CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
1. Sars expects to lose one-third of collection
The South African Revenue Service (Sars) has said it expected to record a loss of more than a third of its total tax collections this year as the coronavirus has all but decimated the country’s revenue streams.
2. British American Tobacco will not be taking government to court
British American Tobacco South Africa (BATSA) has made an about-turn on the issue of taking the government to court after receiving a formal response to its letter from relevant ministers in the National Command Council.
3. Infrastructure spending cuts may be on cards, says Azar Jammine
The government will face big challenges to re-prioritise already strained budget expenditure if it is to raise a proposed R130 billion towards the Covid-19 stimulus package, and even more infrastructure spending cuts might be on the cards, Econometrix chief economist Azar Jammine said on Tuesday.
4. WATCH: Rand gains as global market mood improves
It was a mixed day on the global currency front as the South African rand rode the tailwinds of thawing emerging market risk appetite yesterday, shrugging off a slew of recent poor data releases accordimng to NKC Research.
5. Numsa union ‘shocked’ at airline Comair’s business rescue
The National Union of Metalworkers of South Africa said it was shocked and dismayed after airline Comair announced on Tuesday that it was going into business rescue.
6. Ban on cigarette and alcohol sales knocks tax coffers
The SA Revenue Service (Sars) said yesterday that the ban on the sale of cigarettes and alcohol contributed to the weak revenue collection as the illicit goods industry flourished.
7. Comair to file for business rescue as turnaround plan stalls
South Africa’s aviation industry suffered another blow yesterday after Comair said that it would file for business rescue, only days after the government indicated that national carrier South African Airways could fold and be resuscitated in a new look.
BUSINESS REPORT ONLINE
By Compiled by Dhivana Rajgopaul