Category

Comments on Current Affairs

11
Mar
2024
0

No Major Tax Hikes … Budget 2024

Finance Minister Enoch Godongwana did not announce any major tax increases.

Taxation:

  • No major changes occurred, VAT and income taxes were not hiked.
  • No increase in the fuel levy and Road Accident Fund Levy.
  • There was the normal rise in taxes for certain types of alcohol and tobacco products.

The two-pot system for retirement funds to launch in September 2024 (click here to see article)

Government reduced it real GDP growth forecast for 2023 to 0.65%.

2024 growth estimates increased to 1.3% from 1%.

20
Oct
2023
0

Proposed Two-pot Retirement System Explained

 

Update March 2024: On 4 December 2023, the Parliamentary Standing Committee on Finance reached a compromise with the Minister of Finance for a new proposed implementation date for the two-pot retirement system to be 1 September 2024. The implementation date will depend on the final legislation.

Update 25 October 2023: National Treasury postpone implementation of the two-pot system from 1 March 2024 until 1 March 2025.

The draft legislation for a Two-Pot retirement savings system for retirement savings is scheduled to be introduced on 1 March 2024.

The rationale behind the legislation is to empower more South Africans to preserve their retirement savings when changing or leaving a job, while also allowing people to access their savings component if they experience financial hardship.

Read More
21
Jul
2023
0

In the News: The Rand

The Rand has been trading at its most sustained period trading below 18 USD/ZAR since April 2023.

  • A pick-up in global risk appetite has seen the Rand recover against most major currencies and outperforming its emerging market peers. 
  • The main reason behind the change in sentiment has been signs of global inflation cooling down, increasing hopes that the end of the Central Bank tightening cycle really is now in sight.

Source: Currency Partners

19
Jul
2023
0

Equity Performance …… January to June 2023

Despite high volatility, stubborn inflation, interest rate hikes and the war in Ukraine, the ALSI and MSCI (USD) grew by 5.9% and 13.9% respectively in the first half of 2023 (see graph below).  This highlights the potential for growth in uncertain times, and the importance of staying invested in order to benefit from it.

Click on image to enlarge

Source: Bloomberg, Ninety One SA

27
Mar
2023
0

Silicon Valley Bank (SVB) and Credit Suisse … A Perspective

The situation with Silicon Valley Bank and Credit Suisse has caused some concern. Please see a link to an article by Peter Conniff, Head Trader at Castlestone Asset Management for commentary (some of you are invested in Castlestone in your Offshore Funds).

Click on the link to open the article Silicon Valley Bank and Credit Suisse

Disclaimer: Castlestone cannot guarantee the content that is provided in the banking update.

1 2 3 15