5 important things happening in South Africa today

 ·1 Jul 2024

Here’s what is happening in and affecting South Africa today:

  • Tax auto-assessments kick off today: With Filing Season for the 2024 tax year set to commence in July, the South African Revenue Service (SARS) has announced that the pool of taxpayers who will be auto-assessed will increase to about 4.8 million this year compared to about 3.8 million taxpayers last year. Auto-assessments for an expanded pool of taxpayers will run from 1 to 14 July 2024, while 15 July marks the start of the Filing Season for provisional and non-provisional taxpayers who are required to file a tax return. [SAnews]

  • FSCA ramps up war on scammers: Over the past year, the Financial Sector Conduct Authority (FSCA) has escalated its efforts against financial scams, as evidenced by the nearly tenfold rise in the imposition of administrative penalties up to March 2024. According to the FSCA’s 2024 Regulatory Actions Report, which was published on Friday, the total fines levied reached R943 million for 31 individuals. This marks a substantial increase from the slightly over R100 million recorded in the previous year. [Moneyweb]

  • Sars puts tax dispute with Kumba’s flagship mine on hold: The South African Revenue Service (Sars) and Sishen Iron Ore Company (SIOC) have reached a temporary agreement before their court case in September, which could hurt SIOC’s finances if the court sides with Sars. The case will influence tax deduction policies for mining expansions and community relocations. Sars has challenged deductions claimed by SIOC for expenditures during the Sishen mine’s expansion for the years 2012 to 2014. After Sars disallowed SIOC’s objections, the latter is appealing a tax court’s decision in favor of Sars. [BusinessDay]

  • Expanded GNU executive announced: President Cyril Ramaphosa announced his expanded Executive for the seventh administration in a late-night address to the nation. The Cabinet ministers now consist of members from the ANC, DA, IFP, PA, FF+, PAC and GOOD (excluding deputies), with the entire National Executive growing to 77. [BusinessTech]

  • Markets: The rand gained against some of its losses as the Cabinet for the seventh administration was consolidated. On Monday (1 July), the rand was trading at R18.08 to the dollar, R22.88 to the pound, and R19.49 to the euro. Oil is trading at $86.85 a barrel. [Reuters]

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