Latest news with #R40
The South African
2 days ago
- Business
- The South African
Why 85% of applicants don't comply with SPAZA shop fund
Four months since its launch, the R500-million spaza shop fund has failed to reach initial expectations. The Department of Trade, Industry and Competition revealed recently that the spaza shop fund has attracted more than 10 000 applications. However, a worryingly low amount of spaza shop fund applications have meant compliance requirements. As such, applications have had to be split into two categories. The first group, made up of 14% who comply. And a second group of the remaining 86%, 'who do not yet meet requirements' but will be assisted. Experts say if you include South Africa's informal sector, the country's unemployment rate is actually closer to 10%, and not 33% as reported by Stats SA. Image: File A group representing the informal traders says government's 'rigid compliance criteria' is to blame for the low uptake, reports Daily Maverick . The fund is the brainchild of the Minister of Small Business Development, Stella Ndabeni-Abrahams. And it came about following the 2024 poisoning of several young children. However, the South African Spaza Shops Association's Kgothatso Ramautswa, says it is 'deeply concerned' by the lack of compliance: 'This is not a reflection of spaza shop owners, but rather a failure of government to design a realistic funding support system. The fund is failing its intended beneficiaries. If 86% are non-compliant, the problem lies in the system, not the people,' Ramautswa says. South Africa's tax-free informal sector is worth billions, say economists. And the fund is a way to 'get them on the books.' Image: File However, in the face of such low compliance, the department says it will provide non-financial support. This will include assistance in applying for the necessary documentation through their local municipality for spaza shop fund applicants. The current maximum funding available per spaza shop fund is R100 000. And this is offered as a blended finance instrument, with a 50% grant and 50% interest-free loan. The debt portion of which is repayable with zero interest. As a reminder, the government's R100 000 per qualifying owner is made up like so. R40 000 for stock purchases, R10 000 for business training and R50 000 for infrastructure upgrades. As such, the package is designed to promote sustainability, competitiveness and regulatory compliance versus larger retailers. As of now, no spaza shop fund applications have actually been denied. However, in future they could be for the following non-compliance: Applicant is not a South African citizen. If the applicant is misrepresenting ownership or control of the business. Any fraudulent or misrepresentation documents in the application. Invalid or non-existent trading permit or a business licence. Use of funding for personal or non-business-related purposes. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
22-07-2025
- Sport
- The South African
Orlando Pirates receive R43 million offer for Mofokeng!
Orlando Pirates superstar Relebohile Mofokeng continues to make headlines. Orlando Pirates recently shut down rumours that PSV Eindhoven had a R120 million offer for Relebohile Mofokeng. However, new reports have emerged stating that a club in the Middle East is interested in securing the skilful Bucs attackers signature. Yet again, big money is being reported. This time, over R40 million has reportedly been tabled for the Pirates attacker and fan favourite. Pirates have reportedly received an offer of over R43-million for Mofokeng from a club in the Middle East. 'Bucs are, however, understood to have received another offer, this time in excess of $2.5 million (R44.3 million) for Mofokeng from the Middle East. This is more than what the Tel Aviv club is reported to have wanted to pay, according to Israeli media,' the insider stated on SNL . As mentioned, this is more than they were originally planning to offer. Meaning, if these reports are true, they are quite serious about signing Mofokeng. Furthermore, further reports claim that a club in Europe is interested. Israeli outfit, Tel Aviv are the other side interested in signing Mofokeng. Tel Aviv director Domic Price sees Mofokeng as a big part of his plans for the Israeli-based side. 'Sources with an expertise in the Israeli football market have informed the Siya crew that the club's Sporting Director, Dominic Price, envisions the 20-year-old South African playing a significant role for the team,' the insider concluded. Moreover, Price sentiment is supported by the club. 'Now, a Siya source close to the player has indicated that The Yellows remain huge admirers of the Sharpeville native and believe that a move to Bloomfield Stadium could present him with an introduction to European football,' the insider added. The SA-born director is serious about bringing Mofokeng to Israel. Given his talent and skills, it comes as no surprise that there is reported persistence for Mofokeng's signature. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The Citizen
22-07-2025
- Business
- The Citizen
Tax season: Here is why you need to prioritise filing for returns
If taxpayers do not claim what they are entitled to, they are leaving money behind. When most people think of tax season, they often get a headache because they believe filing returns is a complicated process, and they decide not to file. Well, this is one of those things as an adult you should not pass on, because it will come back to bite you in the future. Taxpayers who decide to turn a blind eye to the tax season will be penalised, and whether they like it or not, the taxman will always have the last laugh, because they will need to pay for those penalties in the end. Ferné Nagy, executive financial advisor at ASI Financial Services, advises taxpayers to view tax season as an opportunity to take control of their financial story. Who should file for tax returns Tax season 2025 is scheduled to run until 20 October for non-provisional taxpayers and until 19 January 2026 for provisional taxpayers. If you are under the age of 65 and earned more than R95 750, you earned commission, freelanced, or side hustle income, sold assets with capital gains of more than R40 000, earned foreign income or held offshore assets worth more than R250 000, or received rental income or investment returns, then you are obligated to file for your tax return. All of these must have taken place between 1 March 2024 and 28 February 2025. Nagy says tax returns enable individuals to recover costs they have already incurred while earning their income. He warns that if taxpayers do not claim what they are entitled to, they are leaving money behind. ALSO READ: Sars makes changes to eFiling for easy use Tax return in the age of AI He adds that the South African Revenue Service (Sars) has made advances in automation through AI-powered auto-assessments. However, he warns taxpayers that auto-assessments are fast but not foolproof. 