The most recent data from the South African Revenue Service (SARS) indicate that undisputed tax debts have reached a record high of nearly R500 billion, with Value-Added Tax (VAT) being the primary concern. The most recent SARS Debt Collection Data from December 2025 shows a total of R63 billion in cash collected from debt, thus…
Key takeaways Our economy is growing faster than expected, though still not fast enough. Gross domestic product (GDP) is forecast to rise by 1.2% this year, more than double the growth rate in 2024. For the first time since 2008, South Africa’s national debt is not rising as a percentage of GDP. This means we…
South Africa’s jobless rate fell with a slight margin in the third quarter of 2025, with construction being the biggest contributor, confirmed Statistics South Africa (StatsSA). The official unemployment rate now stands at 31.9% in July-September down from 33.2% in April-June 2025. The positive change in unemployment rate can be attributed to the resilient Small…
South Africa has been delisted from the notorious greylist after more than two years of intense scrutiny by the Financial Action Task Force (FATF). The global financial crime watchdog placed South Africa on the list in February 2023 for not complying with international standards around the prevention of money laundering and terrorist financing. The country…
Climate change and policy coordination: What can central banks do? A public lecture by Lesetja Kganyago, Governor of the South African Reserve Bank, at the Nelson Mandela University, Gqeberha, 19 October 2023 Introduction Last year’s floods in KwaZulu-Natal (KZN) reminded us yet again that climate change is real and can devastate households, businesses and property….
Many taxpayers are unaware that they have a right to approach the South African Revenue Service (SARS) and request remission of administrative penalties. Although SARS has many options for dealing with such requests, including allowing, partially allowing or disallowing requests, the revenue collector must respond within a reasonable time. The case below, a rare complaint…
The Office of the Tax Ombud (OTO) does not often receive cases involving Turnover Tax Return (TT03) complaints against the South African Revenue Service (SARS) but ensures that when it does, such matters are efficiently dealt with. The case below, which helped secure a tax refund of over R24 000, illustrates the OTO’s commitment to…
The Minister of Finance, Mr Enoch Godongwana has in terms of section 14 of the Tax Administration Act, of 2011, appointed Ms Yanga Mputa as the Tax Ombud effective from 1 July 2023. Ms Mputa becomes South Africa’s first female Tax Ombud. The appointment is for a period of 5 years. Ms Mputa will take…
February 21 2023 Ahead of the national budget – to be tabled on Wednesday – the SBI calls on Finance Minister, EnochGodongwana, to support small businesses and their employees, households and families battling high cost of living and load shedding. “We appeal to the minister to spell out how government will be supporting South Africans…
Remarks by the Governor of the South African Reserve Bank, Mr Lesetja Kganyago Press conference, 16 May 2022: Ubank Limited Members of the media, Thank you for being here today. We have called today’s press conference for an announcement in connection with Ubank Limited (Ubank). Ubank is a bank, duly registered as such in terms of the…
18 November 2021 Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Steady advances in vaccination rates have sustained confidence and the global economic recovery this year, even with further waves of the Covid-19 virus expected. Recoveries in emerging market and developing economies will continue to lag those in advanced economies, in large…
A Public Lecture by Lesetja Kganyago, Governor of the South African Reserve Bank Stellenbosch University (virtual)Wednesday 8 September 2021 Inflation-targeting at 21- lessons for the future This is a year of anniversaries for the South African Reserve Bank (SARB). The institution itself has reached 100 years. The rand has turned 60. We are commemorating 25 years of…
Sasria is a Non-life Insurance Company that provides coverage for damage to property caused by special risks such as politically motivated malicious acts, riots, strikes, terrorism and public disorders. Sasria cover is bought through insurance companies who are responsible for the administration of Sasria cover. If your business is insured, you should check if your…
CORPORATE SUPPORT SERVICES MAURITIUS TAX TALK Tax Planning and Business OptimizationPART 3 “For every tax problem there is a solution which is straightforward, uncomplicated-and wrong.” ~ anonymous We often think that tax optimisation only makes sense for rich people and big companies, but this simply isn’t true; practically anyone can do it. There are many…
The Monetary Policy Committee (MPC) decision press conference will be held on Thursday, 21 January 2021. The announcement will be broadcast live on SABC3, eNCA, BDTV, CNBC Africa and Newzroom Afrika at 15:00. The conference will be hosted virtually on the Zoom platform. Media will be able to join the press conference and register to pose…
(Bloomberg) –South Africa came out of its longest recession in 28 years as the economy rebounded more than projected in the third quarter when most of the curbs to contain the spread of the coronavirus were eased. Read the article on the Daily Maverick website
Media advisory Release of the November 2020 Financial Stability Review on Tuesday, 24 November 2020 The Financial Stability Review (FSR) will be released on Tuesday, 24 November 2020 at 12:00. The presentation on the FSR, which is normally delivered at the Financial Stability Forum meeting, will be hosted virtually and therefore no physical media lock-up…
Media statement 29 October 2020 VBS Mutual Bank (in liquidation): Update to depositors and creditors VBS Mutual Bank (in liquidation) (hereinafter referred to as VBS) was placed under curatorship by the Minister of Finance on 11 March 2018. On 9 July 2018, the South African Reserve Bank (SARB) announced that with effect from Friday, 13…
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Mandate Established by the National Empowerment Fund Act No 105 of 1998 (NEF Act), the National Empowerment Fund (the NEF) is a driver and thought-leader in promoting and facilitating black economic participation by providing financial and non-financial support to black-owned and managed businesses, and by promoting a culture of savings and investment among black people….
Up to 30,000 eligible small businesses in more than 30 countries (including South Africa) will be able to receive a grant from Facebook. To be eligible to apply, your business must: Have between 2 and 50 employees Have been in business for over a year Have experienced challenges due to COVID-19 Be in or near…
Mauritius has been a popular holiday destination for South Africans for many years, but the government’s recent concessions have made it more accessible and affordable for South Africans to retire, live and work than ever before. In June 2020, the Mauritian government’s changes to investment thresholds, the extension of work, residence, retirement permits, and attractive…
For information, here is a presentation delivered by the SARS Commissioner at a leadership discussion with the private sector held on 31 July 2020.
On behalf of the East African Employers Organisation (EAEO), the SADC Private Sector Forum (SADC PSF) and the International Labour Organisation (ILO), we have the pleasure of inviting you to a webinar on Developing Policy Frameworks for Recovery & Prosperity from the COVID-19 pandemic. The webinar will present examples of how Business Leaders across the…