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Tag Archives: South Africa

South Africa, European Union talk trade

CAPE TOWN: South Africa’s Minister of Trade and Industry and Minister of Agriculture, Forestry and Fisheries have met with the Ambassador of the European Union (EU), Dr Marcus Cornaro, to discuss bilateral trade relations. The meeting took place in the context of the entry into force of the Economic Partnership Agreement (EPA) between the EU and the Southern African Development ... Read More »

South Africa, Kenya sign agreement on Investments

CAPE TOWN: The governments of South Africa and Kenya have signed a Memorandum of Understanding on investment co-operation. The MoU signed on Thursday was inked on the sidelines of President Jacob Zuma’s state visit to Kenya this week. South Africa’s acting Head of Invest, Yunus Hoosen at the signing ceremony said the MoU was strategic and in line with the ... Read More »

South Africa, Vietnam businesses look to boost trade

CAPE TOWN: Representatives of 20 businesses from South Africa and 60 Vietnamese businesses on Thursday attended a seminar and business matching event in Ho Chi Minh City to seek cooperation opportunities. Kabelo Kenneth Malatsi, deputy head of export promotion at the South African Department of Trade and Industry, said that his country has a number of investment incentive schemes in advanced ... Read More »

South Africa, Iran increase investment

CAPE TOWN: Officials in South Africa and Iran have agreed to increase non-oil trade and investment between the two countries to US$1 billion by 2020. Research consultancy Africa House reports that the two nations also signed eight bilateral trade agreements in the fields of trade and industry, energy, mining, agriculture, water resources, and co-operation in intelligence gathering and anti-money laundering ... Read More »

South Africa, Saudi Arabia to boost trade ties

CAPE TOWN: Trade and Industry Minister Rob Davies and his Saudi Arabian counterpart, Tawfig Fawzan Alrabiah, will co-chair the 7th session of the South Africa-Saudi Arabia Joint Economic Commission (JEC) in Cape Town this week. The JEC starts on Monday with senior government officials and concludes on Tuesday with the signing of the joint communiqué by the two ministers, the ... Read More »

South Africa issues tax guide on debt relief

CAPE TOWN: The South African Revenue Service (SARS) has issued a draft interpretation note that provides guidance on the income tax consequences when a debt, or a portion of a debt, is forgiven without “adequate” consideration. South Africa overhauled its rules on the taxation of companies receiving debt relief in January 1, 2013, after it was considered that the tax ... Read More »

South Africa Consults On 2015 Budget Change Legislation

CAPETOWN: South Africa’s Ministry of Finance has published for public comment the 2015 Draft Taxation Laws Amendment Bill (TLAB) and the 2015 Draft Tax Administration Laws Amendment Bill(TALAB), which would give effect to the tax changes announced in the Budget in February this year. With changes to the tax rates and thresholds announced in the 2015 Budget already included in ... Read More »

South Africa Opens 2015 Tax Filing Season

CAPE TOWN: The South African Revenue Service (SARS) launched its 2015 tax filing season on July 1. The agency expects to receive about 4.5m returns this filing season, down 850,000 compared with last year, due mainly to the increase in the individual income tax exempt threshold. Those taxpayers whose total salary for the year before tax was below ZAR350,000 (USD28,600) ... Read More »

South Africa ports competition watchdog fines $8.5m Japanese shipping firm

CAPE TOWN: South Africa’s competition watchdog has recommended Japanese shipping firm Nippon Yusen Kabushiki Kaisha Ltd (NYK) pay a 104 million rand ($8.5 million) penalty for price-fixing and collusion in the transport of cars. The Competition Commission said on Tuesday NYK had admitted guilt and agreed to pay the fine after an investigation into collusion involving several shipping firms. “The ... Read More »

South Africa Inflation expectations for 2015 rise to 5.6%, BER survey shows

CAPE TOWN: Inflation expectations increased in the second quarter, which the Reserve Bank’s monetary policy committee (MPC) is likely to be concerned about. The MPC deliberates on inflation expectations during its meetings and higher inflation expectations are considered an indication of rising future inflation — one of the factors supporting an interest rate increase. The Bureau for Economic Research (BER) ... Read More »

