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South Africa UCT announces 8 percent fee increase for 2018

CAPE TWON: has on Friday announced an 8% fee increase for the 2018 academic year, adding that students coming from households with incomes below R600 000 per year will largely be protected. On top of the 8% hike, catering and residence costs are also expected to go up by 12% and 10% respectively. The residence fee increases are meant to ... Read More »

Outa goes to war over Cape Town drought tax

CAPE TWON: The organisation that led the fight against e-tolls in Gauteng has a new target Cape Town’s proposed drought levy. The Organisation Undoing Tax Abuse says mayor Patricia de Lille’s announcement of the levy on December 5 was flawed in four respects: It announced the decision to introduce the levy before the public participation process was conducted. Public participation ... 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 »

Bitcoin transactions may be taxed by South African revenue service

CAPETWON: The South African Revenue Service (SARS) is reportedly in discussions with top technology companies from around the world to track and tax bitcoin transactions. SARS is the tax collecting agency of the South African government. It was established by legislation to collect revenue and ensure compliance with tax law. Its vision is to be an innovative revenue and customs ... Read More »

SARS to collect sugar tax from April 2018

CAPETWON: The South African revenue service (SARS) will collect the Sugary Beverages Levy (SBL) as from April 1 next year. The levy falls under the Rates and Monetary Amounts and Revenue Laws Amendment Bill, 2017, as passed in Parliament on December 5. Part 7A of Schedule No. 1 to the Customs and Excise Act, 1964, provides for a health promotion ... Read More »

South Africa,Treasury publishes second carbon tax draft bill

CAPE TOWN: National Treasury has published the second draft of the carbon tax bill for it to be introduced in Parliament and for public comment. “Following that process, a revised bill will be formally tabled in Parliament, which is expected to be by mid-2018,” said Treasury on Thursday. The publication of the bill follows the announcement made in the 2017 ... Read More »

SA police arrest pair for car theft along Limpopo River

CAPE TWON: South African police have arrested two men along the Limpopo River in relation to cases of cross border car theft. The duo, arrested last Saturday afternoon, are believed to be part of a 13 “The police in Palaborwa and a dedicated provincial team is still pursuing 11 more suspects who stole six brand new cars at Palaborwa Ford ... Read More »

South Africa to reinstate tax courts,

CAPETWON: With a growing number of South Africans not submitting tax returns, the nation’s revenue service is looking at bringing back tax courts in a bid to step up its enforcement efforts. South Africa’s finance minister recently launched a probe into the South African Revenue Service after figures showed tax revenue was expected to fall ZAR50. short of the 2017 ... Read More »

South Africa tax revenue has doubled over the past 10 years,

CAPE TWON: The National Treasury and the South African Revenue Service have published an overview of tax revenue collections and tax return information for the 2013 to 2016 tax years. The data showed that revenue from personal income tax (PIT), as a percentage of total tax revenue, increased from 29.6% in 2007/08 to 37.2% in 2016/17 with a compound annual ... Read More »

One arrested in SA for stealing smuggling 6 cars,

CAPE TWON: POLICE in South Africa have arrested one man and recovered five of the six brand new vehicles believed to have been stolen from a car dealer in Limpopo Province and destined for possible smuggling into Zimbabwe. The vehicles were recovered close to the Limpopo River downstream of Beitbridge town at the weekend, the South African Police Service said ... Read More »

Tax hikes won’t solve SA’s fiscal woes

CAPE TOWN: South Africa suffers from a trifecta of social challenges, namely inequality, poverty and high levels of unemployment. This, when coupled with the state of economic stagflation, rampant government expenditure and bureaucratic paralysis, is creating unprecedented fiscal pressure. Tax revenue, as described in the medium-term budget policy statement, is projected to fall short of the 2017 Budget estimate by ... Read More »

South Africa looking at R30 billion tax hike for 2018

CAPE TOWN:On Monday, President Jacob Zuma directed the Minister of Finance, Malusi Gigaba, to trim down expenses and increase revenue to find a solution to the R40 billion gap identified in the Medium-Term Budget Policy Statement and by ratings agency Standards & Poors ahead of its ratings cut on Friday. This would equate to cuts in expenditure amounting to about R25 billion ... Read More »

South Africa: Chinese national sentenced for rhino horn smuggling

  CAPE TOWN: Environmental Affairs Minister Edna Molewa has welcomed the four year sentence of a 24-year-old Chinese national who was found guilty on charges of rhino horn smuggling. The sentence was handed down last week in the Kempton Park Regional Court. Shuangshuang Xue was arrested at O R Tambo International Airport en-route from Lusaka, Zambia to Hong Kong, China. ... Read More »

Ford to invest R3bn in South Africa

CAPE TOWN: American car-maker Ford said it would invest R3 billion  ($211 million) in its South African assembly plant to meet rising domestic and international demand for its Ford Ranger pickup truck, the company said on Friday. “This significant investment reaffirms Ford’s ongoing commitment to South Africa as a local manufacturer, exporter and key employer in the automotive sector,” Ockert ... Read More »

South Africa’s new vehicle sales up 4.6% YOY in October

JOHANNESBURG: South Africa’s new vehicle sales rose 4.6 percent year-on-year to 51,037 units in October, data from the trade and industry department showed on Wednesday. Exports however were down 8.3 percent to 28,229 units compared with the same month a year earlier, the department said. Read More »

South African jobless rate at 14-year high as economy stalls

CAPE TOWN: South Africa’s jobless remained at a 14-year high in the third quarter as the continent’s most-industrialized economy staged a weak recovery from a recession. The unemployment rate was 27.7 percent, matching the previous two quarters’ figures, Statistics South Africa said in a report released on Tuesday in Cape Town. The economy expanded 2.5 percent in the three months ... Read More »

South Africa records 3.5 bln rand budget deficit in September

JOHANNESBURG: South Africa recorded a budget deficit of nearly than 3.5 billion rand ($249 million) in September, the sixth month of the 2017/18 fiscal year, compared with a shortfall of about 4 billion rand in the year-ago period, treasury data showed. The table below shows revenue and expenditure for August,  compared with the previous financial year. These are also expressed ... Read More »

Business consortium to invest $1bn in Africa

CAPE TOWN: A Consortium of international business leaders was investing $1 billion in the South African and larger African economies, the lead investor ambassador Harold Doley jr announced yesterday. Doley made the unexpected announcement at the Business Report Ignite breakfast yesterday morning. The event in Cape Town followed Finance Minister Malusi Gigaba’s Mid-Term Budget Policy Statement delivered in Parliament on ... Read More »

South Africa still keen to attract investment despite economic challenges

CAPE TOWN: South Africa is keen to invest in international trade and investment missions in order to attract new business opportunities. This is according to Nomasonto Sibanda-Thusi, South African Ambassador to Russia. “As representatives of the government of South Africa, we are entrusted with the task of enhancing political and economic relations between the countries we are posted to. “Our ... Read More »

South Africa’s inflation to average 5.4% in 2017

CAPE TOWN: South Africa’s inflation is expected to average 5.4% in 2017, Finance Minister Malusi Gigaba revealed when he presented his maiden Medium Term Budget Policy Statement in Parliament on Wednesday.The minister stated that the country’s inflation expectation remained near the upper end of the target of between 3% and 6%, noting that the price movement outlook had improved since ... Read More »