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Checkers Little Shop is back by popular demand, and this time with its largest ever collection of 44 collectable miniatures to surprise and delight both young customers and adults alike. The new minis are made from 100% recycled plastic, and to make playtime Xtra special, some of them also offer fun new features, including glow-in-the-dark, …
Gqeberha based BA Systems have completed a number of high profile projects in Nelson Mandela Bay, the Eastern Cape, South Africa and abroad. In this article we explore the benefits and cost savings that Building Automation and Management Systems offer to the industrial, commercial, retail and domestic consumer. What is Building Automation? Key Components Benefits …
Saldanha and Langebaan fishers say they barely make a livelihood from their quotas
12 September 2024, Johannesburg: Telkom is excited to announce a new discount promotion on Telkom Fibre, offering significant savings on selected products for a period of three months. The promotion commenced on August 1, 2024, and will run through October 31, 2024. During this promotional period, new customers who sign up for a 12-month contract …
SARS receives R4.1bn tax directives applied for in two pot system
The South African Revenue Service (SARS) has received tax directives worth R4.1 billion in applications for the savings withdrawals in the two pot system.
SARS said it has received a total 161,607 tax directive applications. This includes the directives which have been cancelled.
A total of 159 853 relates to Savings Withdrawal Benefits, which is 98.9% of the total number of applications received from 1 -10 September 2024, which means SARS received an average of 17,964 tax directive applications a day.
SARS Commissioner Edward Kieswetter said contributions made to a pension or retirement fund were not taxed at the time of payment to the fund but deferred to the time the person retires and then taxed at a reduced rate.
However, when an individual withdraws now, they will be taxed at their marginal tax rate.
“Applications for tax directives are submitted to SARS by the fund administrator via eFiling. The directive indicates to the fund how much tax should be withheld by the fund on behalf of SARS before payout.
“Taxpayers who owe SARS money must realise that this tax debt will be added to the tax on withdrawal from the savings benefit. But if there are payment arrangements in place to settle the debt with SARS, this debt will be deducted as per agreement between SARS and the Taxpayer. A tax debt that has been deferred will also not be deducted,” the Commissioner said on Wednesday.
He indicated that the turn-around time for SARS to complete directive applications, without any human intervention, is no more than 24 hours.
The channels used by taxpayers to get more information from SARS about the new system include the SARS Online Query System on the SARS website and the SARS WhatsApp channel – 0800 11 7277 where taxpayers can do simulated tax calculations on their two pot withdrawals.
“Applicants give three reasons why they want to make a withdrawal from the new system: a transfer due to divorce, a transfer to a retirement fund and a withdrawal by the taxpayer. As the situation is changing daily, SARS will provide periodic updates on the numbers of withdrawals,” SARS said.
READ | Pension fund members required to be registered for tax to withdraw savings
-SAnews.gov.za
nosihle
Thu, 09/12/2024 - 09:28
Thebe Investment Corporation warns against fraudsters using its name
Sungrow, a global leader in renewable energy solutions, is pleased to announce the resounding success of its participation in Solar & Storage Live, Cape Town’s premier renewable energy exhibition held last week. The event marked a significant milestone in Sungrow’s commitment to driving the energy transition in South Africa, showcasing the company’s advanced solar and …
The latest research shows that for the first time, both male and female South African consumers are equally engaged in loyalty programmes, with 76% participation from each gender. This heralds a shift from the historical trend where loyalty programmes were predominantly favoured by women. It also shows how consumer behaviour is evolving and reflects a …
The Portfolio Committee on Justice and Constitutional Development today held a lengthy, thorough and frank engagement with the Justice and Constitutional Development Minister, Ms Thembi Simelane, on the allegations relating to a VBS Mutual Bank loan.
Committee Chairperson Mr Xola Nqola said members of the committee take their responsibility of holding the executive to account extremely seriously. “You could see from the engagement that members are robust, aggressive in line of questions, prepared and wanted answers. At the same time, the Minister was eloquent and did not shy away from responding to those robust questions.”
Mr Nqola said the Minister took the committee into her confidence about the loan and reiterated that it was not a kickback but rather a loan that she fully repaid. “This was a crucial matter and the committee, the country, needed clarity on it,” he said.
The Minister informed the committee that she wanted to purchase a coffee shop and intended to withdraw from her retirement savings to do so. However, when she understood the tax implications of this course of action, she realised it did not make financial sense to do so. She then approached Gundo Wealth Solutions, which indicated that it could provide a loan for the purchase. The minister explained that although she was mayor of the Polokwane Municipality at the time of the loan, Gundo Wealth Solutions was not one of the municipality's service providers.
