Latest news with #R10
The Citizen
a day ago
- Business
- The Citizen
Fines (R10 000 to R40 000) for electricity bypass in ELM
VANDERBIJLPARK – Many streets in SE7 are 100% illegally bypassed, bleeding the municipality dry of service delivery revenue and threatening to compromise the electricity infrastructure for all customers in the area. This has caused stakeholders to blame electricity theft as the reason why a small group of residents are resisting the installation of smart meters in the area – and gives insight into why Emfuleni residents owe ELM more than R6 billion for unpaid services. According to smart meter service provider BXC, which says it has discovered more and more streets in the densely-populated suburb – due to concentrated student accommodation – are 100% bypassed and with even more streets reaching a 90% and 80% bypass rate. The Emfuleni Local Municipality (ELM) is staggering under the financial weight of a deep-seated culture of non-payment throughout Emfuleni, but especially in densely-populated suburbs such as SE7, resulting in huge losses for ELM which must still pay Eskom for stolen power. DA Councillor Yvonne Coertze says the installation of smart meters throughout Emfuleni is vital to normalise electricity supply and to ensure payment. BXC is proceeding with smart meter installations in SE7 under Police guard and also assisted by the ELM By Law Unit. ELM is on National Treasury's debt relief programme for its huge Eskom debt and a requirement of that programme is that smart meters be installed to protect and expand revenue security. Most of ELM's revenue comes from electricity sales, currently managed by Eskom as its agent. Although smart meter infrastructure can be bypassed, unlike traditional pre-paid meters it is picked up instantly by the BXC IT network and allows for swift action. Fines of up to R10 000 or even R40 000 in the case of businesses can be issued if bypasses are found, and these must be paid along with the cost of stolen electricity before power is restored. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
IOL News
2 days ago
- Business
- IOL News
Point of view: understanding the impact of eFiling fraud on South African taxpayers
Discover the troubling findings of the Tax Ombud's eFiling Profile Hijacking survey, revealing the extent of fraud affecting South African taxpayers and the urgent need for improved security measures. Image: Ziphozonke Lushaba / Independent Newspapers The latest findings from the Tax Ombud's eFiling Profile Hijacking survey paint a stark picture of the vulnerabilities within South Africa's tax system. The Tax Ombud, Yanga Mputa, presented these findings this week. The numbers alone tell a worrying story: nearly half of the respondents were registered tax practitioners, while a significant portion, 32.7%, were individual taxpayers. The hijacking of tax profiles is not a minor inconvenience; it is a direct assault on the integrity of Sars, the security of taxpayers, and the trust that businesses and individuals place in the tax system. Alarmingly, a significant portion of those surveyed had firsthand experience with eFiling hijacking, with 41% reporting that they encountered this form of fraud. Meanwhile, 38% of tax practitioners had clients who fell victim to it, and 21% had witnessed it happening to someone else. These figures highlight that this is not a niche issue affecting a handful of unlucky taxpayers—it is widespread and systemic. The types of tax affected provide further insight into the nature of these attacks. Personal Income Tax was the primary target, making up 65% of reported cases, followed by VAT at 20% and Company Income Tax at 15%. This underscores the fact that individuals, rather than corporations, bear the brunt of eFiling fraud. The financial implications are severe: fraud amounts ranged from sums below R10 000 to staggering figures exceeding R1 million. For many victims, this is not just a bureaucratic headache, it is financial devastation. What is even more concerning is the response-or lack thereof—from authorities. More than half (52%) of the respondents did not report the matter to the police, and an additional 23% did not even know if they should. This raises critical questions about law enforcement's ability to assist victims and deter perpetrators. Even among those who did report their cases, the question remains: What action, if any, was taken? The survey further reveals the enabling factors behind these fraudulent activities: internal fraud and insider involvement, a lack of cybersecurity safeguards, system vulnerabilities, and ineffective response mechanisms from Sars itself. The fraudulent modification of banking details adds another layer to the crisis, demonstrating how easily financial data can be exploited. There is an urgent need for improved security measures and greater education and awareness of the risks. Sars, the institution tasked with protecting