Credit rating agency Moodys Investors Service has downgraded South Africa’s credit rating one notch from Baa1 to Baa2, while also revising the credit outlook from negative to stable, said National Treasury. Moody’s decision keeps South Africa’s rating in investment grade. “Government notes Moody’s decision and recognises that economic growth has slowed down and there is [...]Moodys downgrades SA is a post from: South Africa Business
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Metropole MD launches cancer charity fund raising during awareness month Justin Baird-Murray, MD at the four-star Metropole Hotel and Spa in...

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They usually say wealth tends to create more wealth and that to succeed quicker in business, one has to come from a well off family or financial background. But a young entrepreneurs from Phalaborwa, a small town in Limpopo, has proven that having a rich background is not the only way to the top. At [...]Sello Malatji – Humble beginnings to great success is a post from: South Africa Business


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Denmark is expected to improve trade relations with South Africa following a meeting between the two countries’ trade ministers. Department of...

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The South African Revenue Service (SARS) has collected R900 billion in the 2013/14 fiscal year, according to the 2014 Tax Statistics Bulletin.

“In the 2013/14 fiscal year, tax revenue collected amounted to R900 billion and grew by R86.2 billion compared to the previous year,” said SARS and National Treasury on Tuesday.

This is up from the R813.8 billion collected previously.

This growth, according to the 2014 Tax Statistics Bulletin, was supported by solid performance in customs duty.

The 2014 Tax Statistics Bulletin, released on Tuesday, provides an overview of tax revenue collection and tax return information for the 2009/10 to 2013/14 fiscal years, and the 2010 to 2013 tax years, respectively.

The 2014 Tax Statistics Bulletin showed growth in personal income tax and corporate income tax.

The bulletin also showed that the number of individuals registered for income tax also rose. As at 31 March 2014 the number of individuals registered for income tax had increased by 1.4 million from 15.4 million in the previous year to 16.8 million.

The bulletin also noted that there are many taxpayers currently submitting returns who are below the compulsory submission threshold.

It was also found that the most assessed taxpayers were based in the Gauteng province.

Additionally, the bulletin noted that there were nearly 2.7 million registered companies at 31 March 2014 and nearly 700 000 registered for Value Added Tax vendors.

VAT collections grew by 10.5% for 2013/14 compared to the previous fiscal year. VAT was the second largest contributor to total tax revenue for 2013/14, totalling R237.7 billion (26.4%).

The bulletin is the seventh in the edition of the publication.

The objective of releasing the country’s Tax Statistics is to publicise available, comprehensive tax revenue data that can assist policy makers and provide insights on economic indicators to researchers, analysts, the media and the public in general. – SAnews.gov.za

Tourism Minister Derek Hanekom will lead a delegation of South African tourism marketers and product owners to the annual World Travel Market (WTM)...

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Jonny McMullan from Newtownabbey, Co Antrim has been selected as the Dunlop Young Racing Driver of the Month for September. The 22 year-old finished third in the Leinster Trophy feature race at Mondello Park, having earlier finished fifth and sixth in the two Formula Ford 1600 National Championship rounds. Last Sunday, he was runner-up in [...]Jonny McMullan, Driver of the Month is a post from: AutonSpire
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The Road Accident Fund (RAF) has paid a record number of claims amounting to R22.2 billion to crash survivors in the 2013/14 financial year.

“In the 2013/14 financial year, the number of open claims has reduced year-on-year to what is now less than half of what it was five years ago, indicating that administration is more efficient,” said RAF CEO Eugene Watson.

“In the period under review, the number of open and reopened claims reduced to 198 140 from 212 085 (2012/13) and the total awaiting compensation or legal cost payments reduced by 47 627 from 279 912 (2012/13) to 232 285.

“Claims payments grew by 47% to a record high of R22.2 billion (2012/13: R15.2 billion),” he said.

He said the RAF has improved productivity, controls, deployed cash efficiently and expanded its geographical footprint to make its services more accessible to all road users countrywide.

According to Watson, this is as a result of management interventions to optimise claim payments, efficient business processes, provision of additional staff members, and implementation of alternative claims administration.

While the rising provision for outstanding claims continues to place strain on the RAF’s financial resources, Watson said the organisation has bucked this trend by remaining committed to assessing and finalising claims in a speedy and efficient manner.

This is in light of the profound negative impact of road traffic accidents on victims from a health, vocational and social perspective.

The Auditor-General has also recognised the RAF’s prudent management of public funds by rewarding it with a second consecutive clean audit for the 2013/14 financial year.

“Reducing the frequency, severity and impact of accidents is the Fund’s highest priority, as the estimated cost of road crashes to South Africa’s economy remains staggeringly high at R306 billion per annum.

“Despite this, the RAF will continue being the social security safety net for those who are maimed on SA’s roads.

“During the year under review, the RAF continued its departure from a legacy of less than stellar performance, reinvigorating its efforts to make a socio-economic impact on families, homes and communities,” Watson said.

He said the Fund has provided compensation in a time-efficient and cost-effective manner, while continually exhibiting the highest standard of financial and risk management.

He said over 7 000 funeral claims were paid by the RAF (in the context of 14 000 road fatalities per annum).

The RAF Board and management remain committed to implementing plans that will curb the growing deficit caused by the rising provision for outstanding claims.

These plans include engaging the National Treasury and the Department of Transport on an on-going basis to resolve the short-, medium- and long-term funding position of the organisation.

However, Watson said a major challenge is that contingency fees in excess of an estimated 25% continue to be paid to attorneys, exacerbating the hardship accident victims suffer. In addition, 21% of total payments to claimants are still for legal fees, with R1.7 billion spent on RAF’s legal costs and R2.9 billion on claimant’s legal costs.

“Consequently, the litigious nature of the adversarial compensation scheme where one needs to prove fault, and the subjectivity in determining loss-of-earnings and support benefits, has seen a claim take between 12 to 60 months to finalise,” he said.

Road Accident Benefit Scheme

The Road Accident Benefit Scheme (RABS) Bill will address these challenges by eliminating the need to determine who was at fault, thus cutting out prolonged and often self-serving litigation.

In terms of the Scheme, payments will be made directly and on a monthly basis to claimants, medical and healthcare service providers.

RABS will also provide benefits for medical expenses, income support, family support and funeral benefits. - SAnews.gov.za

It was a stormy start to this year’s Spur Gauteng Summer Trail Series™ as an angry Hennops River greeted almost 700 runners to kick things off in dramatic fashion. As usual there were three races at Hennops River, the regular long and short courses as well as a stand-alone, longer XL of 20km. The XL [...]Dramatic start to Spur Gauteng Summer Trail is a post from: Trail Running South Africa


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