News 17:00

BULLETIN 5 August 5 pm

Good afternoon. I am……..

In this bulletin:

# Treasury proposes tax reforms to align with recent court rulings
# The DA calls for a parliamentary debate on rising electricity costs
# And, rugby: Joe Schmidt says he knows the Springboks better than his own Wallabies

# National Treasury is proposing major tax reforms to align with recent court rulings, and curb tax avoidance. Key changes include measures against abusive Employment Tax Incentive schemes, with a 100-percent penalty on misused claims starting March next year. Reforms also address taxpayer confidentiality following the Arena Holdings case, to align with the Promotion of Access to Information Act. Additionally, layperson representation in tax court will be permitted, following the Candice van der Merwe case, making the legal system more accessible and affordable for taxpayers.

# The DA has urged the speaker of the National Assembly, Thoko Didiza, to hold a parliamentary debate on the escalating cost of electricity. DA spokesperson on Electricity and Energy, Kevin Mileham, says Eskom’s reported application for a further 36.15-percent tariff increase in 2025, will effectively price many households out of the electricity market and increase energy poverty. He highlights that electricity tariffs have increased by 450-percent since 2007:

# Stock markets have taken a beating after weak US jobs data fanned fears of a recession in the world’s top economy and boosted bets on several Federal Reserve interest rate cuts. The US economy added just 114-thousand jobs last month, well down from June, while the jobless rate rose to the highest level since October 2021. Lacklustre factory data also stoked concerns that borrowing costs have been held high for too long. That has led to speculation the economy could be in for a hard landing, and tip into recession.

# The World Health Organisation is considering convening an expert committee to determine if the escalating Mpox outbreak in Africa should be declared an international emergency. WHO director-general Tedros Ghebreyesus announced this consideration following a surge of cases in the Democratic Republic of Congo and nearby countries. South Africa has also confirmed two more cases in Gauteng and KwaZulu-Natal, bringing its total to 24 cases and three deaths. The organisation seeks increased funding and support for a comprehensive response, including surveillance and vaccine deployment. 

# Rugby: New Wallabies coach Joe Schmidt says he knows the Springboks better than his own players. The two sides will meet on Saturday in the Rugby Championship opener. Schmidt previously coached Ireland for six years and was assistant coach at the All Blacks after that, so he is no stranger to the Boks and coach Rassie Erasmus. The Wallabies started life under Schmidt by beating Wales twice and Georgia once, but he says South Africa will be a big challenge: 

# And, the financial indicators: The dollar trades at 18-rand-60-cents and the euro at 20-rand-41-cents. One British pound costs 23-rand-76-cents and Bitcoin trades at 49-thousand-932-dollars-25-cents. Gold sells at two-thousand-392-dollars-68-cents a fine ounce and Brent crude oil is quoted at 76-dollars-10-cents a barrel.

Stay tuned for more news………….