Category: Southern Africa
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S.A:Tax predictions for Budget 2017
Since 2009, National Treasury has embarked on fiscal expansion to enhance the public sector’s infrastructure programme and support future economic capacity in South Africa. However, anaemic global economic growth over the last nine years has left the Treasury’s countercyclical expenditure programme unable to lift the GDP growth above 2% per annum. Consequently, a combination of…
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S.A.: Budget must go bigger on tax & spending cuts
The upcoming Budget will be a critical one given there is no more room for the upward revision of deficit targets as seen over the last few years. As a result of the current slow growth environment, the tax increases and expenditure cuts set in October’s Medium-term Budget have to be adhered to if Treasury…
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S.A:Protect yourself from ATM fraud
Due to the high incidence of ATM Card Fraud, the South African Banking Risk Information Centre (SABRIC) would like to alert bank customers to an existing modus operandi, which has become prevalent again, to ensure that they are empowered to protect themselves and to prevent them from falling victim to criminals. SABRIC CEO, Kalyani Pillay…
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Business leaders call for inter-trade policies across Africa
In a bid to enhance and increase Ghana’s trade partners and extend the country’s export market, key players in international trading have called for policies that would enhance trading activities in Africa. The call was made at the launch of the Enterprise Africa Summit. Head of Business Development and Partnerships for British Council Ghana, Sydney…
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S.A:Is a 2% VAT increase necessary in South Africa?
While higher taxes on corporates and the super-rich may be popular ideas, they could in fact be detrimental to the economy. Consumers may still be treasury’s best hope. It is no secret that Treasury is under substantial pressure to find a way of bringing in the necessary funds. Tax Consultant for Mazars, Tertius Troost says…
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Ethiopian is 11th best airline in the world that keeps to time
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Africa’s largest airline group, Ethiopian Airlines, has been ranked the 11th airline company in the world to have been on time for its flights in the month of January 2017. This is according to FlightStats, the leading provider of real-time global flight data to companies and individuals across the travel ecosystem. Of the almost 8,000…
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S.A’s Budget 2017: Greater than the sum of its parts
Finance Minister, Pravin Gordhan and the National Treasury, have their work cut out for them in the 2017/18 financial year. The economic stewards of our country will be working to reduce the budget deficit, and promote stronger gross domestic product (GDP) growth, while simultaneously providing the resources for a far-reaching social grant and service delivery…
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S.A:Competition Commission prosecutes banks (currency traders) for collusion
The Competition Commission has today referred a collusion case to the Tribunal for prosecution against Bank of America Merrill Lynch International Limited, BNP Paribas, JP Morgan Chase & Co, JP Morgan Chase Bank N.A, Investec Ltd, Standard New York Securities Inc., HSBC Bank Plc, Standard Chartered Bank, Credit Suisse Group; Standard Bank of South Africa…
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S.A’s December retail trade held steady by clothing sales
South Africa’s December retail trade sales expanded 0.9% year-on-year, more or less in line with expectations. As had been expected, the month-on-month number dropped sharply, falling -2.3% on a seasonally adjusted basis, largely as a result of preemptive Christmas shopping taking place in November, particularly on Black Friday. Clothing sales were the dominant driver of…
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Cyclone threat for peak maize season in Mozambique & S.A
A tropical storm heading for the coast of southern Mozambique is expected to develop into a cyclone with winds of up to 118 to 165 kms (70 to 100 miles) per hour, the South African Weather Service said on Tuesday. Mozambique, one of the world’s poorest countries which is in the throes of a debt…