09/25/2023
Beware: your employer can take away your pension benefits in South Africa
If the employee gets access to their retirement benefits, it is unlikely that the employer will get those monies back.
Regulation,Tax & Compliance
09/25/2023
Fraud warning for South Africa – the latest scams to watch out for
Karrim explained that these loan scams are often “Advised fee scams”
09/22/2023
South Africa central bank holds key rate and warns on fiscal risks
Economists had widely predicted that the repo rate would be maintained at 8.25%
09/22/2023
Close call as Reserve Bank holds on interest rates
Inflation in August ticked slightly higher to 4.8%, up a fraction from 4.7% in July.
09/22/2023
Sovereign wealth fund of Zimbabwe renamed ‘Mutapa investment fund’
The regulations make substantial amendments to the Sovereign Wealth Fund of Zimbabwe Act
09/21/2023
Bahamas and Botswana Sign MOU on Mutual Development
“Through this agreement, we aim to foster deeper collaboration, leverage our unique strengths, and jointly address challenges to ensure mutual progress.”
09/21/2023
The rand could hit R25 to the dollar, economists warn
At the same time, Unit labour costs also grew from 1.6% to 2.2%, exacerbating concerns regarding the relatively high inflation levels in the US compared to previous years.
09/21/2023
Casual staff, board members to pay housing levy
The statutory deduction adds to the tax burden on employed Kenyans who are struggling with the rising cost of living amid a freeze on salary increases and employment by Kenyan firms.
09/21/2023
Big interest rate decision for South Africa tomorrow – what to expect
Interest rates in South Africa have remained unchanged since May, but the US hiked rates by 25 basis points in both May and July, raising its Bank rate by 5.25% in total compared to South Africa’s 4.75%.
09/20/2023
Government racks up R18.5 billion in unauthorised spending
Treasury defines unauthorised spending as overspending or spending that is not for the purpose it was intended.
09/19/2023
Co-operative Bank of Kenya Named Best SME Financier in Africa
The Global SME Finance Awards 2023 is organized by the SME Finance Forum and endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI).
09/18/2023
African Development Bank, Alliance for Financial Inclusion renew partnership to advance access to finance for women-led businesses
The partners will work with policymakers, financial regulators, and other key stakeholders across the 20 target countries to design and implement these reforms.
09/15/2023
South Africa launches major investigation into Google, Facebook, TikTok and ChatGPT
Digital platforms have grown significantly over the years, and the transition to digital news has seen advertising revenues in the media space decline significantly.
09/14/2023
Loss-making companies to pay as State renews push for minimum tax
The Treasury has not signalled the rate at which the minimum tax will apply.
09/14/2023
SARS is on the hunt – coming after these taxpayers
Tax Consulting said that these taxpayers may have felt a false sense of comfort from the seeming hesitance of SARS to actively enforce its mandate through criminal enforcement.
09/12/2023
Banks sell dollars past Sh150 on shilling rout
Banks have historically sold dollars at spreads of between six and 10 units from the official exchange rate
09/12/2023
New Central Bank bond platform signs up additional 7,000 investors
DhowCSD is an over-the-counter trading platform meant to ease trading in government securities. It allows Kenyans abroad to participate.
09/11/2023
Uganda Issues First Islamic Banking License in Boost to Sector
The adoption of Islamic finance, which doesn’t allow the charging of interest, could unlock significant growth in East Africa’s third-biggest economy by attracting customers who have avoided traditional lenders on religious grounds.
09/11/2023
West African central bank raises rates as crises continue
In total, it has hiked by 125 basis points since June 2022.
09/11/2023
Pensions changes in South Africa – emigrants beware
The spring from which the encashment of an expat’s retirement funds flow is the formalisation of their cessation of tax residency.