Wealth Advisory Newsletter

SARS warms up to rich South Africans

The South African Revenue Service (SARS) has introduced dedicated relationship managers for high-wealth individuals, offering personalised tax services while increasing scrutiny on their financial activities. Taxpayers have until January 2025 to update their tax affairs, reports BusinessTech.

New ICASA regulations could boost Starlink's prospects in Mzansi

The Independent Communications Authority of South Africa (ICASA)’s proposed changes to satellite communication regulations could benefit Starlink and similar entrants by simplifying licensing and spectrum fee structures. The draft regulations aim to streamline the authorisation process and reduce costs for low-earth orbit satellite operators, reports Bizcommunity.

South Africa’s hidden R89 billion industry

 South Africa’s wind industry has attracted investments exceeding R89 billion in the past decade, generating over 23 000 jobs and powering more than three million homes each year. Wind technology now accounts for 4.9% of the country’s electricity production, with capacity growing from 257 MW in 2013 to 3 442 MW in 2023. The sector is projected to expand at over 3% CAGR through 2029 reports Daily Investor.

Sales of the first electric Mercedes-Maybach start in South Africa

The Mercedes-Maybach EQS 680 SUV, the luxury brand’s first all-electric model, is now available for order in South Africa, though in limited numbers. Pricing details are yet to be announced. The SUV features high-end touches like a hand-painted dual-tone paint scheme, luxurious interiors and advanced technology, reports BusinessDay.

Big VAT changes for South Africa planned

The National Treasury’s Draft Taxation Laws Amendment Bill for 2024 proposes significant VAT changes, including a reduction in the period for submitting VAT claims from five years to within the tax period of the purchase. The draft is open for public comment, and the finalised changes are expected to come into effect in the 2024 tax year reports Daily Investor.