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SA Tolerance for Tax Hikes Low; Auditor General: SOEs in "Dire Straits"

SOUTH AFRICA

LOCAL NEWS

  • SABC backs a proposal for the proposed 303 retrenchments as part of the state broadcaster's restructuring package can be absorbed by the Communications Department.
    • Follow through on this would help alleviate pressures on an indebted SABC and reduce the likelihood of needing more future bailouts from Govt
  • Local Economist warns SA has little tolerance for higher taxes ahead of the Feb 24 budget, given current positioning on the laffer curve and diminished tax base.
    • Says targeting the same people for taxation will lead to avoidance and capital flight. Excessive taxation also may bring forward risks of a tax revolt, which started gaining traction in 2019
  • 3.1m vaccines expected to arrive through the Covax facility: 2.8m AstraZeneca, 117k Pfizer to be delivered in 1H21. Health Dept says rollout will start next week
  • Auditor General paints grim picture of SOEs: Eskom, Dev Bank SA, Prasa, Transnet, Denel & SABC with total irregular expenditure of ~R110bn, led by Transnet, Eskom & Prasa.
    • SABC noted as progressing, but at risk of needing another bailout beyond the R3bn already allocate - SABC news
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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