The South African Revenue Service (SARS) today releases trade statistics that includes trade data with Botswana, Lesotho, Namibia and Swaziland (BLNS) for August 2014 and that recorded a trade deficit of R16.30 billion.
The R16.30 billion deficit for August 2014 can be attributed to exports of R77.24 billion and imports of R93.53 billion. Exports decreased from July to August by R8.19 billion (9.6%) and imports increased from July to August by R1.28 billion (1.4%). The cumulative deficit for 2014 is R70.74 billion compared to R51.88 billion in 2013.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.