What a new world order might mean for the global economy
The war in Ukraine is having a significant effect on inflation and activity in the world economy as commodity prices have soared and supply chains have been disrupted. Inflation in the G7 was running at more than 7% in April, its highest for 40 years, and will reach double digits in some countries, such as […]
By how much will taxes have to increase to pay for a basic income grant?
Personal income tax (PIT), value-added tax (VAT) and corporate income tax (CIT) would have to increase by just under 5% to raise R50 billion, or by slightly more than 9% to raise R100bn, if all three taxes were harnessed to fund a basic income grant (BIG), according to a study by research and consultancy house […]
Death claims during fourth Covid wave closer to pre-pandemic levels
Life insurers reported a significant drop in death claims for the six months to the end of March compared to previous six-month reporting periods since the start of the Covid-19 pandemic. South Africa experienced the fourth wave of Covid infections in December 2021, which peaked during the middle of that month. The Association for Savings […]
Tribunal sets aside debarment of bank employee accused of sharing confidential information
The Financial Services Tribunal (FST) has set aside the debarment of a bank employee, saying the possibility or suspicion of the transgression was not a sufficient reason for him to be debarred. The tribunal provided the following context to the matter: First National Bank conducts investigations into instances of employees who provide account information to […]
Five misconceptions about crypto taxation
Since their inception in 2009, there have been many misconceptions about crypto assets, often referred to as cryptocurrencies. These misconceptions have cost investors millions of rands and have subsequently been addressed or explained on numerous media platforms. By now, even novice investors should know that crypto assets are not the preferred mode of buying illicit […]
Tribunal: Adjudicator did not give employer and provident fund a fair hearing
The Financial Services Tribunal (FST) has set aside a determination by the Pension Funds Adjudicator after finding that her office did not serve the complaint on all the affected parties, thereby denying them their rights in terms of the audi alteram partem rule (both sides of the case must be heard). The FST also drew […]
Tribunal advises FAIS Ombud on how to reconsider Sharemax determination
The Financial Services Tribunal (FST) has sent yet another determination related to an investment in Sharemax back to the FAIS Ombud for reconsideration, with the tribunal saying the ombud needed to apply the legal tests for negligence and causation to the matter. Read: FAIS Ombud did not act impartially in Sharemax matter, says tribunal Read: […]
Tech trends are bringing new risks for insurers
Technological development, although rapidly accelerated by the Covid-19 pandemic, has been changing the insurance landscape for some time. Nowhere have the effects of digitalisation been felt more acutely than in the agricultural sector, where technological innovation has propelled widespread change over the past decade. An example is the emergence of precision farming, which employs several […]
NPA’s decision to drop Sharemax prosecution will impact investors and advisers
In 2020, Magnus Heystek wrote an article titled A truly horrific chart with nowhere for the JSE to hide, in which he compared the returns of various investment options over the previous 10 years. “The market for property syndications – mainly driven by two major players, Sharemax and Picvest – boomed for about 10 years […]
Failure to update tax law is bad news for employees trying to claim home office expenses
Many taxpayers will again hit a wall when trying to claim any home office expenses during the current tax filing season, despite having worked mainly from home since the start of the Covid-19 pandemic. There has been no legislative response to the hybrid workplace, where people work partly from home and partly from the office. […]
