Business

5 important things happening in South Africa today

Staff Writer

 ·21 Dec 2018

Here’s what is happening in and affecting South Africa today:

• New tax stats show that for the first time in a decade, tax revenue growth in South Africa did not exceed GDP growth. The National Treasury usually assumes that tax revenue rises by 1.5% for every 1% in GDP growth. In 2017-2018, tax revenue collected was at R1.2 trillion, growing year-on-year by R72.4 billion (6.3%). The tax-to-GDP ratio dropped from 25.9% in 2016-2017 to 25.8%. [BusinessDay]

• The preliminary mid-festive season report shows that road fatalities have increased in all provinces, except for Gauteng, which has recorded a 10% decrease. Releasing the preliminary mid-festive season festive report from 1 December, Transport Minister Blade Nzimande said 767 fatalities have been recorded so far in this festive period, which is a 16% increase on the previous period. [SA News]

• Axed SARS commissioner Tom Moyane has appealed his dismissal in the Constitutional Court. Moyane argued that Judge Hans Fabricius erred in finding. “Apart from having been appointed by former President (Jacob) Zuma and being hated by the media and others, what wrong has Mr Moyane actually done to deserve being stripped of all constitutional rights… including his rights to dignity and reputation?” Moyane’s affidavit said. [News24]

• Cabinet has approved the appointment of Daniel du Toit as arms manufacturer Denel’s new chief executive officer. He is expected to build on the turnaround strategy that was introduced at Denel earlier this year. [Mail & Guardian]

• The rand has remained fairly flat trading within a narrow range, with no real momentum to break through on either side. The US will release the final Q3 GDP figure on Friday, however no major movements are expected. The rand traded at R14.34 to the dollar, R18.11 to the pound and R16.41 to the euro.