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South Africa

S Africa to prosecute as outstanding tax returns hit 30m

CAPE TOWN: The South African Revenue Services (Sars) said over the past few years it has experienced an “unacceptable increase” in the non-submission of returns across all tax types. Sars has now pledged to take action against these non-compliant taxpayers through an initiative with the National Prosecuting Authority (NPA) to take criminal proceedings against the worst offenders. The initiative follows ... Read More »

Egypt’s exports towards South Africa grew by 69% in 2017

 CAPE TOWN:  South Africa surged by 69% in 2017, the Egyptian trade minister Tarek Qabil (photo) announced last week. Let’s note that although imports fell by 14% ($181 million in 2017 against $210 million in 2016), trade deficit between the two countries decreased to $46.5 million in 2017 from $150.8 million in 2016. Egyptian authorities also hope to boost trade exchanges with other African ... Read More »

The rugged Cat S31 is now available in South Africa

CAPE TOWN: The resilient smartphone suited for harsh and rugged environments” was first showcased at IFA 2017 in Berlin, and has been available in SA through grey imports, but has now officially arrived in mobile networks’ stores. Up front, there’s a 2MP selfie camera, and a small-for-2018 4.7-inch TFT LCD screen with a resolution of 1280×720. A Qualcomm Snapdragon 210 ... Read More »

IBFD Africa Tax Symposium comes to Kenya

CAPE TOWN:  IBFD Africa Tax Symposium has become Africa’s key tax event. An annual initiative of the autonomous think tank the IBFD Centre for Studies in African Taxation (CSAT), the Africa Tax Symposium offers a platform for ongoing discussion about international tax developments and issues as they relate to Africa. The key topics at this year’s symposium will include the impact of the Multilateral ... Read More »

Experts urge Africa to tax greenhouse gas emitters

CAPE TOWN: Climate change experts on Friday called on African governments to put in place carbon pricing regulation to earn taxes from greenhouse gas emissions. El Hadji Diagne, Lead Negotiator for Climate Change Markets, said in Nairobi that carbon pricing is an opportunity that the continent could not afford to loss. “Put regulation framework in place to allow carbon pricing ... Read More »

South African smartphone prices could increase year

CAPETOWN: As part of its ‘cost to communicate’ representations at Icasa towards the end of March, South Africa’s largest communications companies outlined their plans to further reduce data costs in the country, and the measures they had already implemented to reduce these costs. One of the most notable measures was in MTN’s presentation where the company stated that it had paid ... Read More »

South African Revenue Service clarifies tax treatment of cryptocurrencies

CAPE TOWN: South Africans who own cryptocurrencies such as Bitcoin, Litecoin, Ethereum of any of the hundreds of others need to declare gains or losses on their tax returns, according to the SA Revenue Service. More to that they stated that even though cryptocurrencies do not contribute cash income collected from crypto transactions can be taxed under the gross income. ... Read More »

African trade is crippled for a reason and fine words will not change that

CAPE TOWN: As the ink was drying on the African Continental Free Trade Area (AfCFTA) agreement signed in Rwanda a few weeks ago, a crisis was developing at Kasumbalesa border post, between the Democratic Republic of Congo and Zambia. Delays in transit clearance procedures at crossing had resulted in a 70km queue of trucks on the Congolese side of the ... Read More »

South Africa puts onus on taxpayers to declare all currency income

CAPE TOWN: The South African Revenue Service (SARS) announced on Friday that it expects everyone to declare cryptocurrency gains as part of their taxable income. “The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued. Failure to do so could result in interest and penalties.” The SARS acknowledged ... Read More »

Africa’s trade agreements remain unfulfilled

CAPE TWON: Africa will remain unanswered unless all countries strive to fulfil agreements to the letter unlike piece-meal legislation, a leading economist has noted.   Key among the trade agreements that have been signed and not ratified are the Comesa Free Trade Area (FTA) and the recently signed Continental Free Trade Area (CFTA) in which 44 African countries signed various agreements ... Read More »

