Good signs for South Africa’s Agoa position; Municipal dictatorship is a threat to business; Tax hit on the cards for 2024; and Immediate cuts to state budgets over the next six months.
This week, the US cut Uganda, Gabon, Niger and the Central African Republic out of the African Growth and Opportunity Act . The Biden White House did not put SA on the chopping block in its annual eligibility report to Congress, making experts cautiously optimistic that South Africa will maintain its membership. This will save at least 30,000 jobs in the Western Cape alone and increase trade from an annual R50 billion-plus.
[South Africa will be hit by a R15 billion tax hike in February as Treasury scrambles to deal with government overspending and rocketing borrowing costs. South Africa’s main budget deficit has increased by R54.7 billion compared to 2023 Budget estimates, according to the medium-term budget policy statement presented on Wednesday .
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