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South Africa

Dreaming of a better tax deal for all South Africans

CAPE TOWN: Budget time and as usual taxpayers read stories that taxes will again go up. As usual, fear is peddled everywhere that taxes are going to go up at rocket pace. But when the worst does not happen relief creeps back; only like the frog in the frying pan, we are slowly cooked for more. The normal spin-cycle kicks ... Read More »

Zuma budget hole leaves South Africa with tough tax choices

CAPE TOWN: South Africa may have a new finance minister soon following the replacement of its president, but whoever replaces Malusi Gigaba will still face a 50.8 billion-rand ($4.4 billion) hole in the nation’s finances. With growth in Africa’s most-industrialized economy lagging that of peers after its second recession in less than a decade, tax collections have dwindled. That’s intensified ... Read More »

Romanian sheep wool and mohair exports to South Africa get go-ahead

CAPE TOWN: Romania will be able to export sheep wool and mohair to South Africa, as representatives of the National Sanitary Veterinary and Food Safety Authority (ANSVSA) together with their peers from the Department of Agriculture, Forestry and Fisheries of the Republic of South Africa have agreed on a sanitary-veterinary certificate for the export of such products, ANSVSA announced on ... Read More »

South Africa rejoices but stronger Rand affects grape export income

CAPE TOWN: The South African Rand is trading at its strongest levels in two and a half years in reaction to the news that Jacob Zuma has finally relinquished his position as state president.  To the export industry this is collateral damage to the long-awaited positive political developments, particularly with regards to the Rand-US Dollar exchange rate, around R11.70 to ... Read More »

South Africa’s bulk exports rise almost 90% to record in January

CAPE TOWN: SA’s bulk export volumes shot up 88.8% year on year in January 2018 to a record 25.4-million tonnes, data from the Transnet National Ports Authority (TNPA) showed. The exceptional increase was in part due to a carry-over from December as the ports authority said there was a backlog from the December vessels that were not invoiced, mainly due ... Read More »

NPPC looks to expand trade with South Africa

CAPE TOWN: One market that has seen strides as a U.S. pork trading partner is South Africa, as U.S. sales to the nation reached 946 metric tons during the first nine months of 2017. That’s a 200% increase from 2016, and that’s with partial ban still in place by South Africa. South Africa restricts the import of pork from countries ... Read More »

SARS to hold sugar tax roadshows in March

CAPE TOWN: South African Revenue Service (SARS) will engage industry stakeholders on the Sugary Beverages Levy. Following previous announcements, SARS will embark on regional roadshows to engage industry stakeholders on the implementation of the Sugary Beverages Levy (SBL),” said the revenue service on Monday. These engagements, which will get underway next month, will be held in major cities around the ... Read More »

Four possible futures for South Africa coal mines

CAPE TOWN: Fin24 reported that global drive towards lower carbon emissions and regulations addressing climate change are among the challenges to the coal mining sector, according to research by the Chamber of Mines. The chamber’s coal leadership forum released its coal strategy report at a briefing on the sidelines of the 2018 African Mining Indaba in Cape Town. The strategy ... Read More »

Budget is watershed moment for South Africa’s economy

CAPE TOWN: While there are early signs of a recovery in the local economy, with expected business conditions improving, government now needs to show – through its Budget later this month – that it has the credibility to take the country forward and build business and consumer confidence. Schoeman quipped that this was the first Budget that was almost “unforecastable”, and that economists were ... Read More »

Private equity invests in acquisitive South African fishing

CAPE TOWN: The fundamentals driving the aquaculture industry globally as well as in Sub-Sahara Africa support the strategic rationale for the transaction. In addition, this partnership introduces the potential for expansion and value addition across the TerraSan business to a level not possible before,” said Sinclair, a partner at EXEO, in a press release on the deal. Terrasan is pleased ... Read More »

South Africans selling to emigrate at highest level since 2010

CAPE TOWN: South Africans selling their homes to emigrate survey asks estate agents to provide estimates as to what the main reason for selling their homes is. One of the eight options is “selling to emigrate” The survey began in early 2008  when levels for selling to emigrate was at its highest – over 20%. Since then, there was a downward ... Read More »

South African coal loses Europe but gains Asia

CAPE TOWN:  A decade ago South Africa sent the bulk of its coal exports to Europe, a market now disappearing right before its eyes. But far from being worried, South Africa’s coal exporters are confident that they can increase shipments in coming years by becoming the supplier of choice to new markets in Asia, particularly Pakistan and India. The common ... Read More »

South African coal loses Europe but gains South Asia

CAPE TOWN:  A decade ago South Africa sent the bulk of its coal exports to Europe, a market now disappearing right before its eyes. But far from being worried, South Africa’s coal exporters are confident that they can increase shipments in coming years by becoming the supplier of choice to new markets in Asia, particularly Pakistan and India. The common ... Read More »

South Africa plans to add more natural gas

CAPE TWON: South Africa is planning to diversify its energy portfolio, replacing coal with lower CO2-emitting fuels such as natural gas and renewable energy sources. The country’s Intended National Determined Contribution, submitted as part of the Paris Agreement, plans for CO2 emissions to peak by 2025, remain flat for a decade, and begin to decline around 2035. South Africa relies primarily on ... Read More »

South Africa targets gas and renewables

CAPE TWON: South Africa, one of the world’s leading emitters of energy-related CO2, is looking to offshore gas to lessen its reliance on coal. The nation ranked 15th globally in CO2 energy-related emissions in 2015, accounting for more than any other country in Africa. Its Intended National Determined Contribution, submitted as part of the Paris Agreement, plans for CO2 emissions ... Read More »

African states launch single aviation market

CAPE TWON: African states, including South Africa, Nigeria and Kenya, have launched a single aviation market in a bid to boost connectivity, reduce fares and stimulate economic growth on a continent widely considered the most expensive and inconvenient to fly around.  Three decades after the concept was first proposed, the 55-member African Union on Sunday unveiled the first phase of ... Read More »

South African taxpayer needs to know

CAPE TWON: South Africa has a highly favourable tax environment for investors but a good awareness of the legislation is required in order to make the Tax Act work for you. This is according to Neill Hobbs, co-founder and director of Anuva Investments, who has highlighted a few key pieces of legislation that investors should consider. Any pension (government or non-government) ... Read More »

Africa’s economy to pick up in 2018

CAPETWON: Africa’s economy is expected to grow 3.5 per cent in 2018, an increase of 0.3 percentage points from 2017, a UN official said Thursday. Speaking at 30th AU Summit being held in Ethiopia’s capital Addis Ababa, Vera Songwe, Secretary-General of the UN Economic Commission for Africa (UNECA), said the growth uptick will be underpinned by strengthened external demand and ... Read More »

South Africa finance minister warns country will feel pain of tough budget

CAPETWON:  South Africa’s budget has involved making tough decisions to stabilize the country’s debt and the country will feel some pain as a result, its finance minister said on Wednesday. Finance Minister Malusi Gigaba said the upcoming budget, to be unveiled in the spring, would involve interventions in order to boost confidence and grow the economy, as part of what ... Read More »

South Africa positive EU market conditions offer silver lining to stonefruit growers

CAPETWON: Hortgro trade and markets manager Jacques du Preez told Fresh Fruit Portal that in general the campaign had been about 7 to 10 days later than normal, which, combined with lower volumes and an early finish to the EU season, had led to a “good response” from the market. It’s been a good season in general so far considering all the challenges we ... Read More »