The committee heard that the Minister was unaware that Gundo was not a registered financial service provider. She emphasised that she took a loan from Gundo and not VBS Mutual Bank.
The Minister assured the committee that she did not have an improper relationship with Mr Ralliom Razwinane, the owner of Gundo Wealth Solutions, who has since been arrested on corruption charges relating to VBS Mutual Bank. The Minister went on to say that she did not receive any improper benefits from the loan contractor.
The Minister does not own the coffee shop anymore and told the committee that she closed it when the lease was up for renewal during the Covid-19 pandemic.
The committee also questioned her about perceptions of a conflict of interest in relation to her influence over the National Prosecuting Authority to prosecute those accused of VBS-related corruption, which has the potential to undermine public confidence in the justice system. The Minister assured committee members that she will make sure that the conflict of interest does not arise. She pointed out that the Minister does not decide who to prosecute and not to prosecute.
Mr Nqola said the committee has a responsibility to conduct “aggressive oversight” over VBS prosecutions. He highlighted that it is not illegal to enter into a loan contract with a juristic person, even if they are not a registered loan provider.
In closing, he said the committee will obtain a legal opinion from the Parliament Legal Services on whether the committee can have access to the loan agreement between the Minister and Gundo Wealth Solutions.
Distributed by APO Group on behalf of Republic of South Africa: The Parliament.
Justice Minister appears before Parliamentary Committee on VBS allegations
Minister of Justice and Constitutional Development, Thembi Simelane, says she did not have any improper relationship with a contractor appointed by the Polokwane Municipality.
Last week, allegations surfaced in the media that Simelane, while she was Mayor of Polokwane Municipality in Limpopo, received at least R575 000 in a loan from a company intimately linked to VBS bank.
“I did not have any improper relationship with the contractor appointed by the municipality. Mayors are never involved…in procurement. The work of appointment of a service provider is the responsibility of the executives in the municipality.
“[Gundo Wealth] were appointed to provide services through a procurement process and this was done through committees of council. I did not receive any improper benefits from the contractor,” she said.
The Minister appeared before Parliament’s Portfolio Committee on Justice and Constitutional Development to present clarity on allegations of impropriety on her part related to VBS Mutual Bank.
On the issue of whether or not there is a conflict of interest in her position as Minister and the National Prosecuting Authority (NPA) – which is prosecuting the VBS Mutual Bank saga – the Minister said the department plays no role in the decision-making of the NPA on who to prosecute or not.
“The office I hold does not have a direct relationship in instructing or convincing the NPA on how to act on their mandate.
“On the matter of taking the loan, I have dealt with the conflict of taking the loan. My understanding is that, if you ask for assistance on someone who doesn’t have a direct bearing or payment with the municipality, it is possible and I repaid it,” she said.
Simelane explained that the loan was for a business that would create wealth for herself and family after she leaves public office.
“Political positions by their very nature are short term and necessitated me to investigate a feasibility [study] of commencing such a business and a coffee shop seemed a feasible option so that I could create an employment opportunity for myself and my next of kin.
“I made this consideration…to ensure that I have an alternative when the public office life comes to an end,” she said.
The Minister said she had initially intended to partially withdraw from her retirement savings to fund the coffee shop but the “percentage of tax made the idea not feasible”.
“I asked Gundo for advice on any other idea on how best I could get finance and I was advised against the withdrawal of the retirement savings. In those discussions, Gundo then informed me and advised of a loan product that they have that I could access.
“In consideration for the options…there existed no conflict in my view is securing a loan from Gundo. I took a decision to proceed with the business,” Simelane said.
She added that the loan was repaid over three instalments.
Treasury steps in
Simelane told the committee that as the beginning of the decline of VBS Mutual Bank began to set in, National Treasury told municipalities that it was a breach of regulations to invest in mutual banks.
The Minister said she had already taken steps to ensure that the municipality withdraws from VBS, even before the directive from Treasury.
“[On] the advice of technical experts within the municipality, myself as the mayor, instituted the withdrawal of Polokwane Municipality from VBS. My attitude at the time was, if there was anything improper with regard to municipality funds, it must be stopped,” she said.
A Treasury-led investigation into municipal investments at the bank began after that – a process the Minister insists she “fully participated” in. This was followed by a report.
