{"id":845106,"date":"2025-12-01T07:55:59","date_gmt":"2025-12-01T05:55:59","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=845106"},"modified":"2025-12-01T07:55:59","modified_gmt":"2025-12-01T05:55:59","slug":"sars-going-after-major-bank-for-r5-billion-and-eskoms-double-digit-electricity-price-warning","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/5-things\/845106\/sars-going-after-major-bank-for-r5-billion-and-eskoms-double-digit-electricity-price-warning\/","title":{"rendered":"SARS going after major bank for R5 billion, and Eskom’s double-digit electricity price warning"},"content":{"rendered":"\n

The South African rand appreciated slightly on Friday following the release of various monthly economic data from the central bank, the revenue service agency, and the National Treasury.<\/p>\n\n\n\n

The rand traded at 17.11 against the dollar, which was about 0.2% stronger than Thursday’s closing rate. <\/p>\n\n\n\n

Data from the South African Reserve Bank indicated that the M3 money supply growth for last month was 7.52%, up from 6.07% in September.<\/p>\n\n\n\n

Additionally, private sector credit growth for October reached 7.26%, significantly higher than September’s 6.03% and above the 6.45% estimated in a Reuters poll.<\/p>\n\n\n\n

South Africa recorded a trade surplus of R15.58 billion (approximately $908.94 million) in October, although analysts surveyed by Reuters had expected a surplus of R20 billion.<\/p>\n\n\n\n

The National Treasury also released budget data, showing that the country faced a budget deficit of R35.83 billion (around $2.09 billion) in October.<\/p>\n\n\n\n

On the Johannesburg Stock Exchange, the Top 40 index rose by 0.3%. In the fixed income market, government bonds strengthened, with the yield on debt maturing in 2035 falling by 7.5 basis points to 8.5%.<\/p>\n\n\n\n

On Monday, 1 December, the rand was trading at R17.13 to the dollar, R22.66 to the pound and R19.87 to the euro. Oil was trading slightly lower at $63.45 a barrel.<\/p>\n\n\n\n

5 important things happening in South Africa today<\/h2>\n\n\n\n
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SARS doubles on R5 billion hit on Sasfin:\u00a0<\/strong>SARS is strengthening its stance that banks must be accountable for facilitating unlawful fund expatriation. It is making a final attempt to compel Sasfin to pay approximately R5 billion related to money laundering. Sars is seeking to appeal a November high court ruling that deemed imposing such a duty on banks as potentially harmful to the banking sector. [Business Day<\/a><\/strong>]<\/p>\n\n\n\n

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Eskom electricity price warning:<\/strong>\u00a0Eskom has warned that it may struggle to keep future electricity tariff increases under 10% if the Pretoria High Court does not issue a timely ruling on its R54 Billion settlement with Nersa, which would allow for price hikes in 2026\/27 and 2027\/28. [MyBroadband<\/a><\/strong>]<\/p>\n\n\n\n

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Top CEO cautions over optimism:<\/strong> Hendrik du Toit, chief executive of Ninety One, cautioned that the searing rally across South African assets this year risks running out of steam unless economic growth picks up enough to make a dent in the nation\u2019s sky-high unemployment rate. [Daily Investor<\/a><\/strong>]<\/p>\n\n\n\n

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Amazon introducing new products:<\/strong> Amazon reported that its selection of new products for customers is expanding by thousands each week. Meanwhile, the local marketplace Shop Mzansi is exceeding customer expectations, with a high rate of returning shoppers.\u00a0[News24<\/a><\/strong>]<\/p>\n\n\n\n

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Good news about extended driving licence:<\/strong> Acting Department of Transport (DoT) director-general Mathabatha Mokonyama confirmed that South Africa will \u201cdefinitely\u201d be moving to an eight-year validity period for driving licences. \u201cOur analysis and assessment is that South Africans do favour a longer period.\u201d [Moneyweb<\/a><\/strong>]<\/p>\n","protected":false},"excerpt":{"rendered":"

Here are 5 important things happening in South Africa today, Monday, 1 December 2025.<\/p>\n","protected":false},"author":92,"featured_media":796779,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20398],"tags":[18993,853],"class_list":["post-845106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-5-things","tag-5-important-things-happening-in-south-africa-today","tag-south-africa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/845106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=845106"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/845106\/revisions"}],"predecessor-version":[{"id":845107,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/845106\/revisions\/845107"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/796779"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=845106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=845106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=845106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}