New Financial Developments in the Pipeline after the Budget Speech

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1. Outward Remittances

The Government is well aware of how expensive it is to remit funds abroad from South Africa. In response, Treasury will conduct some reforms, to apply, which, together with more competition and exemptions in the Financial Intelligence Centre Act (2001), should hopefully reduce the compliance burden for low-risk remittances and bring lower charges.

2. Financial Surveillance Manual

The current Reserve Bank will publish a simplified financial surveillance manual on its website in ...

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Minimum Wage Deliberations Deadlock

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Deliberations around minimum wage in Nedlac which was expected to end next month has resulted in deadlock. Concerns have been raised to whether the deadline around minimum wage will be achievable with a differing views on minimum wage.

Nedlac wants a minimum wage of R5000 where employers want minimum wage to be aligned to the lowest wage sectorial determination, that of domestic workers.

Issues around wage inequalities and slow implementation of minimum wage by the Department of Labour will draw out the ...

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Medium Term Budget Statement – Tax Essentials Synopsis

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o The first automatic exchange of information between tax jurisdictions took place in September 2015. The system is aimed at assisting revenue authorities across the globe with combatting base erosion and profit shifting.

o South African taxpayers who has been using offshore bank accounts to evade South African tax will be well advised to seek professional assistance in regularising their tax affairs as soon as possible.

o Employment Tax Incentives in the amount of R3.9billion has been claimed by 36 000 employers for 250 ...

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Institute of People Management Convention and Exhibition

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The Institute of People Management (IPM) Convention held their 59th annual Convention, a 3-day convention which delivers the latest thinking and solutions in the management and development of people. Hosted at Sun City, North West Province, all Human Resources Professionals, business leaders, suppliers and key influencers come together from private and public sectors to explore topical issues and to seek solutions to business challenges.

The focus of this year’s Convention was “HR Delivering innovation and excellence: The next 70 years of ...

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Medical Aid Rates Increase 2016

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It is that time of the year again when Medical Aid Schemes are releasing their premium rates for the 2016 calendar year. In a comparison, conducted by Remuneration Consultants South Africa, the 2015 and 2016 contribution rates of seven of the most prominent Medical Aid Companies in South Africa revealed an on average contribution rate increase between 7.26% and 10.92%. The graph below ranks the seven Medical Aid Schemes from the highest to the lowest increase.
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Medium Term Budget Statement

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Whilst political opportunism, some would argue, delayed the Minister of Finance, Nhlanhla Musa Nene, from delivering his medium term budget statement in parliament in October 2015, the Minister eventually had an opportunity to address parliament. Amidst the building chaos outside of the parliament building and the weakening rand, the Minister announced a few important and interesting tax related matters. Click here for a summary and our comments.
Medium term budget statement – tax essentials synopsis

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Cabinet Decision To Revise The Immigration Amendment Acts and Regulations

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The Department of Home Affairs looks at the unintended consequences and mitigating factors relating to the implementation of the Immigration Amendment Act in May 2014. Changes include considering a long-term Multiple Entry Visa for a period exceeding 3 months and up to 3 years for frequent travellers (for business meetings), new VFS centres in Zimbabwe, United Arab Emirates and Botswana, consider a visa-waiver for India, China and Russia and opening two Business Visa Facilitation Centres in Durban and Port Elizabeth.
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Update on Retirement Reform

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Mentje Larney presented to Parliament’s Standing Committee on Finance, on Tuesday the 2nd of November 2015, dealing with pension fund reforms. The presentation was of the South African Reward Association (SARA) and was in response to the Committee’s call for public comment on the Minister’s proposal to amend the Taxation Laws Amendment Bill (TLAB) that was tabled on 27 October 2015. The proposal from the Minister included the annuitisation requirement for provident funds effective 1 March 2016. However, it should ...

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Africorp Solutions Presents at IPM – 2015 – Designing Reward and Benefit Systems for the Future

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The IPM Convention, is a 3-day convention which delivers the latest thinking and solutions in the management and development of people. Hosted at Sun City, North West Province, all Human Resources Professionals, business leaders, suppliers and key influencers come together from private and public sectors to explore topical issues and to seek solutions to business challenges.

As part of this wonderful event, Africorp Solutions and Advisory in its first year in participating at the convention, presented on remuneration planning and structuring, ...

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Richard Branson: Companies Should Put Employees First

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The Virgin founder shares how making employees the top priority can bring benefits for both customers and investors.
By Oscar Raymundo

IMAGE: Getty Images

Richard Branson was able to build Virgin into a global powerhouse by focusing on two key words: customer service.

From Virgin Atlantic to Virgin Mobile, Branson says, each new Virgin venture has shared the brand’s unrivaled commitment to customers. In fact, the famed entrepreneur refused to place the Virgin name on a company he acquired until it had been ...

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