taxpayers, does not emerge unscathed from this report. While 71% of respondents attempted to report their cases to Sars, only 11% found the response to be effective. A staggering 89% of those affected indicated that Sars' intervention did little to resolve the issue. The failures range from a lack of communication and responsiveness to inefficiency and delays. Improved security measures, more thorough investigations, and a strengthened customer support framework should be the starting point. The most damning statistic of all is the assessment of Sars' communication and interaction following the discovery of fraud: 82% of respondents found it inadequate and ineffective. The victims of eFiling hijacking deserve better, swift action, transparency, and assurance that their financial records are secure. The findings of the survey make it clear: eFiling hijacking is a pressing issue that demands immediate attention. Addressing this challenge effectively is crucial to maintaining confidence in the tax system and ensuring taxpayers feel secure. Sars has an opportunity to strengthen its processes, enhance its responsiveness, and implement robust measures that protect individuals and businesses alike. By taking decisive action, it can reaffirm public trust and demonstrate its commitment to safeguarding taxpayer information. A proactive and transparent approach will go a long way in preventing further exploitation and ensuring the integrity of the system. * Maleke is the editor of Personal Finance PERSONAL FINANCE
IOL News
3 days ago
- Entertainment
- IOL News
Lo and behold: Nonku's holier-than-thou attitude runs riot in 'The Real Housewives of Durban' season 5
The cast of 'The Real Housewives of Durban' season 5. Image: Supplied Before I delve into the drama of the fifth season of 'The Real Housewives of Durban' (RHOD), I would like to clarify some common misconceptions about reality shows. Yes, they have become the holy grail for TV networks and streaming platforms, propelling the content into trending territory and, in doing so, pushing up the viewership/ streams. Hence, the deluge of content available at any given time and the renewals of popular shows. Of course, the juiciest storylines make the final cut - hence some characters cry foul after finding themselves pegged as villains. With RHOD and shows of a similar ilk, the wardrobe and make-up are always a talking point. The main characters always look cover-ready. I can't imagine how many outfits they go through in one episode, let alone a whole season, including the reunion episodes. And I highly doubt that the bill is footed by the production house. My rambles are going somewhere, I promise, so please bear with me. I was looking forward to the new season of RHOD. After a lacklustre first season, it got progressively better in entertaining streamers. I have been a fan - the drama was de-stressing, for sure, especially in season four, where the divide among the cliques was like the parting of the Red Sea. Some made it to the new season, others didn't. OGs Sorisha Naidoo and Nonku Williams are back alongside season 2's Jojo Robinson and season 4's Angel Ndlela. They are joined by Kwanele Kubheka (aka Fafa), Lo Sithole and Ayanda Mthembu. Minenhle "Minnie" Ntuli and Precious Udoye are brought in as friends of friends but end up taking up a chunk of the screentime. New faces are brought in to shake up the dynamics and elevate the drama. After all, it's about being a fly-on-the-wall in the lives of the rich and famous. Even when talking about wealth, there are levels and, on this show, Sorisha is in a league of her own, which is probably why Nonku was riled up so much throughout this season. How can she compare with a billionaire status when a R10 million lawsuit threat puts the fear of God into her (pun intended)? Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ So let's get into this season's shenanigans. The main showdown has been between Nonku and newcomer Lo. You would think that, by them sharing similar religious values, they would get along like a house on fire. Not. At Lo's event, Nonku's tardiness and inappropriate attire displeased Lo. Furthermore, her request for a royal guest to pass the chicken was considered gauche. Nonku brushed it off as her simply being fashionable late and defended her Robert Cavalli outfit, which cost R150k, as her interpretation. Since then, the two have been going for the jugular. If pettiness were a person, Nonku's picture would be right next to it. She seized every opportunity to take a dig at Lo and was determined to expose her for lying about not drinking. Lo was no pushover, though, even though Nonku made it clear that she is the OG and newcomers must stay in their lane. Lo stood her ground. She likened Nonku's outfit to something off Shein. But she didn't stop there, she took it further by making comparisons between it and a Checkers Shoprite packet. Ouch. Then the supporting characters