South Africa Slow growth hits local industries, Turnover estimates R1.95t

CAPE TOWN: Slowdown in economic growth in the first quarter hit local industries hard, with official data showing on Tuesday that the total turnover they generated fell over the period. South African industries recorded an estimated total turnover of R1.95-trillion, a 5.2% decline compared with R2.06-trillion in the fourth quarter of last year, Statistics SA’s quarterly financial statistics (QFS) showed. ... Read More »

South Africa reviews corporate Migration Tax Rule 2015

CAPE TOWN: The South African National Treasury has issued initial consultation drafts on corporate migration tax measures to be included in the 2015 Taxation Laws Amendment Bill, which will be published for public comment in the first half of July 2015. The National Treasury noted that, with effect from April 1, 2014, changes were made in the Income Tax Act ... Read More »

Petro South Africa to declare substantial loss of R9b to 14.5b

CAPE TOWN: State-owned oil company PetroSA is expected to announce a massive loss when it releases its financial statements at the end of July, due to the dismal failure of Project Ikhwezi, which aimed to extend the life of Mossgas, its gas-to-synthetic fuel refinery. The disaster, for now, has put paid to PetroSA’s ambitions to become the repository of the ... Read More »

South Africa launches specialize small business support desk

CAPE TOWN: South African Revenue Service (SARS) Commissioner Tom Moyane officially launched the agency’s specialized Small Business Support Desks. According to Moyane, “the Small Business Desks, which are being rolled out at SARS branches around the country, were established as part of the Government’s commitment to support small and micro-sized enterprises and to make it easier for them to comply ... Read More »

South Africa to review corporate migration Tax Rule from 2nd week of July 2015

CAPE TOWN: The South African National Treasury has issued initial consultation drafts on corporate migration tax measures to be included in the 2015 Taxation Laws Amendment Bill, which will be published for public comment in the first half of July 2015. The National Treasury noted that, with effect from April 1, 2014, changes were made in the Income Tax Act ... Read More »

South Africa launches specialize small business support desk

CAPE TOWN: South African Revenue Service (SARS) Commissioner Tom Moyane officially launched the agency’s specialized Small Business Support Desks. According to Moyane, “the Small Business Desks, which are being rolled out at SARS branches around the country, were established as part of the Government’s commitment to support small and micro-sized enterprises and to make it easier for them to comply ... Read More »

South Africa to review corporate migration Tax Rule from 2nd week of July 2015

CAPE TOWN: The South African National Treasury has issued initial consultation drafts on corporate migration tax measures to be included in the 2015 Taxation Laws Amendment Bill, which will be published for public comment in the first half of July 2015. The National Treasury noted that, with effect from April 1, 2014, changes were made in the Income Tax Act ... Read More »

South Africa at least 50,000 jobs lost in the textile, clothing sector in the past decade

CAPE TOWN: The government believes the clothing, textile, footwear and leather sector has stabilised. Economic Development Minister Ebrahim Patel said on Tuesday the sector, which had bled thousands of jobs in previous years, was beginning to reap the benefits of a number of government interventions such as the Clothing and Textile Competitiveness Programme, which was introduced in 2010. It is ... Read More »

South Africa’s Mr Price profit rise to 13.9% to R18m

JOHANNESBURG: South Africa’s low-cost, cash-based fashion retailer Mr Price on Tuesday reported a 13.9 percent rise in total revenues to R18 billion for the year ended March 28 despite weaker economic conditions. The group’s diluted headline earnings per share rose 21 percent to 865.1 cents and the dividend climber 20.3 percent to 580 cents per share. “While we have identified ... Read More »

South Africa citrus exports to EU increase by 9% in value

JOHANNESBURG: South Africa’s citrus exports to the European Union (EU) increased by 9% in value last year despite having been hit by the troublesome citrus black spot fungus (CBS), said EU ambassador to South Africa Roeland van de Geer. EU and South African scientists are still arguing over whether or not CBS could infect European citrus plants, he told journalists. ... Read More »