South Africans braces themselves for VAT increase

CAPETOWN: South Africans brace themselves for the increase in Value Added Tax (VAT), the National Treasury remains adamant they will go ahead with the 1% increase despite public outcry. The former minister of finance Malusi Gigaba had announced during his budget speech that South Africa will see its first VAT increase in 25 years and as of April 1, VAT ... Read More »

South Africa’s rand firms stocks down as ARM falls after attack on miners

CAPE TOWN:  South Africa’s rand firmed on Tuesday as global risk appetite improved and markets appeared to shrug off worries that U.S.-China trade tensions could damage global growth. Stocks ended lower as African Rainbow Minerals shares fell after an attack on its miners that led to six deaths. The trade war fears had dampened global risk appetite but the rand ... Read More »

South Africa increases VAT rate to 15 percent

CAPE TOWN: South Africa increased its value-added tax rate to 15 percent from 14 percent. The South Africa Revenue Service earlier released guidance on the impact of the hike, in a “Pocket Guide on the VAT rate increase on 1 April 2018.” The guide sets out how to determine the taxable event for transactions. Generally, most transactions occurring on or ... Read More »

Zim imports soil from South Africa

CAPE TOWN: Giving his presentation recently at the Bulawayo Investment Conference, CZI Matabeleland chapter chairperson, Joseph Gunda said it was appalling that the country was importing soil, which was readily available locally. “One area I was looking at is brick-making. When I was walking in and when you look at the front of this building (Mpala Events Conference Centre) there ... Read More »

South African bankers warn of looming crisis over planned land reforms

CAPE TOWN: The South African Banking Association has warned of a possible banking crisis if land expropriation without compensation takes effect. Property rights are the foundation for the free market system, the only basis on which one can attract investment and generate more growth,” said Anthea Jeffery from the South African Institute of Race Relations. “Obviously investors are now looking ... Read More »

South Africa’s trade balance swings to surplus in February

CAPE TOWN: South Africa’s trade balance swung to a 431 million rand ($36.35 million) surplus in February following a 27 billion rand deficit in January, data from the revenue agency showed on Thursday. Exports rose by 12 percent to 90.6 billion rand on a month-on-month basis in February, while imports fell 16.5 percent to 90.2 billion rand, the South African ... Read More »

South Africa downplays effects of meat ban

CAPE TOWN: South Africa’s listeriosis outbreak has led to several countries banning exports of affected meat products from the country, the amount in terms of costs to the economy has been tiny, a senior official said on Wednesday.According to Niki Kruger, the Chief Director for Trade Negotiations at the Ministry of Trade and Industry, overall the ban by several countries ... Read More »

South Africa should care about the US-China trade turf

CAPE TOWN: South Africa has found itself in the middle of a potential trade war between the United States and China. As the old adage goes ― when two elephants fight, it is the grass that gets trampled. In this case, it will be smaller countries who could bear the brunt. Earlier this month, President Donald Trump signed a proclamation implementing ... Read More »

SA makes official submission for exemption on US tariffs

CAPE TOWN: Trade and Industry Minister Rob Davies has formally requested that South Africa be excluded from US duties on steel and aluminium. The Department of Trade and Industry said SA’s ambassador to the US, Mninwa Mahlangu, has been engaging with White House national security council staff, the US state department and the Office of the US Trade Representative on ... Read More »

Southern African citrus industry forecasts export rise in 2018

CAPE TOWN: The Citrus Marketing Forum (CMF) estimates a total of 131.7 million 15-kilogram-cartons of citrus will be packed and passed for export, compared to 123 million last year. The figures relate to South Africa, Zimbabwe and Swaziland. Citrus Growers Association of South Africa (CGA) CEO Justin Chadwick said general trends to be expected across most varieties for the season include good internal quality, normal ... Read More »