Here’s what’s going on in and affecting South Africa right now:
SARS under pressure: In a last-ditch effort to plug the expanding budgetary chasm, the South African Revenue Service (SARS) is offering payment options to delinquent taxpayers. In 2023, South Africa’s GDP is anticipated to rise by just 0.3%. However, SARS’ revenue collection growth aim is between 4% and 6%. Due to decreased corporate income taxes and rising VAT refunds, SARS has only achieved a 2.6% rise in revenue collection thus far. (Daily Investor)
Eskom chairman resigns: Makwena will quit as Chairperson and Non-Executive Director of Eskom at the end of October, according to Public Enterprises Minister Pravin Gordhan. Mteto Nyati will be appointed as the board’s temporary Chairperson, and Makwena will use the next two weeks to facilitate a seamless transition. (Business Tech)
Egg rations not enough: South Africa’s beleaguered poultry business is accelerating the importation of liquid and powdered eggs in order to minimise bird-flu shortages ahead of the holiday season. Egg shortages are affecting South African supermarkets, with some shops limiting the number of eggs consumers may purchase at one time. The business also intends to decrease exports to help with supplies, and there are expectations that the epidemic is now under control. (News24)
Cash-in-transit crisis: Since January, there have been 249 cash-in-transit robberies, a 30% rise over last year, with another incidence occurring on the N12 in Johannesburg on Saturday. Fidelity CEO Wahl Bartmann observed that the SAPS took more than 30 minutes to respond to the crime, and that there is no government assistance to help combat the situation. Bartmann has now requested that the army intervene. (eNCA)
Markets: The rand fell in early trade on Monday as unrest in the Middle East fueled risk aversion in global markets, while local attention is focused on the publication of the national census, which is scheduled for today. Local investors will scrutinise the statistics for hints about the status of South Africa’s economy following the epidemic and the country’s fight with high unemployment. The rand was trading at R19.36/$, R20.44/€, and R23.66/£ on Tuesday (10 October). Brent crude is now priced at $87.69 a barrel. (Nasdaq)
To read the full article, visit: “5 important things happening in South Africa today”.
