The formal South African Enterprise Sector is critically ill. Were the company tax returns of the 768,000 companies combined and submitted as that of a single entity there would not have been any Company Income Tax payable to SARS for three consecutive tax years.
If the CIT collected in 2007 had increased annually at the CPI inflation rate, Treasury would have received an additional R52.8-billion on top of the R198.8-billion it did receive in CIT in 2016. Assessed taxable company income and CIT lagged significantly against inflation. Only 0.75% of the firms with taxable turnover above R100-million pay 85% of all company income tax into SARS coffers.
A public sector that had metamorphosed from a facilitator of services and infrastructure into a parasite not delivering proper education, proper law enforcement and reliable infrastructure.
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Business: Economists Split on South Africa Avoiding Moody’s Negative CutSouth Africa may just be able to cling onto the stable outlook of its sole investment-grade rating this week, helping it stay clear of a forced selloff of billions of rand of its debt.
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BUSINESS MAVERICK: Rating agencies are likely looking for changes larger than South Africa’s political system can deliverThe language of rating agencies is often obscure; publicly Moody’s talks about ‘persistent structural challenges’ and the risk of ‘fiscal slippages in the face of both slower growth and increasing political pressures’. What this means is that they are looking for some substantial and fast policy changes, probably larger than SA’s political system can manage.
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MAVERICK BUSINESS: Rating agencies are likely looking for changes larger than South Africa’s political system can deliverThe language of rating agencies is often obscure; publicly Moody’s talks about ‘persistent structural challenges’ and the risk of ‘fiscal slippages in the face of both slower growth and increasing political pressures’. What this means is that they are looking for some substantial and fast policy changes, probably larger than SA’s political system can manage.
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MAVERICK BUSINESS: The Purple Cow’s basic income plan is either genius or a bovine pattyThe Negative Income Tax, says the Capitalist Party of South Africa’s Kanthan Pillay, ‘is our riposte to the constant clamour for the Basic Income Grant’. It is a proposal, he says, to conquer unemployment, especially in the light of the effect on jobs of the Fourth Industrial Revolution. Unemployment too high for it to be viable 😕
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BUSINESS MAVERICK: Take more savings offshore, money managers urge SA investorsIncreasingly, financial advisers are recommending that SA investors take as much of their discretionary investments out of the country as they can. But is taking 100% of your investment income out of the country sensible, never mind unpatriotic?
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BUSINESS MAVERICK : China and the US: Xi and Trump miss their chance for meaningful trade reformsWhile Chinese President Xi Jinping appears to care only about maintaining political control, US President Donald Trump seems to care only about himself.
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BUSINESS MAVERICK OP-ED: Why do financial markets overreact to bad news?We live in the era of the 24-hour news cycle. Corporate issues make the headlines and then rumbleon and on, taking new turns and causing more damage as company responses are analysed in minute detail. Sometimes, major incidents beget huge crises where significant investor responses are justified. In others, we often get the feeling that markets go over the top.
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