Daily Maverick 168 weekly newspaper.
South Africa is experiencing an exacerbation of illicit trade at a time when the economy is at its weakest.
“Unemployment is at 31%, poverty levels are more than 50%, youth unemployment is higher than 50% and our inequality levels in society are the most unequal in the world. When you add illicit trade to that picture, the situation is increasingly dire,” said Busi Mavuso, chief executive of Business Leadership SA.
She was speaking at a webinar organised by Business Leadership SA on illicit trade.
Mavuso said the ban on tobacco alone translated to a loss of R35-million a day for the fiscus. “Our national budget deficit is more than R350-billion. With businesses closing down and thousands of job losses, South Africans are looking at government to assist with stimulus packages to help businesses rebuild and survive. In that environment, the loss of fiscal revenue and tax revenue could not have come at a worse time.”