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Despite red flags about South Africa's diminishing tax base, SARS is not slowing down
The South African Revenue Service (SARS) has been highly effective in its tax enforcement methods throughout South Africa, and the National Treasury is planning to grant it extra money to finance its anti-noncompliance campaign. Finance Minister Enoch Godongwana complimented SARS's accomplishments over the previous three years during his national budget statement on Wednesday (23 February).
South Africa has reached stage 7 load shedding
Eskom, South Africa's power utility, reported that it temporarily entered stage 7 load shedding on Wednesday (22 February), following a similar step on Tuesday, but argues this does not reflect the larger timeline. According to Eskom spokeswoman Sikonathi Mantshantsha's daily information updates, the power provider lost nearly 7,000MW of electricity on Wednesday evening. He verified
South Africa has reached 7,000MW of load shedding
South Africa has attained an unparalleled degree of power rotation. Eskom dropped 7,045 megawatts from the grid on Tuesday, spokeswoman Sikonathi Mantshantsha said in a tweet. Each 1,000MW signifies a load-shedding level, and according to Bloomberg, Mantshantsha has practically verified that Eskom has progressed to stage 7. It should be emphasised, however, that Eskom has
Discovery Bank named Best Digital Bank of the Year in 2023
Discovery Bank has been named the 2023 MyBroadband Award winner for Best Digital Bank. Discovery Bank was chosen as the winner due to the remarkable features and services provided by its banking app, as well as its outstanding usability and interaction with a range of internal and external platforms. Nominees for the 2023 MyBroadband Award
Apple Watch may be banned in the United States
The prospect of a ban on importation of newer-model Apple Watches into the United States has grown after President Joseph Biden affirmed an International Trade Commission finding on patent infringement (ITC). The ITC reached a final ruling in December 2022 that Apple had infringed on wearable electrocardiogram (ECG/EKG) patents owned by medical equipment firm AliveCor.
Porsche South Africa victim of ransomware attack
Over the weekend, a ransomware assault disrupted Porsche South Africa's Johannesburg headquarters, bringing down some of the company's systems and at least some backups. According to MyBroadband, the attackers encrypted the company's files and locked it out of corporate systems using a relatively new ransomware strain dubbed Faust. According to security analysts, Faust is a
Criminal gangs are attacking cellphone towers in South Africa
Due to the risk of being targeted by thieves, South Africa's mobile carriers are hesitant to identify the providers and brands of the batteries they employ to keep their networks operational during load-shedding. High-capacity batteries are sought after by criminal syndicates because they may command high prices on the illicit market. MyBroadband inquired about the
Good news for everyone in Cape Town who owns a property worth less than R5 million
The City of Cape Town has announced that it would increase the rates and taxes rebate for city property owners beginning in the fiscal year 2023/24. According to the city, the refund for all homes worth under R5 million would increase by 52%, from R285,000 to R435,000. This is in addition to the statutory R15,000
To keep the lights on during Stage 8 load shedding, large enterprises would have to pay R120 million
Tiger Brands, a South African packaged products manufacturer, claims stage 6 to stage 8 load shedding will cost R120 million in additional generating capacity to keep operations running. In its trading statement for the four months ending 31 January 2023, the firm reported a steep increase in pricing, as well as growing expenditures attributable to
Domestic worker salary in South Africa has increased significantly — here's how much you should be paying
The Department of Employment and Labour has published the new National Minimum Wage for South Africa. The minimum wage will be increased by 9.62% for the year, bringing the current figure to R25.42 (up R2.23 from R23.19 before). Agricultural labourers, like domestic workers, will be paid a minimum wage in line with the rate. Workers
Shoprite introduces new private label to help local companies
Shoprite, South Africa's largest retailer, is launching an exclusive private-label product line derived from local small, medium, and micro firms (SMMEs). According to Shoprite, the new Homemade label opens up a plethora of chances for young enterprises to prosper in retail. With access to Shoprite's 534 supermarkets throughout the country, SMMEs can get their items
The Reserve Bank is preparing for a countrywide grid meltdown
The South African Reserve Bank (SARB) is planning for a national grid failure through the Financial Sector Contingency Forum (FSCF). While the central bank highlighted that a regional or national grid breakdown is improbable, it must investigate such systemic risks as part of its responsibility to ensure financial stability in the country. Since 2015, the
How much it costs to sell your own items on Takealot – and what to look out for in hidden fees
Takealot, South Africa's largest online retailer, began as a typical retail business, offering things it sourced directly and privately to the general public. It modified its business strategy in 2015 to stay up with global online retailers, allowing third-party merchants to offer items through its marketplace solution platform. To the casual consumer, it made little
Where should you invest your funds right now
Alternatives for savers seeking better returns on their money. South Africa has gone through a lot in recent years. Along with the Covid-19 outbreak, we've had a brief recession, higher gasoline prices as a result of Russia's invasion of Ukraine, and now rising interest rates. As inflation is beginning to slow and interest rates continue
Tax red flags in South Africa: what to anticipate this week
South Africans should limit their expectations for an ideal budget delivery this week, and instead prepare for a more bleak reality, according to Professor Andre Roux, an economist at Stellenbosch Business School. Roux stated in a pre-budget study on Monday (20 February) that finance minister Enoch Godongwana would have the difficult challenge of reconciling the
Concerns over a new visa designed to attract qualified workers in South Africa
After a spate of announcements aimed at attracting talented workers to South Africa, including a remote working visa, experts have expressed doubt about their viability. President Cyril Ramaphosa emphasised the need for more qualified employees in the country during his most recent State of the Nation Address (SONA). He reaffirmed SONA 2022 pledges, saying the
Eskom intends to implement stage 8 load shedding
Eskom says it is revising its documents and timetables that govern load shedding stages in order to prepare for stage 8 if the nation reaches it. The power company stated that the review process is now continuing and that it is meeting with regulators and industry to look at possible phases of load shedding and
Finance Minister Enoch Godongwana to incorporate a credible debt-relief strategy
South African Finance Minister Enoch Godongwana is tasked with implementing a realistic debt-relief plan for the ailing state power provider into the national budget while also stabilising government finances in the face of unprecedented blackouts. According to the minister, the state would assume between one-third and two-thirds of Eskom's R400 billion obligations by October 2022.
The Rand is on edge as markets await the budget
South Africa's rand traded smoothly on Monday (20 February), but stayed lower as markets anticipate fiscal policy measures by the finance minister in his budget statement this week on Wednesday (22 February). The dollar was likewise slightly changed against a basket of world currencies, according to Reuters. The rand in South Africa has experienced its
More companies are relocating to Cape Town
Cape Town is experiencing a surge in corporate relocation as companies seek dependable service delivery. According to Brent Townes, Commercial Property Chief Operating Officer at Lew Geffen Sotheby's International Realty, semigration is driving not just the movement of families but also the relocation of companies, as Cape Town sees growing demand for company premises. Townes