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Inside SME Weekly

InsideSME Weekly: Delivery Hijackings, Coalition Talks, and More – June 6, 2024

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Welcome to this week’s edition of InsideSME Weekly, your go-to source for the latest business news and trends impacting South African entrepreneurs and business owners. Here’s what you need to know this week.

Top Stories

  1. Hijackers targeting delivery fleets amid e-commerce boom in South Africa. Tracker South Africa warns that criminals are now going after courier and logistics vehicles transporting goods bought online, as cargo is considered more valuable than the vehicles themselves in criminal circles. Read More
  2. SARS targeting company directors for tax non-compliance. The South African Revenue Service (SARS) is issuing criminal summonses to directors of companies who fail to submit tax returns, as part of a broader initiative to strengthen tax compliance. Directors could face imprisonment of up to two years per conviction. Read More
  3. Another DStv piracy boss arrested in Gauteng. MultiChoice, in collaboration with Irdeto and South African enforcement agencies, has apprehended a suspect for alleged ties to the illegal sale of internet streaming pirate devices. This follows the arrest of a key player in the Waka TV piracy network in Cape Town last week. Read More
  4. No easy coalition options for the ANC after losing majority. The ANC is considering forming a Government of National Unity with represented political parties or seeking support from the DA, IFP and other smaller parties. However, potential partners like the DA and IFP have indicated they will be selective about who they work with. Read More
  5. Rand hits R19/$ as markets fret over ANC coalition choices. The rand briefly reached R19 to the dollar, its weakest level since April, as investors worry about the outcome of the ANC’s national executive committee meeting where it will decide on potential coalition partners. Read More

Industry Trends

  1. Sugar industry grapples with job losses and sugar tax impact. SA Canegrowers claims 16,000 jobs have been lost due to the Health Promotion Levy (sugar tax), which has depressed demand for locally produced sugar. The industry is urging the government to review the tax and support diversification efforts. Read More
  2. Cruising sees post-pandemic rebound in South Africa. MSC Cruises reports a successful 2023/2024 summer season, with South Africans increasingly viewing cruising as a value-for-money holiday option. The sector’s growth could create new entrepreneurial opportunities and help address unemployment. Read More

Expert Opinion

  1. Carol Paton on the ANC’s ‘Codesa 2’ approach. The ANC sees itself as the unifier of the nation and a Government of National Unity could save it from having to choose between the DA and the EFF, writes Carol Paton. However, this would require the party to make significant policy concessions. Read More
  2. Jashwin Baijoo on giving SARS attention. With the annual tax filing season about to start, Jashwin Baijoo, head of compliance at Tax Consulting SA, advises taxpayers to ensure timely responses to SARS with correct supporting documentation to avoid penalties. Read More

Upcoming Events

  1. Tax Filing Season 2024 kicks off in July. Auto-assessment notices for taxpayers with simple tax affairs will start on 1 July, while provisional taxpayers can begin filing from 15 July. Trusts can file from 16 September.
  2. MSC Musica to be deployed for 2024/2025 South African cruise season. The ship will serve South African ports from 22 November 2024 to 30 March 2025, following the successful summer season of the MSC Splendida.

New Articles & Resources

  1. What happens next in South Africa after ANC loses majority? Bizcommunity outlines potential scenarios and coalition partners for the ANC after it failed to secure a majority in the 2024 elections. Read More
  2. Sars is not always right Moneyweb’s tax section provides guidance and resources for taxpayers as they prepare for the annual filing season, including how to handle incorrect assessments from SARS. Read More

Stay updated with InsideSME Weekly. Read about delivery hijackings amid the e-commerce boom, coalition talks, and more. Get your curated business news, trends, and insights here.