Big interest rate decision for South Africa – what to expect
The South African Reserve Bank(SARB) is expected to keep interest rates where they are, but there is still a risk that they could rise. Investec Chief Economist Annabel Bishop said that there is a risk that the SARB’s Monetary Policy Committee (MPC) hike rates by 25 basis points, especially after the US Fed raised its […]
Red flags for landlords in South Africa
TPN Credit Bureau has released its Vacancy Survey for the second quarter of 2023, revealing the most popular rental bracket in South Africa right now. According to the latest TPN Vacancy Survey, the national vacancy rate – the number of vacant properties – increased from 6.19% in Q1 2023 to 7.27% in Q2, representing a […]
5 ‘hidden’ costs in South Africa that you should keep tabs on
Amidst the current cost of living crisis, many South Africans are trying to cut down on expenses – but five costs may be escaping the attention of even the most attentive South Africans. “South Africa’s diverse economy and a vast range of industries can make it difficult to keep up with everything one has to […]
Big storm brewing over Treasury’s budget cuts
Some of South Africa’s biggest trade unions have called for strikes over the proposed budget cuts by the National Treasury to be announced in the Medium-Term Budget Policy Statement (MTBPS), which unions say would be detrimental to workers and the poor. The City Press reported that Saftu and Cosatu heads called on all unions, workers, and the […]
South Africa’s middle class is getting crushed
South Africa’s middle class increasingly cannot afford secured loans – or are defaulting on loans they have – as the ongoing challenging economic environment continues to add strain to monthly budgets. This is one of the key findings from the latest Credit Stress Report by Eighty20, in collaboration with Xpert Decision Systems, which looked at […]
South Africa’s billionaires – here’s how their wealth has changed in 2023
There have been mixed fortunes for South Africa’s richest people over the course of 2023 so far, and while Johann Rupert maintains his position as the richest man in South Africa, another is on the verge of losing his dollar billionaire status. South Africa has long been the home to five-dollar billionaires, and these individuals […]
SARS is fining expats even if they don’t owe tax – here’s what to do]
The South African Revenue Service (SARS) is giving admin penalties on taxpayers’ accounts, even if they do not meet the criteria for filing a tax return. According to William Louw from Sable International, SARS has issued penalties worth R381 million on close to 700,000 taxpayers for late returns this year alone. Louw said that those who […]
Tax season 2023 – what businesses should know
With tax season fast approaching, experts at iKhokha have given eight tips to help businesses get through the stressful period. Tax season in South Africa is set to kick off on Friday, July 7 2023. The South African Revenue Service (SARS) has already updated its mobile filing platform in preparation for the season and has […]
Telkom rejects R12 billion offer – with MTN on standby: report
The Telkom board has reportedly rejected a R12 billion offer for a 35% stake in the company from a consortium led by former CEO Sipho Maseko. As reported by the Business Times, Maseko’s Afrifund Investments and Madagascar-based Axian Telecom submitted their bid in March, which also requires the South African government to dilute part of its […]
Warning over bank reversals in South Africa
The Ombud for banking services in South Africa says banks do not have to reverse transactions despite requests from a client. In its 2022 annual report, the Ombud looked at a recent case brought before it regarding a transaction reversal dispute. In this case, the complainant booked with a travel company and paid via an immediate […]
