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Land Bank In Need of R7bn Bailout; Alcohol Ban Sees R4.5bn Less Tax Revenue for Govt

SOUTH AFRICA

LOCAL NEWS

  1. ANC 109th birthday celebration today: Ramaphosa not expected to change restrictions, but may address factionalism within the ANC - officially bringing SA's political issues into the international community's eyes - IOL News
  2. State broadcaster SABC says 303 retrenchments may be reduced further (from 600 initially), but says it is hopeful unions would agree to the proposed measures (unlikely).
    • Says discussion of salary freezes across the board and reduction in leave still to be discussed - EWN
  3. SA Breweries says three alcohol bans have put a R4.5bn hole in the fiscus from lost sin tax revenues.
    • Says annual contribution amounts to R11.5bn excise duty, PAYE of R1bn, VAT of R4bn & income tax of R2bn - Fin24
  4. Land Bank at risk of needing R7bn bailout at the Feb budget as unexplainable holes emerge in its annual results.
    • Govt has previously said the bank is too important to fail, increasing the likelihood of the bailout and more pressure on the fiscus - BizNews
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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