange financial account information in tax matters. The agreements expand Hong Kong’s Automatic Exchange Of Information (AEOI) network to include a total of 11 countries. The other reportable jurisdictions for Hong Kong are Belgium, Canada, Guernsey, Italy, Japan, Korea, Mexico, the Netherlands, and the UK. The ... Read More »

SARS announces R1.144t preliminary revenue collection

SARS

JOHANNESBURG: The SA Revenue Service (SARS) announced a R1.144 trillion preliminary outcome on Monday for revenue collection for the 20176/17 tax year. This means that SARS broke the trillion rand mark for the second year in a row, in gross terms standing at R1.367 trillion. SARS said this outcome was fractionally or only R300,000 above the revised estimate as announced ... Read More »

NamPower, Eskom in R7 billion power deal

power

WINDHOEK: Namibia’s power utility, NamPower, has signed a new power purchasing agreement with South Africa’s Eskom that would see NamPower forking out about R7.5 billion for five years. As part of the agreement, Eskom will serve NamPower with a firm supply of 200MW and additional non-firm supply dependent on transmission capacity. The new power supply deal was signed last week ... Read More »

South Africa’s new finance minister notes ‘mutual suspicion’

sa

JOHANNESBURG: South Africa’s new finance minister says he is aware of the “climate of sharp disagreement and mutual suspicion” as his predecessor’s firing deepens a split in the country’s ruling party. Malusi Gigaba briefed the media Saturday a day after President Jacob Zuma fired the widely respected Pravin Gordhan and set off an outcry by many in the ruling African ... Read More »

Sars Customs seize Ferrari F1 worth R13.8m

AFRICA

CAPE TOWN: SARS Customs officials intercepted a Ferrari F1, worth an estimated R13.8 million, which was being smuggled back into the country after it had been stored in a bonded warehouse in South Africa since 2014. When it was first brought into the country, the owner failed to follow correct import procedures including paying the necessary customs duties and VAT, ... Read More »