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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

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    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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South Africa’s FinMin Gordhan orders inquiry into tax agency

bycitibusinessnews
December 5, 2016
in Africa, Southern Africa, Top Stories
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South African Finance Minister Pravin Gordhan has ordered an investigation into the tax collection authority, officials told parliament on Thursday, underlining rising tensions between the Treasury and the revenue agency.

Gordhan has expressed concerns at the leadership of the South African Revenue Service (SARS), saying earlier this week he could not vouch for the accuracy of the information it provided because of a lack of accountability and cooperation from its top management.

SARS said in a statement on Thursday it was concerned over the comments questioning the integrity of its leadership.

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News of the latest investigation adds to the impression of a system in turmoil after months of tension between President Jacob Zuma and the finance minister, who himself survived a separate probe into allegations of fraud while he was the head of SARS.

The tensions have unnerved investors at a time when Africa’s most industrialized economy is stalling, with growth forecast at 0.5 percent this year by the Treasury.

An 8-member team set up by the Treasury to investigate governance at SARS said in a presentation to parliament, seen by Reuters, that it was studying whether the agency was sufficiently accountable and had the capacity to deal with illicit financial flows.

It was unclear when the probe was initiated, but Business Day newspaper quoted the head of the committee, Dennis Davis, as saying it had been carrying out its work for several months.

Davis could not be reached for comment at the number provided on the committee’s website. SARS spokesman Sandile Memela and Treasury spokeswoman Yolisa Tantsi did not immediately reply to telephone and email requests for comment.

“The implication is that he has a lack of confidence in the top leadership at SARS,” political analyst Daniel Silke said, referring to Gordhan.

Gordhan and SARS commissioner Tom Moyane, who was appointed in 2014 by Zuma, were at loggerheads earlier this year when Moyane refused to halt an operational turnaround plan that had been vetoed by the minister.

At the time, media reported that Gordhan had threatened to resign from the cabinet unless Moyane was removed from his role.

–

Credit: CNBC Africa

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