Latest news with #R47
The South African
3 days ago
- Business
- The South African
GOOD news for retiring South African expats in 2025
The two-pot savings scheme offers retiring South African expats one big advantage over regular citizens. Retiring South African expats are able to access their two-pot savings immediately, thereby sidestepping the three-year lock-in rule. As we've already reported, ever since the two-pot retirement system was introduced back in September 2024, fund member have withdrawn billions in funds. This is despite financial advisors decrying the long-term effects of saving efficacy. The scheme allows members to make one withdrawal from their savings pot every single year. Many are making lumpsum withdrawals to simply make ends meet or pay off debts. Which are clear signs of financial strain … Many retirees have worked their entire lives to live somewhere exotic like Mauritius when the turn 60. Image: File Nevertheless, retiring South African expats are not subject to the same restrictive three-year lock-in rules that govern the savings portion of regular residents. Expats who have formally ceased tax residency can access their retirement savings without delay. As such, the Retirement Matters Committee of the Actuarial Society of South Africa (ASSA) reports that 75% of applications in Q2 of 2025 were repeat claims. Up until February 2025, 2.6-million South Africans accessed part of their retirement savings. Therefore, it's plain to see that retiring South African expats are eager to obtain cash as soon as possible after ceasing tax residency. Furthermore, the South African Revenue Service (SARS) says R47 billion has paid to fund members since the scheme's start on 1 September 2024. In turn, this yielded R12 billion in tax revenue for the government. Surprisingly, this is more than double the R5 billion initially projected by the National Treasury when it introduced the scheme. However, something retiring South African expats should remember is their withdrawals – while not time limited – are not tax exempt. In fact, administrative withdrawal fees, and cross-border transfer regulations can make such transactions more costly. SARS insists that 'tax liability remains even after severing ties with the country.' 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
5 days ago
- The Citizen
SAPS arrest many in Ekangala, Bronkies
The SAPS arrested more than 280 people and recovered a firearm in the Bronkhorstspruit and Ekangala areas on May 17. The arrests came through Operation Shanela in the SAPS Tshwane's high-impact crime-combating initiative, targeting the Ekangala and Bronkhorstspruit policing precincts. Captain Johan van Dyk, the Tshwane district communication co-ordinator, said the operation saw 289 arrests for various offences. 'This success is attributed to focused deployment strategies and intensified law enforcement visibility, with specific attention given to liquor compliance and the apprehension of wanted suspects.' Detectives in the Tshwane district were responsible for 226 of these arrests. These included 75 arrests for GBV-related offenses, four for kidnapping, six for intimidation, four for attempted murder, 15 for assault with the intent to cause grievous bodily harm, and one for rape. A roadblock in Ekangala and mobile tactical teams throughout the area saw 15 undocumented foreign nationals detained. 'Immigration authorities are processing these individuals for deportation,' said Van Dyk. Law enforcers searched 508 individuals and 281 vehicles, leading to 27 arrests for driving under the influence of alcohol. 'Additional targeted patrols of 11 identified hotspots resulted in 14 arrests and fines for public drinking. Officers arrested one suspect for possession of an unlicensed firearm. 'The weapon, previously reported as stolen in Rietgat, will undergo forensic testing to determine if it was used in any other criminal activity. The suspect is under investigation for potential links to other offences.' Traffic law enforcement officers issued 81 AARTO infringement notices, amounting to R47 850 in fines, for various road traffic violations. Liquor inspections at 20 establishments saw officers close three premises and confiscate about 306l of alcohol. Under the leadership of the district commissioner of Tshwane, Major-General Samuel Thine, a multidisciplinary team comprising SAPS members, the Department of Home Affairs, the TMPD, the Gauteng Traffic Police, Gauteng Traffic Wardens and CPFs from the respective stations executed this operation. Major-General Thine thanked all role players for their dedication and teamwork in ensuring the operation's success. ALSO CHECK: House invader rapes and robs young woman in Leandra ALSO CHECK: Drug operation worth millions uncovered in Standerton: Here is what happened At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The South African
25-05-2025
- Business
- The South African
DA slams R400 million salaries of CEOs of failing state-owned entities
The Democratic Alliance (DA) has condemned what it describes as 'exorbitant' executive salaries within South Africa's state-owned enterprises (SOEs), calling for immediate reform and accountability in the wake of shocking new data revealing over R400 million spent annually on executive pay – despite ongoing bailouts, service delivery failures, and poor audit outcomes. According to parliamentary responses and publicly available remuneration data, senior executives at public entities are earning salaries that far exceed national guidelines set by the Department of Public Service and Administration (DPSA), with little regard for performance or fiscal sustainability. 'This reflects a broken system with weak oversight and eroded public accountability,' the DA said in a statement. The DA highlighted several examples: The Development Bank of South Africa (DBSA) CEO earns R15.5 million annually , making them one of the highest-paid public servants in the country. CEO earns , making them one of the highest-paid public servants in the country. Transnet's CEO pockets R8.5 million , even as the entity struggles with port inefficiencies and increasing reliance on the private sector after receiving a R47 billion bailout in 2023. pockets , even as the entity struggles with port inefficiencies and increasing reliance on the private sector after receiving a in 2023. At the Passenger Rail Agency of South Africa (PRASA) , the CEO earns R7.8 million , despite the agency's ongoing infrastructure woes and audit disclaimers. , the CEO earns , despite the agency's ongoing infrastructure woes and audit disclaimers. The Road Accident Fund (RAF) CEO receives R7.1 million, while the fund remains technically insolvent. Other entities named in the report include the CSIR (R6.92 million), SAA (R6 million), Rand Water (R5.4 million), and PetroSA (R5.8 million) – many of which continue to underperform or rely heavily on government support. The DA warned that this level of spending undermines service delivery and public confidence in the government's ability to manage state resources effectively. With only 13 of 40 government departments reporting so far, the total national expenditure on executive pay could be significantly higher than R400 million. 'If such excesses are occurring at senior levels, it is reasonable to infer that similar practices may exist across all employment tiers within SOEs,' the DA said. The party is demanding that the Minister of Public Service and Administration, along with the Minister of Finance, implement the following: A standardised executive remuneration framework for all public entities for all public entities Mandatory justification and public disclosure of any salary exceeding DPSA guidelines of any salary exceeding DPSA guidelines Parliamentary oversight and collaboration to ensure alignment with public service principles They argue that executive pay should reflect performance, especially in entities that have repeatedly failed to deliver on their mandates or required state bailouts. The DA has described the excessive salaries as an 'affront' to millions of ordinary South Africans who continue to endure failing services, from collapsing rail infrastructure to persistent water outages and electricity disruptions. 'The South African public deserves competent and ethical service delivery. These excessive salaries remain not only unjustifiable but an affront to the millions who rely on basic services that are consistently failing.' The DA has vowed to pursue fiscal discipline and performance accountability through legislative channels and continue exposing what it sees as a culture of excess and impunity in state entities. 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
23-05-2025
- Business
- The Citizen
Government delivers R51 billion support to Transnet. Will it last?
