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Top 5 on Fin24: SARS, NPA to go after taxpayers with outstanding returns, petrol price hike seen

Apr 16 2018 18:02

Cape Town - A roundup of Monday's top economic and finance reads on Fin24.

SA motorists to cough up for oil price spike - AA

petrol pumps

South African motorists can expect sharp increases in fuel prices at the end of April, the Automobile Association (AA) said on Monday.

The organisation commented on unaudited mid-month data released by the Central Energy Fund.

Petrol is set for an increase of 41 cents a litre, diesel 48c and illuminating paraffin 38c at the beginning of May. The AA pointed out that the predicted increase in May comes on the back of a 72c increase at the beginning of April.

This means that if the predicted increases for May materialise, fuel prices would have increased by more than one rand in the space of two months.

Eskom coal supply woes may be worse than before 2008 load shedding, reports show

Credible reports in the possession of EE Publishers show significant coal supply problems at numerous Eskom coal-fired power stations in Mpumalanga.

The reports, shared with EE Publishers by a source with knowledge of the situation, indicate that the coal supply problem has become so serious that Eskom’s primary energy division has recommended to the utility’s new generation head Thava Govender that a coal supply emergency be declared.

Cosatu rejects above-inflation tariff hikes to bail out ‘drug addict’ Eskom

Granting Eskom above-inflation tariff hikes is like feeding bailout addictions of a drug addict, the National Energy Regulator of South Africa (Nersa) heard on Monday.

Nersa is holding public hearings over the next three weeks, relating to Eskom’s application for the regulatory clearing account (RCA) balance for three years (2014/15, 2015/16, 2016/17).

The amount comes to R66.6bn. Nersa will consider the presentations made and decide what the tariff hike will be, and how it will be phased in to recover the monies.

Signs of renewed expat, foreigner interest in SA housing market

Due to improved sentiment about South Africa, it would not be surprising to see higher demand for local residential property among foreigners and South African expats, according to John Loos, household and property sector strategist at First National Bank.

This is despite a significant drop in demand levels for domestic property among foreigners and South African expats compared to 2015 and 2016, according to the FNB Estate Agent Survey for the first quarter of this year.

Estate agents surveyed estimated that 4.3% of total home buying for the two quarters up to and including the first quarter of 2018 was by foreigners.

SARS, NPA to go after taxpayers with outstanding returns

The South African Revenue Service (SARS) has embarked on a new initiative with the National Prosecuting Authority (NPA) to prosecute non-compliant taxpayers who have failed to submit returns.

At the end of March 2018, active taxpayers owed SARS about 30 million returns. In many cases there are multiple outstanding returns due by a single taxpayer.  

Failure to submit a tax or value-added tax return is a criminal offence in terms of the Tax Administration Act and VAT legislation.

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