It’s official: the South African state is bankrupt. President Cyril Ramaphosa confirmed it three weeks ago when he responded to questions in parliament. Ramaphosa’s exact words were: “Our resources are now depleted.” In simple terms, this means the government has run out of money. In a normal country, such a statement by the head of..
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Thank you SA for voting ANC – SA is broke thanks to the thieving done by ANC cadres in government
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ANC government is milking taxpayers! – Figures from 115 countries available, SA ranks eighth with high tax rates
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The South African Revenue Service has increased taxes amid poor economic conditions and consequently poor economic growth. South Africa is among the top ten countries with high taxes and is also the highest with tax rates. Personal taxes have become more important to the greedy government than a source of revenue for the state over..
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Fraud and theft behind SAA bankruptcy – SAA’s debt is currently R15 billion more than its assets, and banks will no longer lend the airline any money
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While the airline is required to present its financials by the end of the month, it cannot do so as it’s technically bankrupt. A report in The City Press on Sunday documents the massive financial problems of state-owned airline South African Airways (SAA). According to the report, SAA’s debt is currently R15 billion more than..
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Cash strapped state airline SAA goes on spending spree
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Struggling state airline SAA is splurging millions on executives and consulting firms in a spending frenzy that has been described as “worrying”.
Its recently appointed chief executive, Vuyani Jarana, has said the increased expenditure is necessary to address a severe skills shortage.
The Mail & Guardian has established that SAA, which last week received yet another R5‑billion bailout from the treasury, is paying R25‑million to Deutsche Bank in a deal to analyse its financials and restructure its debt.
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Sars’ brand diminished by unskilled staff
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For every step in the right direction, Sars manages to tumble down two. The Tax Ombud is slowly gaining ground in assisting taxpayers in resolving their tax differences with Sars. Unfortunately, these “tax differences” are frequently of Sars’ making, and as Sars slips further behind in the revenue target, so can we expect an exponential..
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SABC has another problem: people have stopped paying TV licences – wonder why??
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The SABC’s latest annual report shows a drastic decline in revenue from TV licences. According to the 2017 report, revenue of R847.4 million was collected through television licence fees. This figure is R449.4 million – 34.7% – below budget, representing a decrease of R178.5 million – 17.4% – compared to the previous year. “The revenue..
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Generous Apartheid era handout of R50bn per year still funds 50% of Swaziland’s, 44% of Lesotho’s, 35% of Namibia’s and 30% of Botswana’s entire government revenue.
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Neighbouring black states are still benefiting from Apartheid structures setup in 1969. For 50 years South Africa has been paying this money over subsidising these country’s governments. Black Africans continue to ride the horse they flog to death… Are white South Africans really just that naive, vain and gullible? The Southern African Currency Union (SACU) is most easily identifiable in..
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