briefly became the main ones when Minnie exposed Precious, who runs a hair business, for being a toxic boss. This conversation got heated several times before Precious removed herself from the group. Sorisha was her usual zen self after mending fences with Jojo, who also channelled a similar disposition. However, she did get in a few low blows. However, she wasn't popular for her feedback on the Minnie-Precious situation. And Minnie called her out about showing her privilege in her retort about people having the option to leave if they are unhappy. Her comment about Nonku and Lo finding middle ground at a Checkers near them was below the belt, even if it was said in jest. Sorisha also stirs things by bringing a surprise guest to the girls' trip, but I won't say more. Oh, and Somizi Mhlongo makes a cameo at her event. Ayanda, who had her twin sister join her on the show, is sweet-natured. I know she's got daddy issues and childhood trauma from bullying. But that's about it. Aside from having a bone to pick with Lo, Nonku also took a few potshots at Fafa over her marital woes. Now, if memory serves me correctly, didn't Nonku have a child with a married man (as revealed in season one)? Talk about the pot calling the kettle black. Nonku Williams foot-in-mouth syndrome is on another level in season five of 'The Real Housewives of Durban'. Image: Supplied
The Citizen
3 days ago
- Business
- The Citizen
The actual cost of non-compliance with Fica
'Any accountable institution, whether in property, legal, crypto or lending, is at risk if compliance lapses occur.' In the past 18 months, institutions in banking, legal, and financial services have faced steep penalties for non-compliance with the Financial Intelligence Centre Act (Fica). Some South African commercial banks have been sanctioned with fines ranging from R7.7 million to more than R50 million. These are not outliers, they reflect a clear regulatory shift toward stricter enforcement. Sameer Kumandan, MD of SearchWorks360, said that while much has been said about Fica obligations, less attention is paid to what happens when businesses fall short. 'The penalties are not limited to financial institutions. Any accountable institution, whether in property, legal, crypto or lending, is at risk if compliance lapses occur.' ALSO READ: FSCA fines 3 financial services providers R1.2 million for Fica non-compliance How Fica penalties are determined He said the type of punishment depends on the severity of the violation. Regulators apply a structured framework that considers both mandatory and discretionary factors. 'These include the nature, duration, seriousness and extent of the contravention, as well as whether the conduct was intentional, reckless or negligent. 'The regulator will also assess whether the entity gained any financial or commercial benefit from the non-compliance and if there was any remedial action taken once the issue was identified.' A business's compliance history matters too. Institutions with prior contraventions or those seen as repeat offenders can expect harsher sanctions, as can those found to have obstructed investigations or withheld key information. Fica sanctions Kumandan said sanctions range from a written caution or public reprimand to a remediation directive, restriction or suspension of business activities, and administrative fines of up to R10 million for individuals and R50 million for companies. For more serious breaches, particularly those involving an element of intent, criminal charges may be brought, with potential fines of up to R100 million or imprisonment up to 15 years. Senior managers, directors and employees involved in the breach may be held personally liable. ALSO READ: Prudential authority fines Absa R10 million for FICA non-compliance Common non-compliance issues 'Most Fica penalties stem from recurring failures such as inadequate or generic risk management and compliance programmes (RMCPs), poor customer due diligence, incomplete recordkeeping, failure to submit reports like cash threshold reports and insufficient training,' said Kumandan. 'These are not technicalities – they are central to the act and form the basis of most enforcement actions. In one case, a legal firm was fined R7.7 million for failing to implement an RMCP or train its staff. 'A financial services provider was penalised for failing to report suspicious transactions in a timely manner. These are the kinds of 'basic' oversights that now carry serious consequences.' The pressure is industry-wide He added that the uptick in enforcement isn't limited to large financial institutions. In recent months, law firms, insurers, financial advisers and crypto platforms have all faced enforcement actions. 