SARS has a new target, and ‘fines holiday’ for motorists in Ekurhuleni

South African markets were muted ahead of the US Fed’s interest rate decision yesterday. The central reserve ultimately opted to skip a rate cut for the first time since July 2024.

The rand traded slightly weaker on Thursday ahead of South Africa’s own rate decision. Economists and analysts anticipate another 25 basis point cut, but given the Fed’s hold, that may be it for now.

The rand was trading at R18.56 to the dollar, R23.05 to the pound and R19.28 to the euro. Oil was trading lower at $77.25 a barrel.

Here are five other news stories making waves in South Africa today:

SARS warning: South Africans who have trusts with outstanding tax returns can face penalties from the South African Revenue Service (SARS) soon. SARS’s leniency in imposing these penalties is ending. [Daily Investor]

EMPD cannot fine you: The Ekurhuleni Metro Police Department (EMPD) has been unable to issue, process or capture fines since October 2024. The contract with Syntell, a road safety and fine management service provider, expired in September 2024 after it had already been extended for another three months. [EWN]

Deepfakes, Afrimarkets and Banxso: An investor lost nearly half a million rand when he was pressurised into investing a lot of money in Afrimarkets after being led to the site after seeing a deepfake advert. Afrimarket has the same ownership structure as Banxso, a controversial trading company that applied for liquidation and uses a lot of deepfake advertising. [News24]

Tensions need to cool: Following the X-spat between President Cyril Ramaphosa and Rwandan President Paul Kagame, Pretoria said that it did not want to fuel diplomatic tensions between the two countries further. The war of words started after Pres. Kagame called Pres. Ramaphosa a liar for his representation of the conflict in the DRC in which 13 soldiers have been killed. Diplomatic channels remain open. [News24]

Heatwave warning: Gauteng is about to experience its fourth heatwave of the season this weekend. Johannesburg is expected to experience temperatures as high as 33°C and Pretoria 35°C. Additionally, there will be a very high UVB index [The Citizen]