MONDAY, 11.00AM
SA Chamber of Business director-general Raymond Parsons has warned that SA’s overburdened taxpayers can expect 16 new levies and taxes in the near future.
Describing South Africans as already groaning under the weight of the heaviest tax burden in the world, Parson added: “In this life, we know that only death and taxation are certainties. Whatever the crime rate may be doing to the former, it seems burgeoning new tax proposals are determined to rub our noses in the latter.”
Speaking last week to businessmen in Potgietersrus, Parsons ascribed the new taxes, which he said Sacob had identified through its own research, to an attempt by some government departments to offset inability to control expenditure by finding new ways to raise revenue.
He said the “far from sweet 16” possible new taxes will include levies on land, job training, house values, health, fuel, electricity and liquor, as well as charges on waste water, water catchment and water management, an airports tax, a provincial income tax surcharge and a truth commission victims’ restitution tax.
Parsons added that government has already exceeded the long-term overall tax rate target of 25% of gross domestic product to which it committeed itself in its growth, employment and redistribution strategy.
BUSINESS BRIEFS
UK WATER MOGULS TO SA TWENTY-TWO British firms who are leaders in the water and water-related industries will visit South Africa from September 8-12, the British Consulate-General said on Monday. Mission leader Paul Horten, British Water manager (overseas), said: “This is our second visit to South Africa, which has been identified as a priority market for [the] United Kingdom industry.” Horten said will be accompanied on the visit by “an array of British expertise” in the form of public water companies, engineering and managing consultants, process contractors, banks, lawyers and research and training institutions”.
DEFICIT TARGET SHAKY FOLLOWING a recent statement by Finance Minister Trevor Manuel that government will find it difficult to meet its deficit target of 4% for this financial year, latest finance department figures show income for the first four months below budget and expenditure above. The department said that in the first four months of the financial year, issues were R59,6-million, whilereceipts were R48,2-billion to gove a R11,4-billion deficit. Issues during the time were up 11,3% (against a budgeted 6,1%), while receipts were up 9,9% (budget 11,1%).
91-DAY T-BILL YIELD DROPS The yield on government’s 91-day treasury bill edged down at Friday’s weekly tender to 14,79%, from the previous week’s 14,81%. The Reserve Bank said it received tenders for R1,63-billion of these bills at an average price of R96,315, from R96,305 the previous week.