Africa cities

Nothing wrong with making cash transactions

Lester Kiewit interviews Charles De Wet (Tax Executive, ENSAfrica) and Ruan Nel, director of Wildlife Ranching South Africa.

President Cyril Ramaphosa’s Phala Phala farm in Bela-Bela, Limpopo continues to make headlines.

“The questions are piling up” said Ferial Haffajee, deputy editor of the Daily Maverick, on Monday.

“History isn’t going away any time soon.”

ANC President Cyril Ramaphosa at the party’s Election Conference in the Eastern Cape on May 9, 2022. Photo: Abigail Javier/EWN

RELATED: Did President Cyril Ramaphosa break the law?

Ramaphosa denies breaking the law by hiding information about a 2020 theft of money from a game farm he owns in Limpopo.

Last week, former State Security Agency chief executive Arthur Fraser opened a criminal case against Ramaphosa over the alleged incident.

Fraser claims the suspects were abducted and interrogated before being paid for their silence about the crime. He says the criminals stole more than US$4 million in cash from the farm.

Fraser claims Ramaphosa withheld the information from police, a crime under the Organized Crime Prevention Act.

Ramaphosa confirmed that the theft took place and that proceeds from the sale of games were stolen, but denies any wrongdoing.

RELATED: Invest in livestock – got R500? No farming required!

Lester Kiewit interviewed Charles De Wet, Tax Executive at ENSAfrica (scroll to listen).

He also spoke with Ruan Nel, director of Wildlife Ranching South Africa.

The Reserve Bank has strict requirements [regarding foreign currency] …It’s different when you have South African Rand… When you receive cash, you must declare it on your VAT return for the month you receive it… Normal rules apply… It is the responsibility of the no one to make a full statement…

Charles De Wet, Tax Delegate – ENSAfrica

The penalties are quite high, hundreds of thousands of rands…

Charles De Wet, Tax Delegate – ENSAfrica

Most games are sold and bought at auction… I’m sure if a transaction is done in cash and the legal requirements are met, there’s nothing wrong with that…

Ruan Nel, Director – Wildlife Ranching South Africa

The total revenue from gaming auctions in 2021 was around R311 million… WRSA represents privately protected land 1.5 times the size of the UK! …South Africa is one of the few places in the world where game populations thrive… We employ nearly 500,000 people, comparable to mining…

Ruan Nel, Director – Wildlife Ranching South Africa

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