“That report didn’t spare me as the Executive Mayor from corrective measures. The…sanction to us was to either go to University of Pretoria or University of Witwatersrand which are the only ones that offers…a programme which is designed by National Treasury which is called Municipal Management [Programme].
“I took this corrective measure very seriously [and] commenced with my studies the following year when universities opened. I concluded this programme…after I was no longer a mayor, when I was a Deputy Minister,” she said.
Turning back to the matter between the municipality, her loan and VBS Mutual Bank, Simelane re-emphasised that she received no improper benefits.
“[I] affirm that one: there was no improper relationship. I requested for a loan, a loan was advanced.” –SAnews.gov.za
NeoB
Fri, 09/06/2024 - 12:14
Cabinet welcomes signing of second Presidential Health Compact
The quest for quality and affordable healthcare for all has moved closer with the signing of the second Presidential Health Compact.
This is according to the Acting Minister in the Presidency, Maropene Ramokgopa, who addressed media on Thursday on the outcomes of the Cabinet meeting held on Wednesday.
Last month, Deputy President Paul Mashatile, in his capacity as Acting President, presided over the signing of the second Presidential Health Compact, an initiative established by President Cyril Ramaphosa in 2019.
READ | A nation's health, is a nation's wealth
The health compact is a framework for cooperation between critical sectors and stakeholders to strengthen the health system. It monitors and evaluates preparations for the implementation of the National Health Insurance (NHI).
The stakeholders include government, business, labour, civil society, health professionals, unions, service users, statutory councils, academia and researchers to develop sustainable and inclusive solutions to challenges in the national health system.
“It seeks to strengthen the health system and monitors and evaluates preparations for implementing the NHI,” Ramokgopa said.
The health compact also seeks to bolster the development of human resources, while improving access to medicine, vaccines and health products, upgrading infrastructure and ensuring private sector engagement.
The Acting President told the delegates during the signing ceremony that a healthy nation is more economically productive and prosperous.
“A healthy population enjoys higher life expectancy, better quality of life and overall wellbeing. As a result, providing quality healthcare is of the utmost importance to all of us,” he said.
Meanwhile, Ramokgopa said Cabinet was appalled that some unscrupulous and greedy lawyers and advocates have attempted to defraud billions of rands from the State through fraudulent and irregular medico-legal claims.
READ | Medico-legal claims a feeding trough for unscrupulous legal practitioners
“These wrongdoings were uncovered in a far-reaching investigation by the SIU [Special Investigating Unit] into alleged fraudulent medico-legal claims against the State since 2017.”
According to the Minister, the ongoing investigation revealed that some legal practitioners are helped by health practitioners working for the State to target the department.
In addition, she said matters completed by the SIU have resulted in at least R3 billion in savings for various provincial health departments. – SAnews.gov.za
Gabisile
Thu, 09/05/2024 - 11:43
Checkers teams up with healthy eating advocate Jamie Oliver to endorse Discovery Vitality HealthyFood partnership Checkers has joined forces with world-renowned chef and healthy eating advocate Jamie Olivier to endorse its new partnership with Discovery Vitality’s HealthyFood benefit that officially launches on 1 September. Oliver, an outspoken advocate for healthy eating, believes the Checkers HealthyFood …
Sungrow Unveils Latest PowerStack 200CS: A Game-Changer now available in South Africa’s Energy Sector South Africa, Johannesburg 22 August 2024: Sungrow, a global leader in PV inverters and energy storage solutions, has unveiled its latest Commercial and Industrial (C&I) Energy Storage System (ESS), the PowerStack 200CS, at Intersolar Europe. This innovation comes at a crucial …
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The Portfolio Committee on Public Service and Administration received a briefing yesterday from the Government Employees Pension Fund (GEPF) on the fund's state of readiness to implement the two-pot system to its almost 1.3 million public servant members when the new system comes into effect on 1 September 2024.
The committee welcomed the preparations that aim to ensure GEPF members have a user-friendly experience when using the online application system to access their pension fund information. This “app” will give members a dashboard view of their retirement pots and an opportunity to withdraw funds from the savings pot, as per the new rules of the two-pot retirement system.
The committee noted the concerns that some public servants do not understand how the new two-pot system works, but the committee is encouraged by the GEPF's commitment to continue educating its members.
The committee also welcomes the legislation's intention to protect South Africans' retirement savings, as well as the fact that members will be able to access a component of their savings before retirement without having to resign from their job. This is intended to help them in times of unforeseen financial emergencies.
The committee calls upon members of the public service to highlight any frustrations with the implementation of the new system so that the committee can adequately fulfil its oversight responsibilities over the GEPF and its execution within the rules of the new two-pot retirement system.
