What a difference a year makes.
What a “stark” difference a few months can make in the life and finances of a country. At the tail-end of last year, Finance Minister Tito Mboweni, sounded alarm bells about the possible deterioration in the fiscus to levels comparable to that of Argentina, the poster child of economic ruin over the past three decades.
The illicit trade webinar organised by BLSA heard that the revenue that SA loses every year to illicit traders, who don’t pay taxes and excise duties, would make a significant difference to the country’s economic wellbeing.
With the country’s economic stability hanging in the balance due to the unavoidable ripple effect of the Coronavirus global pandemic, Business Leadership South Africa and its division, Business Against Crime South Africa (BACSA) will put the spotlight on the escalated damage that Illicit trade is causing the economy at its upcoming Webinar on Wednesday, 3 February from 11h00 to 12h30.
In an effort to ensure small and medium sized businesses (SMEs) in South Africa survive the economic crisis, exacerbated by the Covid-19 pandemic, more than 50 large companies have formally committed to paying their SME suppliers in 30 days.