'Fica applies across sectors and smaller firms are not immune. If you deal with money, you are accountable.' Avoiding penalties requires more than good intentions Fortunately, regulated entities have access to automated compliance platforms that facilitate the prevention of fraud, money laundering and regulatory breaches. He said these tools reduce manual oversight, simplify regulatory reporting and ensure Popia-compliant data handling. They also automate Know Your Customer (KYC)/Know Your Business (KYB) verification processes and can generate suspicious transaction and compliance reports as requested by regulators. 'One of the big selling points of automating Fica compliance is ongoing monitoring. Often, a business will conduct its due diligence at the start of a relationship with a client, only for that client to engage in illicit and illegal activities down the line. 'Ongoing monitoring helps accountable institutions to assess and manage risks continuously, during the onboarding process and throughout the business relationship. 'By tracking client profiles daily, accountable organisations keep tabs on all transactions as they happen and they are alerted to any changes that might indicate a compliance risk.' NOW READ: The risks of doing business with politically exposed persons
IOL News
3 days ago
- Business
- IOL News
Durban buildings up for sale: eThekwini Municipality's strategic move
The eThekwini full council held at the Durban ICC. Image: Sibonelo Ngcobo / Independent Newspapers Councillors have granted the eThekwini Municipality the go-ahead to negotiate with the business rescue practitioners and bondholders of Urban Lime Prop SA (PTY) Ltd to purchase the Durban Chambers and Durban Club place buildings, estimated at R120 million. The matter was approved at a council meeting on Thursday, where the property development company is undergoing a business rescue process, according to the municipality, which has accumulated substantial municipal debt. The buildings, which are currently not in use, are strategically located near the Durban City Hall, where the city is leasing two other high-rise buildings. In a report presented to the council, the municipality stated that this presented a timely and strategically aligned opportunity to acquire the buildings. The report stated that the deal could offer a practical solution to the long-standing challenges in securing compliant, cost-effective, and permanent office accommodation rather than relying on leased properties. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The report stated that the proposed acquisition will meet two key objectives: The recovery of significant outstanding municipal debt. The reduction of long-term leasing costs through the ownership of suitable accommodation assets. The city estimates it will have to spend R10 million in total to repair the fire detection system, get an electricity compliance certificate, and repair the air conditioning and lifts. Cyril Xaba, eThekwini mayor, said the city must carefully evaluate the deal and not buy something that will not deliver potential benefits. Xaba said the council's directive is to prioritise insourced services as a cost-saving mechanism and that this acquisition was described as a significant advancement in addressing the current challenges associated with municipal offices operating from leased premises that are no longer compliant with prevailing building standards. During an Executive Committee meeting (Exco), several councillors spoke about the issue. Themba Mvubu, EFF Exco member, said the emphasis should be on the acquisition of the building to benefit the city and save costs. DA Exco member Andre Beetge said the city should not jump into the deal without conducting due diligence. He said at face value, it appears to be a good proposition and that the municipality should be wary not to put itself into a problem where millions are spent on further renovations. 'We must not buy an asset that requires money to fix. We did this in the past, and we do not want white elephants,' he said. Mdu Nkosi, an IFP Exco member, said he welcomed the move because in most of the buildings that the municipality was renting, there were challenges. Nkosi mentioned that one of the buildings used by councillors has roof leaks, cockroach infestations, and pigeons entering the ceilings. According to Nkosi, the municipality will save money if it goes this route and avoids paying exorbitant rental fees. "Officials cannot do anything, but if we do have our buildings, we will be able to maintain them. This will be a motivation to the municipal employees who are having challenges in their workspaces. You have visitors who enter some offices and find that they are poorly maintained and buckets collecting water from leaking roofs,' he said. Nkosenhle Madlala, the ANC Exco whip, said that for years, councillors have been vocal about the municipality paying exorbitant amounts for the rental of office space. 'At a council meeting, a councillor did the math on how much we were spending per year on rentals while we could be owning the building. This process takes us a step closer to ownership,' he said.
