ABSA logo at a branch 1 minute The South African Reserve Bank’s Prudential Authority has imposed an administrative fine of R10 million on Absa Bank for failing to conduct a thorough review of certain clients. These clients included two politically exposed persons, four foreign prominent public officials and three domestic prominent influential persons. According to…
Tax-related material on a desk. 3 minutes The South African Revenue Services (SARS) has urged Value Added Tax (VAT) vendors, including retailers, to continue charging the 15% VAT rate. Commissioner Edward Kieswetter says in a statement that SARS recognises the significant impact that the decision to reverse the 0.5 percentage point increase will have on…
3 minutes South Africa’s property sector is making significant progress in implementing anti-money laundering (AML) measures, according to regulators. The Property Practitioners Regulatory Authority (PPRA) reports that estate agents are demonstrating strong compliance efforts as the country works towards removal from the Financial Action Task Force’s (FATF) greylist. However, the Financial Intelligence Centre (FIC) warns…
Taxis at a rank in Gauteng 2 minutes The South African National Taxi Council (SANTACO) defends government’s decision to allocate R408 million from the COVID-19 Relief Fund to the taxi industry. This comes after Build One South Africa (BOSA) questioned the once-off gratuity, which was allocated in the 2025-26 budget. Responding to a Parliamentary question…
A VAT graphic with a shopping trolley and a calculator. 1 minute The Cape Chamber of Commerce and Industry (CCAI) says the decision not to increase Value Added Tax (VAT) by 0.5 % point is a relief not only for the poor but also for business. VAT will remain at 15%. CCAI says government will…
Eskom electricity infrastructure. 1 minute Eskom has attributed its decision to suspend load shedding to the recovery of more than 2 000 megawatts of generation capacity and sufficient emergency reserves. It also says there is an expected decline in electricity demand. Eskom implemented stage two load shedding yesterday due to high demand and loss of…
[FILE IMAGE]: US President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025. 4 minutes Businesses across multiple industries are increasing prices, cutting financial guidance and warning of growing uncertainty as US President Donald Trump’s trade war pushes up costs, up-ends supply chains…
Cosatu members protests against VAT hike in Johannesburg on March 20, 2025. 2 minutes The Congress of South African Trade Unions (COSATU) has refuted National Treasury’s statement that by not increasing VAT, the medium-term revenue shortfall will be R75 billion. Media statement: Reversal of VAT rate increase #VATIncrease #VAT pic.twitter.com/NychMwsGAK — National Treasury RSA (@Treasury_RSA)…
South African bank notes. 3 minutes The Democratic Alliance (DA) has welcomed the reversal of the 0.5 percent VAT increase, which was meant to take effect next Thursday. National Treasury earlier this morning announced the reversal of the controversial VAT hike following extensive consultations with political parties. National Treasury says that by not increasing VAT,…
Minister of Agriculture John Steenhuisen 3 minutes Agriculture Minister John Steenhuisen says South Africa’s presidency of the G20 comes at a crucial time. Steenhuisen says the world’s food systems are threatened by food insecurity, climate volatility and systemic exclusion. He was addressing delegates at the opening of the G20 meetings of the Agriculture Working Group and Food…
