Former tax commissioner Tom Moyane famously halted investigations into tax compliance of cigarette production, and then some local producers were equally famously seen in the company of former Health Minister, now Minister in the Presidency, Nkosazana Dlamini-Zuma. That is all changed now, and the result has been dramatic.
The sales of illicit cigarettes just went up and up, reaching an estimated 17 billion cigarettes a year. The biggest brand in SA is now no longer Peter Stuyvesant, but a previously little-known brand called RG, research group Ipsos discovered. The exercise has been so successful that Mlenzana said SARS had decided to revive the plan to upgrade tobacco tracking with what is known in the industry as a “track and trace” system. The system places cigarette counting machines in factories and relays that information in real time to SARS. It also stamps packets with an identification system.
Francois van der Merwe, chair of the Tobacco Institute of Southern Africa which represents the international brands, has welcomed the decision, saying that the tax shortfall it had previously conservatively estimated was R8-billion. For SARS to anticipate collecting R10bn was higher than even Tisa expected.We are extremely happy with SARS’ interventions and plans. It will result in a level playing field between producers and result in higher government income.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sars to use technology to target illicit tobacco industryThe revenue service said it was looking to introduce the track-and-trace marker technology in the cigarette industry.
Source: TheCitizen_News - 🏆 6. / 75 Read more »
Business Maverick: Google Advertising Revenue Growth Slows, Triggering Share SlumpAlphabet Inc.’s first-quarter revenue missed analysts’ estimates, sparking concern that advertisers are shifting some spending to digital rivals. Shares of Google’s parent company fell more than 6% following the results.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Diamond Trading Goes Online as Lucara Takes on Industry GoliathsBusiness Maverick: Diamond Trading Goes Online as Lucara Takes on Industry Goliaths By Bloomberg
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Britons opt for non-EU holidays in face of Brexit impasse – Thomas CookBritish holidaymakers are favouring destinations outside the European Union after repeated delays to Brexit discouraged travellers from booking early and prompted them to look further afield, travel firm Thomas Cook said on Monday. Not Britons but Muslim Turks .
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Department of Labour threatens to cancel Amcu’s registrationThere has long been speculation that the Association of Mineworkers and Construction Union was in the Department of Labour’s sights because of its failure to hold regular leadership elections and other regulatory transgressions. But its charismatic president Joseph Mathunjwa is unlikely to go down without a fight. About time, their Members have now suffered long enough!!!!! An organisation putting 2 million jobs at risk should bebanned from the workplace. 2 mil families suffered for 5 months due to their lack of ability to accept the status qou. No gain
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Monday April 28: Five Things You Need to Know to Start Your DayTakeaways from China’s Belt and Road forum. Japan markets are shut for the week, but there is a slew of key global data that traders will be watching. Incumbent Sanchez set to be returned as Spain’s PM after election. Here’s what’s moving markets.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Impact investing could bridge the socialist/capitalist divideA conference this week examined one of the trickiest issues of our day: why is it proving so difficult to mobilise retirement funds to aid social upliftment? Meanwhile, inequality is rising and threatening to become a political time bomb, environmental crises are increasing, tax revolts are looming, and levels of violent social unrest could become unmanageable. Is there a solution? Cue impact investing.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Glencore Faces New Corruption Investigation With CFTC ProbeGlencore Plc said it’s under investigation by the U.S. Commodity Futures Trading Commission for possible corrupt practices, the latest legal headache for the world’s biggest commodity trader.
Source: dailymaverick - 🏆 3. / 84 Read more »