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October 2017
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Finance
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October 18, 2017

10 things which got way more expensive in South Africa in 2017

While cash-strapped South Africans have been hit hard by the weak economy in general, they have also been dealt a blow with a number of products seeing prices increases well above inflation.

This is according to a new StatsSA report which focused on price changes of more than the inflation rate of 6%, between August 2016 and August 2017. One of the most noticeable increases was meat, Stats SA said, which saw its annual inflation rate climb to 15% in August 2017 – the highest it has been since December 2011.

A beef fillet would have set you back R194 per kilogram, up from R173 in August last year. Over the same period the average price of a kilogram of beef mince rose by [...]

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October 12, 2017

Over R1bn collected from SVDP and still counting

The South African Revenue Service (SARS) has collected over R1 billion through the Special Voluntary Disclosure Programme, which closed at the end of August.

“The Revenue Service thanks over 2 000 taxpayers who made use of the Special Voluntary Disclosure Programme (SVDP), which closed on 31 August 2017,” said SARS on Tuesday.

The revenue service announced that, thus far, 2018 applications have been tallied. Of this figure, 335 applications have been processed, yielding R1 016 467 286 in revenue.

“Currently the total tax liability stands at R1 182 734 842,” SARS said.

The programme offered non-compliant taxpayers a once-off opportunity during a [...]

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October 5, 2017

Over 2.7 million tax returns submitted

More than 2.7 million taxpayers have submitted their tax returns since the opening of tax season in July 2017, the South African Revenue Service (SARS) said on Tuesday.

“SARS wishes to thank all 2 794 952 taxpayers who have submitted their returns timeously. This is an increase of 3.6% compared to last year’s figure this time. As at 1pm today, SARS had already received 18 017 tax returns for this morning alone,” said the revenue service.

By Monday, SARS had paid over R62.1 billion in refunds to taxpayers. Of this amount, R49.8 billion in VAT refunds was disbursed and R12.3 billion in Personal Income Tax refunds.

The SARS contact centre to date has handled 1.69 [...]

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October 3, 2017

Get your slice of the $45bn World Bank pie

The World Bank has urged South African companies to stake a claim to the $45 billion that the group has set aside for projects on the African continent.

Speaking at a seminar on doing business with the World Bank on Friday, Executive Director of the World Bank Group representing Angola, Nigeria and South Africa, Bongi Kunene, urged local companies to make use of opportunities presented by the group.

“This seminar provides a perfect opportunity for us to share with the private sector opportunities that are available in the World Bank Group. We have raised $72 billion for low-income countries of the world. As a board we have decided that US$45 billion of that money will [...]

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