Connect with us

Eskom Media Today

Edward Kieswetter: Load Shedding Potential Cost to South Africa Estimated at R150 Billion

Published

on

Edward Kieswetter: Load Shedding Potential Cost to South Africa Estimated at R150 Billion

Sars Commissioner Edward Kieswetter addressed Parliament’s finance standing committee, highlighting the severe economic impact of South Africa’s ongoing energy crisis.

Edward Kieswetter: Load Shedding Potential Cost to South Africa Estimated at R150 Billion

He estimated that load shedding may have cost the country up to R150 billion in the 2022/23 fiscal year alone. Kieswetter emphasized the negative consequences of load shedding on productivity and economic growth, which, in turn, affect corporate tax revenue collected by Sars.

A Potential 7% Increase

Despite the energy crisis, the revenue service anticipates a 7% increase in gross revenue collection for 2022/23, totaling over R2 trillion. However, Kieswetter acknowledged the significant challenges posed by load shedding and organized crime in tax collection.

The Impact of Organized Crime

Kieswetter highlighted the substantial impact of organized crime on revenue collection in South Africa. He cited estimates that criminal syndicates involved in tax evasion and fraud may cost the government and the economy between R200 billion and R300 billion annually.

The proliferation of organized crime, affecting sectors like Eskom, Transnet, clothing, and tobacco industries, underscores the need for stricter systems to combat fraud and protect government revenue.

A Call for Stringent Systems

Kieswetter called for more robust systems to prevent customer refund fraud, as criminals exploit existing systems. Sars has managed to control R61 billion in refunds through these enhanced measures, preventing potential losses due to fraudulent activities.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Eskom Media Today

Eskom Loadshedding will continue until 5:00 on Tuesday, as previously announced

Published

on

Eskom Loadshedding will continue until 5:00 on Tuesday, as previously announced

Until 05:00 on Tuesday, stage 4 loadshedding will continue. Until further notice, Stage 2 and 4 loadshedding will take place.

Eskom Loadshedding will continue until 5:00 on Tuesday, as previously announced

Monday, 10 July 2023: Stage 4 loadshedding is being implemented until 5:00 a.m. on Tuesday due to increased demand. On Wednesday, Stage 4 loadshedding will be implemented from 14:00 until 05:00, followed by Stage 2 loadshedding from 05:00 to 14:00.

Eskom Loadshedding Today

There will be a daily implementation of this pattern until further notice. A new update will be published if any significant changes are made.

As of now, 14 252MW of generating capacity has been damaged by breakdowns, while 4 118MW of generating capacity has been out of service for planned maintenance.

As of today, Duvha, Hendrina, Kendal, Kriel, Matimba and Medupi power stations have each reactivated a generating unit.

The Arnot and Tutuka power stations each had a generation unit out of service due to a breakdown during the same period.

Tutuka Power Station’s current capacity constraints are due to the delay in resuming two generating units. In order to restore service to the generating units, Eskom teams are working around the clock.

Members of the public are being encouraged to use electricity sparingly and efficiently, and we want to thank the people who do heed the call. During the period between 17:00 and 21:00, please turn off your geysers and pool pumps as this reduces demand, alleviates pressure on the power system, and contributes to fewer stages of load-shedding.

For Further Notice Visit Official Site 

Continue Reading

Trending

Copyright © 2024 Eskom Load Shedding