Top reads on Fin24: Treasury has hard VAT choices to make, Theresa May to visit SA this week and Telkom proposed rates cut could force job cuts | Fin24
 
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Top reads on Fin24: Treasury has hard VAT choices to make, Theresa May to visit SA this week and Telkom proposed rates cut could force job cuts

Aug 27 2018 17:59
In case you missed it, here's a roundup of Monday's top economic and finance reads on Fin24.

Telkom calls proposed rates cut a calamity that could force job cuts

Telkom

Telkom said a proposed lowering of South African call termination rates could force the partly state-owned company to cut jobs and services such as public phones and connections to rural areas.

"If the termination rate on fixed line is cut to three cents, it will be a calamity for the business and we will be hard-pressed on jobs and certain services," Telkom CEO Sipho Maseko told reporters in Johannesburg.

Treasury has hard choices to make, says VAT panel chair

1% VAT hike sign

The value added tax (VAT) panel made an input to the process to decide on zero-rated items and it will be up to National Treasury to make the hard choices, according to chair of the VAT penal Professor Ingrid Woolard.

Woolard, who spoke to Fin24 on the sidelines of the African Review of Economics and Finance conference at the Wits Business School last week, said the panel received more than 2 000 submissions from individuals and industry bodies.

Theresa May to visit SA this week in bid to strengthen post-Brexit trade

Prime Minister Theresa May will meet with her counterparts in South Africa, Nigeria and Kenya on a five-day visit accompanied by 29 business executives ranging from FTSE 100 bank Standard Chartered to London-based start-up Farm.ink, which has created an information-sharing mobile platform for farmers.

May is trying to strengthen ties with economies outside the EU as the clock ticks down towards Britain’s scheduled departure from the world’s largest trade bloc in March.

No additional nuclear in SA's electricity plan, government punts renewable energy

Government has thrown its weight behind renewable energy in the new integrated resources plan (IRP).

Minister of Energy Jeff Radebe on Monday gazetted the long-awaited IRP. Radebe had met with the National Economic Development and Labour Council (Nedlac) on Friday to finalise the IRP.

The policy outlines South Africa’s electricity plan given the demand outlook up to 2030, Radebe explained.

What changing the ownership of SARB will, and won’t, do

The SA Reserve Bank building.

South Africa’s central bank has come under attack over the years. Many of the attacks have come from the left – within the ruling party and its allies the Congress of South African Trade Unions and the South African Communist Party.

The unhappiness has revolved around the role of the South African Reserve Bank – particularly its focus on keeping inflation under control by sticking to an inflation target – and its perceived failure to inspire economic growth. These concerns are now being manifested in the debate about the bank’s shareholding structures.

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