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South African Lockdown Tax Loss Exceeds Value of Two Virus Loans
JOHANNESBURG (Capital Markets in Africa) — South Africa lost more in tax revenue in the first three-and-half months of its fiscal year than it borrowed from the International Monetary Fund and the African Development Bank combined. A lockdown that initially shuttered almost all economic activity led to an under-recovery of 82 billion rand ($4.8 billion) for the fiscal year through July 15, South African Revenue Service Commissioner Edward Kieswetter said Friday in an interview. Lockdown rules and allowances to…
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