One of the key issues missing from president Cyril Ramaphosa’s state of the nation address on Thursday evening (10 February) was the discussion around the…
South Africa’s social distress relief grant (SRD) is likely to be extended for at least another year, says Intellidex analyst Peter Attard Montalto – and even…
R3 billion investment into SARS is a big warning to taxpayers in South Africa
Subscribe
The South African Revenue Service (SARS) will be allocated R3 billion to upgrade its technology and infrastructure systems, and expand its specialised audit and investigative skills to prevent tax avoidance in the country.
“In this coming fiscal year, SARS will establish a dedicated unit to improve compliance of individuals with wealth and complex financial arrangements,” said finance minister Tito Mboweni, during his 2021 annual budget speech in Parliament on Wednesday (25 February).
“This first group of taxpayers have been identified and will receive communication during April 2021. In support of these efforts, we request that this house approve an additional spending allocation to SARS of R3 billion over the medium-term.”
SONA 2021 reactions: We’ve heard this all before
Subscribe
President Cyril Ramaphosa delivered his fourth state of the nation address (SONA) on Thursday evening, looking to inspire the country with words of hope and deliver promises of progress after a year in which it was ravaged by the Covid-19 pandemic and nationwide lockdown.
While the president hit some of the right notes – like extending support to businesses and employees who continue to suffer the effects of lockdown – some of his message fell flat when projected onto the economic reality of the country.
Talk of ‘post-apartheid’ cities seems a fantasy when existing cities are falling to mismanagement and disrepair; and hopeful words on growing the economy and resolving a decades-long power crisis ring empty as rolling blackouts continue, and debt levels shoot up as the government dithers over reforms.
While South Africans are living through some interesting times, the path ahead for the country is more of the same, says Intellidex analyst Peter Attard…