This follows the R47 billion guarantee Transnet received in 2023. The government has approved a R51 billion guarantee facility for embattled Transnet. This guarantee facility is effective immediately in support of Transnet's capital investment programme and to enable it to meet its debt obligations. This follows a R47 billion guarantee the state-owned enterprise (SOE) received in 2023, which aimed to support the entity in meeting its debt obligations. However, less than two years later, Moody's Ratings Agency said Transnet might run out of money in less than three months. For how long will the R51 billion last before the entity runs out of money? ALSO READ: Transnet could run out of funds within three months — will the government step in to rescue? The reason to support Transnet In a media statement, Minister of Transport Barbara Creecy said Transnet plays a central role in the South African economy and the government's goal of inclusive growth. 'The entity is currently engaged in a wide-ranging reform programme with the aim of improving operational performance in the short and medium term. This programme aims to overcome operational, financial, and governance challenges hampering its ability to fulfil its strategic role,' she said. At the end of March 2025, Transnet had succeeded in moving the equivalent of 161 million tons of freight on its rail network. In December 2024, the entity released the 2024/25 Network Statement, which facilitates private sector operators in freight rail. Announcements of the first successful bidders are expected by the end of July. More funding solutions needed for Transnet 'Interim solutions to meet the entity's capital investment needs include project-based applications to the budget facility for infrastructure. 'Transnet is also working with the National Treasury and the Presidency to develop a joint collaboration and funding policy to support immediate capital improvements by the private sector in priority freight corridors.' She said the R51 billion facility will be spread over the 2025/26 and 2026/27 financial years. This package also includes a R10 billion guarantee that Transnet will have to use for liquidity management as it relates to servicing its maturing debt and capital investments. ALSO READ: Are threats against Transnet over? CCMA sends revised offer to halt strike What went wrong? Transnet's challenges are due to a lack of maintaining infrastructure, failure to invest or under-investment in necessary infrastructure and not focusing on generating revenue. Moody's acknowledged that Transnet's operational performance has improved under the recovery programme launched at the end of 2023. However, progress remains slower than planned, to some extent due to the continued high occurrence of theft, vandalism and adverse weather conditions. Transnet's debt burden remains excessively high, resulting in unsustainable interest payments. Recovery plan Transnet's profits declined from R5 billion in 2019 to a net loss of R5.7 billion in 2023. In 2024, it carried a staggering debt burden of R120 billion, which means it costs R10 billion a month to service its debt. Therefore, the company had to develop a recovery plan, which CEO Michelle Phillips believed would meet its 170 million ton target by the end of the financial year. In 2024, she said she had always been clear that Transnet, under her leadership, wouldnever ask the government for a bailout. 'In my tenure at Transnet, we were always very clear that we would not approach the government for a bailout to ensure that we are never a drain on the fiscus.' NOW READ: Is Transnet another Eskom? Government to offer financial support
IOL News
23-05-2025
- Business
- IOL News
What is Donald Trump's net worth in 2025?
According to Forbes, US President Donald Trump net worth stands at $5.1 billion (R92 billion) as of March 2025. Whether you love him or hate him, United States President Donald Trump remains one of the most discussed figures of our era. Following President Cyril Ramaphosa's recent visit to the White House, which sparked intense exchanges, many are eager to share their opinions and pose questions about Trump. A prominent question on everyone's mind is: What is Donald Trump's net worth? And where does he get the money from? What is Trump's net worth? According to Forbes, his net worth stands at $5.1 billion (R92 billion) as of March 2025. That figure more than doubles his wealth from just a year ago, when he stood at $2.3 billion (R41.4 billion). It is believed that the sharp rise in his fortune reflects a mix of aggressive moves in social media, crypto, and a resurgence in the performance of his golf resorts. Social media and tech A major driver of Trump's financial situation is his stake in Trump Media and Technology Group, which is the parent company of Truth Social. Despite the platform posting only around $3.6 million (R64.88 million) in revenue and a staggering $401 million (R7 billion) loss in 2024, investor enthusiasm kept its valuation aloft. Even after the company's stock lost over half its value, Trump's stake remains worth an estimated $2.6 billion (R47 billion) —roughly equal to the value of all his real estate holdings combined.