Distributed by APO Group on behalf of Republic of South Africa: The Parliament.
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Electricity Regulation Amendment Act ushers in competitive, sustainable electricity sector
Cabinet says the signing into law of the Electricity Regulation Amendment Act by President Cyril Ramaphosa creates a new era of a competitive and sustainable electricity sector that meets South Africa’s energy needs.
“The amendments enhance energy security by drawing in more participants into energy production.
“The country’s energy security has also been further strengthened with an additional 2 500 megawatts of electricity that will be fed into the national grid at the end of September 2024,” Cabinet said in a statement.
The additional capacity, which will come from Medupi Unit 4, Kusile Unit 6 and Koeberg Unit 2, will place the country firmly on track to reach the milestone of 150 days, in two days, without load shedding.
“This milestone of 148 days without load shedding has been achieved with the reduction in the use of OCGT, resulting in R10.21 billion savings in the cost of diesel compared to the same period last year,” Cabinet said.
Cabinet has also noted the withdrawal of the determination for the procurement of new nuclear energy generation capacity by the Minister of Electricity and Energy, Dr Kgosientsho Ramokgopa, to allow for further public consultation.
Cabinet affirmed that nuclear energy remains part of the country’s energy mix as it offers a low-carbon, reliable source of electricity that can contribute significantly to the country’s energy security and climate goals.
Ports infrastructure
On the country's ports infrastructure, Cabinet has welcomed the launch of five out of seven tugboats, which is part of the Transnet National Ports Authority’s fleet renewal programme. This, to tackle the challenges of congestion at the country’s ports in line with the Freight Logistics Roadmap to restore the efficiency and competitiveness in SA's ports and rail.
READ | R1 billion investment to boost tugboat availability
“The tugboats, which are equipped with the latest technology and improved bollard pull capacity, will help reduce vessel turnaround times by assisting in the faster movement of cargo and container ships through our major ports.
"The tugboats will also assist in preventing accidents by guiding ships through congested areas, thus improving port safety,” Cabinet said. – SAnews.gov.za
DikelediM
Thu, 08/22/2024 - 13:36
The dust on the national elections has finally settled with the newly formed government of national unity described as a ‘market-friendly outcome’ by Business Day. This is good news for those who have been holding off on property investments as real estate interest picks up, particularly in secure estates. “There’s definitely a positive sentiment being …
Modern air conditioners offer a compelling alternative to traditional gas heaters. As temperatures drop and energy bills rise, households explore affordable ways to stay cosy indoors. While traditional gas heaters have long been a staple, a new heating alternative is gaining momentum – residential air conditioning units. Modern air conditioners can provide efficient and cost-effective …
Metrorail says work on remaining stations was delayed by rains
The concept of smart homes has rapidly evolved from a futuristic idea to a practical reality. With advancements in smart house technology, homeowners can now enjoy increased convenience, security, and energy efficiency. Smart Homes: A New Era of Living Smart homes are designed to provide seamless control over various household devices and systems. By …
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When it comes to finding a reliable and cost-effective solution for your car’s engine needs, Lou Appels Engine Room stands out as a premier destination. Known for its extensive selection of high-quality used engines, Lou Appels ensures that you get back on the road quickly and affordably. In this blog, we’ll dive into the offerings …
Finance Deputy Minister urges responsible use of retirement savings
Finance Deputy Minister David Masondo has encouraged fund members to use their retirement savings sparingly, and only when there is an urgent and dire need.
In less than three weeks, retirement funds across the country will implement the Two-Pot Retirement System.
READ | Fund members urged to get financial advice on pension fund withdrawals
“With the new reforms, members will now be able to withdraw a portion – up to a third – of their retirement savings before retirement, while still preserving funds. They should seek trustworthy financial advice to consider the implications of withdrawing from their savings component,” the Deputy Minister said on Tuesday.
Addressing the Old Mutual Thought Leaders Forum, Masondo emphasised the importance of financial literacy, financial education, and financial advice in this context.
“It is important to note that administration costs and tax at marginal rates will be deducted from such withdrawals. In addition, members will also lose out on all related future growth and the retirement benefit originally intended for those funds."
The Two-Pot Retirement System is the latest in a series of comprehensive reforms implemented by the South African government to simplify and harmonise the pension system, incentivise pension savings, and increase the fairness of the retirement system. - SAnews.gov.za
nosihle
Tue, 08/13/2024 - 11:22