Wealth Advisory Newsletter

SARS is coming after South Africa’s rich – as they try to rush billions out of the country

SARS is targeting wealthy individuals and multinational enterprises for tax compliance, aiming to bolster revenue collections by billions of rand. Commissioner Edward Kieswetter emphasises voluntary compliance and strategic initiatives to ensure tax efficiency. Despite declines in emigration applications, SARS tightens scrutiny on offshore investments, approving only a portion of transfer requests, reports BusinessTech.

SAA wants minority investors and loans

South African Airways (SAA) is seeking minority investors, access to capital markets and loan financing to expedite its expansion plans. This move comes after the collapse of a previous equity deal with the Takatso group, comprised of Global Airways and Harith General Partners, which would have seen the disposal of 51% of SAA to the consortium, reports Daily Investor.

Tesla’s biggest rival could launch electric bakkie and hybrid in South Africa

BYD, the renowned Chinese automotive giant, is making waves in South Africa with its electrifying lineup. Set to launch its anticipated “BYD Shark” bakkie and “BYD King” hybrid sedan, the company is poised to challenge the dominance of the Toyota Hilux and Corolla, reports My Broadband.

Treasury, pension funds working flat-out to honour two-pot deadline

The Financial Sector Conduct Authority (FSCA) has said pension funds will need to submit their draft rules between the beginning of May and mid-July so that it can give “in principle” approval of the rules, even though the legislation will not have been finalised. National Treasury has admitted that the new retirement system – whereby members will have access to one-third of their pension fund money before they retire – is bound to have “teething issues” that must be ironed out after the 1 September implementation date, reports Moneyweb.

The next Audi A3 still coming in 2027, but reportedly as a renamed EV

The next generation Audi A3, slated for a 2027 debut, is expected to break convention by transitioning into an electric vehicle, departing from Audi’'s nomenclature restructuring. Despite the company’'s move towards electrification and discontinuing smaller models like the A1 and Q2, the A3’'s evolution into an EV hints at Audi's commitment to innovation and sustainable technology reports The Citizen.