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South Africa

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 »

South Africa Tru-Cape notched record pome fruit exports in 2017

CAPETWON: Tru-Cape Fruit Marketing managing director Roelf Pienaar said he now hopes to consolidate this success in 2018. Although it is still early days we are hoping to consolidate in 2018, despite the impact of the drought in the Western Cape,” he said in a release. With new orchards coming into production we should end up with more or less what ... Read More »

S Africa aims to patch up threadbare clothing industry

CAPE TWON: South Africa is fighting to revive its frayed clothing industry, once a crucial provider of jobs in a country suffering from high unemployment, as a flood of cheap imports forces local factories to shutter and lay off workers. Once the economic lifeblood of many small regional towns, the abundance of cheaper products from China has led to the ... Read More »

S Africa aims to patch up threadbare clothing industry

CAPETWON: South Africa is fighting to revive its frayed clothing industry, once a crucial provider of jobs in a country suffering from high unemployment, as a flood of cheap imports forces local factories to shutter and lay off workers. Once the economic lifeblood of many small regional towns, the abundance of cheaper products from China has led to the loss ... Read More »

Ghana needs moratorium on food imports from South Africa

CAPE TWON: There is the need for the government of Ghana to impose a moratorium on the importation of particular food items from South Africa in the wake of the outbreak of Listeriosis in that country, General Agricultural Workers Union (GAWU) of the Trades Union Congress (TUC) urged here on Friday. Speaking to Xinhua via telephone, Edward Kareweh, General Secretary ... Read More »

City law firm Hogan Lovells hits back at Lord Hain over South Africa allegations

CAPE TWON: Former Labour minister and veteran anti-apartheid campaigner Lord Peter Hain wrote to legal watchdog the Solicitor’s Regulation Authority (SRA) on Friday demanding an inquiry into the firm’s conduct in relation to its report into a South African government money laundering scandal. The accusations stem from a 2016 report that Hogan Lovells produced for tax body the South African ... Read More »

SARS to provide tax rules on Bitcoin and other cryptocurrencies

CAPE TWON: South African Revenue Service (SARS) has said that it plans to provide clarity on the tax implications of transacting in cryptocurrencies like Bitcoin in either an interpretation or practice note early this year. In an interview with ITweb, SARS spokesperson Sandile Mamela said the revenue service, like most other revenue authorities in the world, is looking at the ... Read More »

South Africa’s personal income tax

CAPE TWON: National Treasury and SARS’ 10th annual edition of the tax statistics for South Africa in December, Des Kruger and Wesley Grimm of law firm Webber Wentzel have provided an analysis of the data and what it will mean for Income Tax in 2018. The document provides data on the key trends in tax revenue collections and highlights the ... Read More »

Afreximbank taps Islamic finance to support Africa trade

CAPE TWON: African Export Import Bank (Afreximbank) has raised around $260 million via three sharia-compliant facilities to support small- and medium-sized businesses in the region, as African markets gradually open to Islamic finance. Cairo-based Afreximbank, which was founded by African governments and other investors in 1993 and focuses on trade finance, obtained a $100 million financing from the Islamic Corp ... Read More »

Rwanda bans imports from SA due to listeriosis outbreak

CAPE TWON: According to Rwanda’s Ministry of Agriculture and Animal Resources, the ban is aimed at preventing the spread of listeriosis to that country. Meat, milk and dairy products, vegetables and fruit imported from South Africa are effectively banned until listeriosis is no longer [found] on South African soil,” a statement by that country’s agriculture and animal resources minister, Geraldine ... Read More »

Millions lost to smuggling of onions apples

CAPETWON: Sumggling of onion and apples from South Africa is depriving the fiscus of millions of dollars worth of potential tax revenue, the Fresh Produce Marketers’ Association of Zimbabwe has said. “Currently, the manner in which production, importation and marketing of fresh produce, particularly apples and onions, is creating an uneven playing field and prejudicing the fiscus,” Mushori told stakeholders ... Read More »

Rwanda bans fruits imports from South Africa

CAPE TWON: Rwanda has banned the import of meat, dairy products, vegetables and fruit from South Africa because of the purported presence of the listeriosis viral disease. The ban, aimed to prevent the spread of the disease to Rwanda, became effective on December 19th 2017. Listeriosis is a serious, but treatable and preventable disease caused by the bacterium listeria monocytogenes ... Read More »

African Economic Conference explores impact of foreign aid on domestic tax collection

CAPE TWON: The discussions taking place at the UN Conference Centre in Addis Ababa have been convened by the AfDB, ECA and the UN Development Programme (UNDP) to examine policies and structures determining the pace of Africa’s economic transformation. While presenting an academic research paper on the aid effectiveness and the quality of institutions managing foreign aid, Adamasu Maruta, a ... Read More »

Rwanda bans livestock fruis imports from South Africa over viral disease

CAPE TWON:  Rwanda has banned importation of meat, dairy products, vegetables and fruits from South Africa over listeriosis viral disease, a statement said this week. The ban, aimed to prevent possible spread of the disease to Rwanda, became effective on December 19, the statement from Rwanda’s ministry of agriculture said. The death toll from an outbreak of listeriosis has risen ... Read More »

South Africa trade surplus soars to 13b rand in November

CAPE TWON: South Africa’s trade surplus soared to 13.02 billion rand in November, its highest in a one and a half years as exports of mineral and chemical products as well as commodities and vehicles grew briskly while imports were subdued. South Africa’s trade surplus soared to 13.02 billion rand ($1.06 billion) in November, its highest in a one and ... Read More »

SA should follow Zimbabwe with lifestyle audits for all public office holders

CAPE TWON: Tax non compliance and the level of corruption in South Africa has again focused the attention on lifestyle audits for all officials responsible for high-level decision making in government. The new Zimbabwean government announced that all public office holders, including cabinet ministers, will be subject to lifestyle audits in future to determine whether their income is aligned with ... Read More »

Tax bodies in East Africa record shortfalls in revenue collections

CAPE TWON: During a recent meeting for tax administrators in Kigali, the Rwanda Revenue Authority (RRA) said it had missed its tax revenue target by four per cent. It also missed its non-tax revenue target. RRA’s tax revenue target was Rwf333.4 billion ($153 million), but only Rwf323.3 billion ($148.7 million) was collected between July and October. According to Richard Tusabe, ... Read More »

Government bans livestock agriculture imports from South Africa

CAPE TWON: The Ministry of Agriculture and Animal Resources has banned the importation of meat, dairy products, vegetables and fruits from South Africa over Listeriosis, a viral disease also known as Kaba. Meat, milk and dairy products, vegetables and fruits imported from South Africa are effectively banned until Listeriosis is no longer on South Africa’s soil,” reads a statement, signed ... Read More »