economy

SARS on Tax Offenders

The South African Revenue Service (Sars) reminds taxpayers that it is a criminal offence not to submit a tax return for any of the tax types for which they are registered. 

The tax types are personal income tax (either pay-as-you-earn or provisional), corporate income tax and value-added tax.

Sars says it has noticed an increase in taxpayers not submitting their tax returns by the stipulated deadlines and not settling their outstanding debts with Sars. This is not limited to the current tax year, but includes substantial non-compliance across previous tax years.

Less Mining Investors in SA

Investors say they are finding other African countries like Ghana, Rwanda and Botswana more attractive for mining investment rather than South Africa.  

Investors attending the two day Jo'burb Indaba mining conference say South Africa's increasingly tough regulatory environment is forcing them to look elsewhere.

Africa Is Not Poor, We Are Stealing Its Wealth

Africa is poor, but we can try to help its people.

It’s a simple statement, repeated through a thousand images, newspaper stories and charity appeals each year, so that it takes on the weight of truth. When we read it, we reinforce assumptions and stories about Africa that we’ve heard throughout our lives. We reconfirm our image of Africa.

Try something different. Africa is rich, but we steal its wealth.

Tax on Sugar and Sweetened Beverages

Although the overall impact of a tax on sugar-sweetened beverages would be negative the effect would be “relatively small”, National Treasury said. 

During public hearings on government’s proposed tax that took place in Parliament on Tuesday, National Treasury said it expected job losses in the sugar and beverages industries to be 5 000 at most. 

“But the health outcomes associated with this tax need to be factored into the overall assessment of the tax proposal,” an official said. 

SA Credit Rating on the Brink

SA has made some progress in fixing problems identified by ratings agencies, but there are outstanding issues that might mean the country is given 'junk' status, warn economists Fatima Bhoola and Nimisha Naik.

Rating agencies are shortly expected to announce their decision on whether to retain South Africa’s sovereign credit rating, or to downgrade it.

The current rank assigned by Moody’s is two notches above sub-investment grade (with a negative outlook).

Fellow agencies Fitch and Standard and Poor’s both rank South Africa just one notch above “junk” status.

South Africa Ranks Fourth on the IIAG

The Mo Ibrahim Foundation says that South Africa is the continent's fourth-best governed country on the African continent.

It its latest Ibrahim Index of African Governance (IIAG), the organisation ranks all 54 African countries using 15 years of data from 33 independent institutions.

The organisation notes that each country gets an overall score out of 100, with the total scores composed from four main categories (each with their own subcategories): safety and rule of law, participation and human rights, sustainable economic opportunity, and human development.

WEF Gets Underway in Cape Town

The World Economic Forum on Africa which takes place in Cape Town this year, has already attracted over 1 000 participants from more than 75 economies.
 
Three heads of state including President Jacob Zuma are expected to address delegates and this year's meeting will focus on 10 global challenges of the World Economic Forum.
 

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