According to the South African Revenue Service (sarstax), the illegal cigarette trade costs South Africa more than R20bn a year. Moneyweb IllicitTrade
According to the South African Revenue Service, illegal trade costs South Africa R100 billion a year. Business Leadership SA reckons the country loses R250 million a day in tax revenues, while the Organisation for Economic Cooperation and Development estimates between $3.5 billion and $5 billion, more than 1% of GDP, is lost each year to illicit trade.
The International Monetary Fund estimates that grey listings result in an average decrease of capital inflow of 7.6% of GDP and a decrease in foreign direct investment of 3% of GDP. “To avoid delivering another blow to South Africa’s already troubled economy, the president should expeditiously sign into law the recent bills passed by the South African Parliament aimed at addressing the deficiencies identified in by the FATF,” says the report.
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