Author: Imali-admin

New Insurance Act takes effect in July

The National Treasury says the new the Insurance Act will come in effect on 1 July 2018. The Insurance Act (No. 18 of 2017) was assented to by the President on 18 January 2018. It establishes a legal framework for the regulation and supervision of insurers and insurance groups in terms of the Twin Peaks framework. “This will ensure the safety and soundness of insurers, enhance the protection of policyholders and potential policyholders, promote broad-based transformation of the insurance sector, and contribute to the stability of the financial system in general,” said the National Treasury. Moreover, the introduction of...

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NHI: What next for your medical aid scheme?

National Health Insurance (NHI) will be mandatory for all South Africans to contribute to, but individuals can decide if they still want to be members of private medical schemes in addition to making use of NHI, according to an expert. Last week, Health Minister Aaron Motsoaledi gazetted two bills which will shake up the healthcare system. These are the NHI Bill and the Medical Schemes Amendment Bill, and they seek to address the “terrible twins” of the healthcare system – the exorbitant cost of private healthcare and the poor quality of care in the public health system. NHI is...

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Mandela banknotes go into circulation to mark 100th birthday

You will soon find former president Nelson Mandela at your closest cashier as new coins and banknotes commemorating his 100th birthday go into circulation next month. The South African Reserve Bank (SARB) is launching the commemorative series to celebrate Mandela’s birthday. The late statesman was born on July 18 1918 in Mvezo in the Eastern Cape. The series will include a new commemorative R5 coin‚ and R10‚ R20‚ R50‚ R100 and R200 banknotes. “As part of the preparations for the launch‚ test packs of the commemorative banknotes were made available to members of the broader cash industry to allow...

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SARS cuts short tax filing period

The South African Revenue Service is shortening its window for filing tax returns. SARS says this will allow more time for finalising audits before the year ends. Acting SARS Commissioner Mark Kingon is encouraging taxpayers to use the e-filing option to help ease the revenue service’s backlog. Taxpayers will have 3 weeks less to file their tax returns. SARS has now shortened the tax filing season from the 1st of July to the 31st of October. The revenue services says the move is aimed at ensuring efficiency and will allow for SARS to deal with verifications before taxpayers go on their December...

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KPMG to lay off 400 employees in latest shake-up

The company is closing regional offices, and will only operate in four hubs in South Africa. Under-fire financial services company KPMG South Africa has announced a reshaping of its business – including a number of retrenchments, along with further support from KPMG International to strengthen leadership capacity. KPMG is currently under investigation by the Independent Regulatory Board for Auditors in relation to its audits of several Gupta companies and has been dropped by several firms in recent months, including Finbond and the South African Institute of Chartered Accountants’ (SAICA) last week, and ABSA and Redefine Properties last month. “These...

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