LATEST ON BIZNEWS RADIO iTunes: Capitec CEO: Share price plunge in perspective, Easy Equities, disrupting cell phone market and more (Click here for Spotify)
LATEST ON BIZNEWS.COM:
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Capitec sent a strong message to Pretoria yesterday: It’s successful companies like ours that are actually keeping South Africa’s wheels turning. Line items in the 21 year old bank’s financial results show that in the six months to end August its shareholders paid more than R1.5bn to SARS through income and dividend taxes.
Put differently, R3bn a year is now injected annually into SA’s Treasury because of a decision in 2001 by the founders of Capitec to invest in SA rather than offshore. And that’s just from those entrepreneurs. Their enterprise’s contribution is exponentially higher. Consider, for instance, monthly PAYE deductions deducted from salaries of Capitec’s 15 295 staff. And the billions more that Treasury’s VAT pot receives through the company’s procurements.
I’d love to see JSE-listed companies adding a new line in their financial statements – one which quantifies their total tax contribution. Displaying this publicly might just be the prod spendthrift politicians need to start appreciating the value added to society by entrepreneurs like those who created Capitec. And, of course, thousands more.
Because it is the creators of enterprises, those hardy souls who often risk everything on a dream that they can do it better, who are the real heroes of a modern society. It is entrepreneurs who are the primary contributors to any modern society’s wellbeing. Isn’t it about time that fact was recognised – especially among business-bashers based in Pretoria?
In this Q&A from BNC#4 Athol Trollip discusses the state of politics in South Africa, how young people should get more involved and much more.
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