By Alec Hogg
Last Wednesday, SA’s Treasury gave us one of those “it had to happen” moments. For the past five years, South Africans have been shovelling as much money as possible out the country. Particularly those with lots of it.
As Magnus Heystek writes on BizNews this morning (click here), in a deliberately timed pre-long-weekend move, new red tape has been introduced to make it practically impossible for citizens to export their annual R10m per taxpayer. Ditto for those intending to financially emgrate.
___STEADY_PAYWALL___Heystek concludes: “Some of these requirements are now so extreme and impractical that many taxpayers will walk away and use other ways (legal and illegal) to build up some offshore capital.” He warned us at BNC#5 in March that Pretoria could spring a nasty Excon surprise anytime. Ouch.
On a happier note, today we kick off the new Fantasy Fund Manager game, to be run over six months. If you haven’t yet, click here to enter. For those seeking inspiration, here are my picks for each of the categories –
- Financial Services – FirstRand. The blue chip of the sector.
- Resources – Thungela. World needs coal and this stock is real cheap.
- Mid and Small – Sun International. Tourism is booming post Covid.
- Rand Hedge – Textainer. Global trade is gathering momentum again.
- Retail – Spar. Bad news is done, but shares back at 2014 prices.
- Tech & Comms – Naspers. Six years of consolidation, liftoff possible.
Once you’ve signed up be sure to also enter the exclusive BizNews Premium Members competition. Use the code SJbSkl4m2 to join. The person topping our league will win a double ticket to the next BizNews Conference.