'Artificial Intelligence (AI) only sees what it's been fed. It cannot interpret your full financial picture like side hustle earnings, unreimbursed business expenses, or retirement top-ups. 'And when the data's incomplete, your return is too. Technology is a powerful enabler, but without human insight, it can cost you.' The catch in turning a blind eye Nagy adds that relying blindly on auto-assessments or ignoring your tax obligations can lead to costly mistakes, such as missed refunds or penalties. 'That is why being registered on eFiling and actively checking your return is so important. It gives you full control to make sure your return is accurate, complete, and truly reflects your financial reality.' Easy process The Citizen ran a test on how quickly it would take to file a return. Because eFiling's Wizard already had most of my information, I just had to answer yes or no to the questions, confirm my details, and enter the amounts I received during the tax season. All in all, it took less than 20 minutes. Within five minutes, my statement of account, detailing how much I will receive from the taxman, was available. However, the call centre is another nightmare. I had made a mistake first, and I needed clarity. I was on hold for 45 minutes, and I was still number 674 on the line when I gave up. If you need to call the call centre, the best thing to do is to request a callback. I'm not sure how long this would take. ALSO READ: Common pitfalls to avoid this tax season Fraud during tax season He adds that as filing becomes more digital, the stakes grow higher. 'Your tax return holds everything from your ID number to your income and banking details.' However, with cybercrime on the rise, thieves are not taking a break. 'According to Interpol, cybercrime costs the economy more than R2.2 billion annually due to the risks of data breaches, identity theft and financial fraud. 'This is where Sars eFiling becomes more than just a filing tool; it becomes your first line of defence.' The platform gives you full control to: Review your assessment Submit corrections Upload documents Track refunds Dispute errors Communicate directly with Sars Digital does not equal safety Nagy says people assume digital equals safe, which is not always the case. 'Security starts with how you use the tools. Cyber awareness is no longer optional; it's part of being financially literate.' Use strong, unique passwords for eFiling. Never click on Sars links in unsolicited emails. Always log in directly. Work with trusted financial professionals who prioritise data protection. 'Even if you were auto-assessed, you are still legally responsible for confirming that it is accurate. Accepting a flawed assessment could result in overpaying, underpaying, or triggering penalties down the line.' NOW READ: Estimated assessments: Sars's new 'cash-cow-grabbing' norm?
The South African
21-07-2025
- Sport
- The South African
Kaizer Chiefs lose R40 million man for free, replacement found
Kaizer Chiefs appear to have parted ways with Edson Castillo, who was once reportedly valued at around R40 million. The 31-year-old Venezuelan international joined Amakhosi in 2023 and has since played 40 games, scoring five goals. Notably, he was not included in the squad that recently completed pre-season training in the Netherlands. According to Soccer Laduma , Kaizer Chiefs may have identified a young player to fill Castillo's role. Insiders have reported that Amakhosi has offered 20-year-old Thulani Mabaso a three-year contract, running from July 2025 to June 2028, with an additional one-year option that could extend his stay until 2029. 'He is the one who could feature more this season amongst those recently promoted and they are believed to have offered him a three-year contract with a one-year option. He has done very well in the pre-season and all the involved parties are happy with what's going on regarding his contract,' the insider told Soccer Laduma. A second source told the publication that Mabaso was viewed as a direct replacement for a Venezuelan international. 'They believe he can replace Castillo. The way he plays and the way he handles himself, he is ready for the senior team and can do a great job. That's why the club, together with the technical team, has agreed to offer him a long-term contract,' the second insider told the Siya crew. Last year, Soccer Laduma reported that North African teams were interested in Castillo however, Kaizer Chiefs put a R40 million price tag on the South American midfielder. Let us know by leaving a comment below, or send a WhatsApp to 060 011 0211. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
20-07-2025
- Sport
- The South African
Will Andile Mpisane play for mom's new club? MaMkhize responds
Shauwn Mkhize – fondly known as MaMkhize – has shut down speculation that her son Andile Mpisane will play for Mbabane Highlanders AM FC. Last week, the businesswoman officially signed a three-year presidency deal with the eSwatini soccer club. This news comes months after SARS seized her South African team, Royal AM, to pay off her R40 million debt. Although the club includes the initials of his name – AM, or Andile Mpisane – his mother, MaMkhize, revealed that her son would take a step back. Speaking to Andile Ncube on Metro FM, the controversial businesswoman said: 'He wants to be in the management space now. 'I don't see him going there [to eSwatini], but he enjoys being in the business side of things.' When asked if Andile Mpisane had hung up his soccer boots, his mother responded, 'I don't know, but for now, I think so. Will Andile Mpisane play for his mom MaMkhize's new football club? Images via Instagram: @kwa_mamkhize 'Because even when Royal AM was there, he was starting to learn the administrative part of it. 'I think all that he wanted was to play in the elite league – which he did, he tasted that' With his football career likely over, Andile Mpisane will likely focus his attention on his budding music career or his hobby of collecting luxury cars. The 24-year-old is known for his expensive taste in cars and clothes, and posts bragging about his soccer skills. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 . Subscribe to The South African website's newsletters and follow us on WhatsApp , Facebook , X, and Bluesky for the latest news.
