Strong growth boosts S.Africa tax revenue

(Reuters) - South Africa exceeded its revenue target by 3 billion rand in the 2006/2007 financial year thanks to strong economic growth and efficient collection, government said on Saturday.

The South African Revenue Service (SARS) collected 493 billion rand in tax, above its target of 489.7 billion rand.


Read more at Reuters Africa

Court victory – taxpayers beat Sars

Taxpayers have scored a victory over the South African Revenue Service (Sars). A Supreme Court of Appeal decision has put millions of rands back into businesses.

In a judgment that has important implications for franchise businesses and others that pay for the continual use of trademarks and other intellectual property, the Supreme Court of Appeal has held that royalty payments are tax-deductible in terms of the Income Tax Act.

Read more at Moneyweb.co.za

SA sued over black mining law

The Italian owners of two granite firms are suing South Africa for €266m, arguing that laws which force firms to sell stakes to black investors violated international investment treaties, the investors' lawyer said on Friday.

The act marks the first legal action alleging that South Africa's mining charter, which seeks to boost involvement of blacks in a sector that excluded them during apartheid, amounts to expropriation.

Read more at FIN24.co.za

S.Africa trade balance swings back into red

South Africa's monthly trade balance swung back sharply into deficit in January after a small surplus in December, keeping pressure on the ailing current account.

The massive 11.94 billion rand shortfall was just off the record gap of October last year, and was way above forecasts of a 3.3 billion rand deficit.

The South Africa Revenue Service (SARS) data -- which is notoriously volatile -- recorded an unexpected 0.39 billion rand surplus in December, raising hopes that the series of large deficits had ended.

Read more at Reuters South Africa