Warning over VAT increases; calls to place the UIF under administration; Post Bank blames losses on grants contract; and economist warns of rough ride ahead.
Economist Azar Jammine predicts the government may be forced to increase VAT come the mid-term budget speech on 1 November. Jammine said this would be done to fund the government’s overspending, which has reached a point where interest owed on the loans it has incurred accounts for 20% of total government revenue.
Postbank CEO, Nikki Mbengashe, said there had been intensive costs involved in ensuring that all post offices and over 1,000 payment sites had sufficient cash to make the payments, and this was not sustainable. Despite the bank’s reported loss, compared to a R302 million profit last year, it noted it remains solvent given the value of its assets.
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