Minimum wage bill before Parliamentary Portfolio Committee
The Department of Labour says the National Minimum Wage (NMW) Bill and supporting Basic Conditions of Employment and Labour Relations Bills are currently before the Parliamentary Portfolio Committee on Labour, for consideration. The department is dedicating the month of May (Workers Month) to the National Minimum Wage, which is... Read more
6.6 million workers to benefit from National Minimum wage
More than six million workers are expected to benefit from the National Minimum Wage when it is introduced, says Labour Minister Mildred Oliphant. Speaking during an interview with the Government Communications (GCIS) in Tshwane on Monday, Minister Oliphant said through the Ministerial Sectoral Determinations, there are 4.5 million workers... Read more
SARS to apply normal tax rules to cryptocurrencies
The South African Revenue Service (SARS) will continue to apply normal income tax rules to cryptocurrencies, it said on Friday. The revenue service said it expects affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income. “The onus is on taxpayers to declare all cryptocurrency-related... Read more
SARS collects R1.216 trillion in tax
The South African Revenue Service (SARS) has managed to collect R1.216 trillion in the 2017/18 financial year. Finance Minister Nhlanhla Nene made the announcement at a briefing on Tuesday morning. “SARS collected a gross amount of R1451.0 billion which was offset by refunds of R234.3 billion, resulting in net... Read more
SARS collects R1.216 trillion in tax
The South African Revenue Service (SARS) has managed to collect R1.216 trillion in the 2017/18 financial year. Finance Minister Nhlanhla Nene made the announcement at a briefing on Tuesday morning. “SARS collected a gross amount of R1451.0 billion which was offset by refunds of R234.3 billion, resulting in net... Read more
Inflation Expectations Survey: 2018Q1
Inflation expectations for both 2018 and 2019 declined across all social groups relative to the previous quarter. The average for 2018 declined from 5.7% to 5.2% and for 2019 from 5.9% to 5.3%. Inflation is expected to edge up marginally to 5.4% in 2020. Of all the social groups,... Read more
Reserve Bank imposes administrative sanctions
The Reserve Bank on Friday announced that it has imposed administrative sanctions on five foreign exchange dealers. “The South African Reserve Bank (SARB) has imposed administrative sanctions on five authorised dealers in foreign exchange with limited authority (ADLAs),” the bank said in a statement. The administrative sanctions were imposed... Read more
Funds made available for immediate drought disaster relief
Government has made R433.524 million available from the disaster grants for immediate drought disaster relief funding for the three-most affected provinces. The funds have been allocated to the Eastern, Northern and Western Cape provinces over the 2017/18 and 2018/19 financial years. Of the R433.524 million, R348.846 million is to... Read more
Households pose greatest risk for SA banks – S&P
Despite low economic growth in South Africa, S&P Global Ratings said in a report released on Tuesday that it expects SA banks to maintain robust profitability and sound capitalisation in 2018. S&P believes domestic households pose the greatest source of risk for SA banks, because of their relatively high... Read more
Minimum wage roadshows set to resume
The Department of Labour will embark on another national series of roadshows on the National Minimum Wage (NMW), this time focusing on the bill exemption process with employers’ across the country. The bill, which is set to pave way for the NMW in South Africa, is currently in Parliament... Read more