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South Africa's government has closed a tax loophole
According to tax experts, the ever-changing legislation for expats will continue to affect individuals who have not registered for non-residency with the South African Revenue Service (SARS). According to tax law practitioners Jonty Leon and Reinert van Rensburg of Leap Group, there has been a consistent and deliberate effort over the past several years to
Good news for South African first-time home buyers
Transfer duties in South Africa have been reduced, which is excellent news for first-time purchasers. Finance Minister Enoch Godongwana stated during his budget speech on Wednesday, 22 February, that the transfer duty rates will be hiked by 10%. Transfer charges of 3% of the amount exceeding R1 million will be levied on properties sold for
Eskom has appointed new temporary CEO
Calib Cassim has been named temporary group CEO of embattled national power provider Eskom, effective immediately. Cassim was named Chief Financial Officer (CFO) of Eskom in November 2018 after serving as interim CFO since July 2017. Cassim will oversee the Eskom management team until further notice, according to Eskom. He is a Chartered Accountant (SA)
Next week will see significant increase in petrol prices
According to the most recent Central Energy Fund (CEF) data, motorists may expect a significant increase in gasoline prices next week, owing primarily to a considerably lower rand. According to the CEF snapshot for 22 February 2023, fuel prices are anticipated to rise by between R1.23 and R1.27 per litre. Diesel prices will also rise,
Johannesburg homeowners should beware of rates and taxes
According to the Organisation Undoing Tax Abuse (Outa), ratepayers in the City of Johannesburg should ensure that their property assessments are appropriate in order to avoid overpaying on property rates. According to the Community Action Network (CAN) of the organisation, the City of Johannesburg has calculated a new valuation for 934,652 homes in the metro
The ANC responds to De Ruyter by demanding evidence
The ANC has dismissed claims of political influence and corruption at Eskom, claiming that former CEO Andre de Ruyter must demonstrate wrongdoing or keep his 'right-wing' opinions to himself. During a post-budget conference on Thursday, the party addressed claims made by Andre De Ruyter (23 February). De Ruyter accused the governing party of exploiting the
South African car subscription rental company Planet42 successfully obtains R1.8 billion in funding
Naspers Ltd., an early investor in China's Tencent and the company's largest shareholder, is supporting rent-to-own vehicle company Planet42 in a $100 million (R1.8 billion) loan and equity fund-raising. Planet42 Chief Executive Officer Eerik Oja stated in an interview that the cash will be used for growth in South Africa, where Naspers is located, as
South Africa's future is gloomy, with growth of only 1.4% over the next three years
While South Africa's GDP is expected to increase by 2.5% in 2022, the forecast has deteriorated to 1.4% growth over the next three years. This was in contrast to the 1.6% forecast in the Long Term Budget Policy Statement for 2022. (MTBPS). Finance Minister Enoch Godongwana discussed the crystal glazing on Wednesday when presenting the
Rooftop solar tax breaks: What they signify for South African complexes and sectional titles
According to National Treasury, body corporates and sectional title schemes would be unable to benefit from the rooftop solar tax savings revealed during the budget address on Wednesday (22 February). Finance Minister Enoch Godongwana announced the rooftop solar tax incentive, which is one of numerous steps being adopted to assist the country's extensive and quick
Rand weakens as the reality of greylisting comes in
South Africa has given up the gains it achieved after Finance Minister Enoch Godongwana's budget address on Wednesday. Following the budget, in which the minister indicated that the government would assume more than half of Eskom's debt, the local unit launched a rally, trading higher on the news. The National Treasury suggested a total debt-relief
This is the budget set aside for Ramaphosa's salary in 2023 and beyond
The National Treasury is planning a large compensation package for President Cyril Ramaphosa and the country's Deputy President. The presidential budget for 2023/24 to 2025/26 anticipates that the president's pay would rise from R4.2 million (unchanged from 2022/23) to R4.6 million throughout the period. Meanwhile, the deputy president's salary is set to rise by R100,000
The CEOs of South Africa's largest retailers have slammed the government's 'half-job' load shedding relief
The CEOs of South Africa's three major food and grocery stores are dissatisfied that the government has not extended the reimbursement for the diesel fuel charge to food shops. Pieter Boone of Pick n Pay, Mike Bosman of Spar, and Pieter Engelbrecht of Shoprite Checkers have all spoken on the national budget. Yesterday (February 22),
Despite red flags about South Africa's diminishing tax base, SARS is not slowing down
The South African Revenue Service (SARS) has been highly effective in its tax enforcement methods throughout South Africa, and the National Treasury is planning to grant it extra money to finance its anti-noncompliance campaign. Finance Minister Enoch Godongwana complimented SARS's accomplishments over the previous three years during his national budget statement on Wednesday (23 February).
South Africa has reached stage 7 load shedding
Eskom, South Africa's power utility, reported that it temporarily entered stage 7 load shedding on Wednesday (22 February), following a similar step on Tuesday, but argues this does not reflect the larger timeline. According to Eskom spokeswoman Sikonathi Mantshantsha's daily information updates, the power provider lost nearly 7,000MW of electricity on Wednesday evening. He verified
SARIA calls for more creative ways to solve Transnet’s ongoing issues
According to the South African Rail Industry Association (SARIA), there is a need for more creativity when it comes to solving issues in the country. SARIA has issued a clarion call to the stakeholders and government to resuscitate and develop the rail sector, with less emphasis on throwing money at Transnet. This followed Finance Minister
Domestic travel hit as OR Tambo International experiences network glitches
Known as Africa’s largest airport, OR Tambo International is said to be experiencing Information Technology challenges. Media reports indicate that the international airport’s IT network glitches are impacting on domestic travel passenger processing. The airport’s communication team reportedly issued a voice statement to the media on Thursday. The message notes that the OR Tambo Airport
Central Energy Fund hits back at Andre De Ruyter’s ‘sinister’ allegations
The Central Energy Fund has rubbished outgoing Eskom CEO Andre De Ruyter’s comments, calling them ‘sinister’. The CEF has immediately reacted to De Ruyter’s sentiment on Thursday and that it had noted a misleading media report aired on e.TV’s news channel on Tuesday night and repeated on eNCA’s “Check Point”. CEF also came out defending
National Budget Speech: SA liquor traders welcome sin tax increase
Following the national budget speech tabled by Finance Minister Enoch Godongwana on Wednesday afternoon, liquor traders have reacted. The traders have welcomed the rise in sin taxes that will impact on the price of alcohol and cigarettes in South Africa. In its reaction, the Liquor Traders Association said that sin tax increases would boost business
Aviation giant Ethiopian Airlines to commence flights between Abidjan and New York
Information coming through to BusinessTech Africa indicates that Ethiopian Airlines will resume flights between Abidjan and New York. The East African carrier announced the news this week as it first started serving New York from its main hub Addis Ababa via Abidjan in June 2019. “However, the route was suspended in March 2020 due to
Kruger National Park reopens following devastating floods in Mpumalanga
Dubbed South Africa’s premier tourist destination, the Kruger National Park has reopened its doors after experiencing floods in the south of the park. The park has released an official statement confirming the news and this will come as a relief to tourists as they look forward to visiting the area. South African National Parks (SANParks)