The withholding of pension benefits is a common recourse against employees who caused damage to their employers as a result of theft, dishonesty, fraud or misconduct. The recourse available to an employer is sanctioned by section 37D(1)(b)(ii) of the Pension Funds Act, 24 of 1956 (PFA) and in many cases, augmented by the rules of a retirement fund.
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On 24 February 2023, the Financial Action Task Force (FATF) placed South Africa on its ‘grey list’. This means that South Africa will be subject to increased monitoring by the FATF and is required to actively work to address identified deficiencies in its national legislation and regulations to counter money laundering, terrorist financing and proliferation financing (AML/CTF).
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As the South African legislative framework on the protection of whistleblowers continues to develop, employees primarily rely on the Protected Disclosures Act, 26 of 2000 (PDA) to provide them with protection against any form of reprisal if they disclose information relating to suspected or alleged criminal or other misconduct by their employers (both in the private and public sector).
Continue readingOn 1 March 2023, we will see the implementation of an increased annual earnings threshold in the amount of ZAR 241 110.59 per annum and an increased national minimum wage in the amount of ZAR 25.42 per hour worked.
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Today, 22 February 2023, South African Finance Minister Enoch Godongwana delivered the annual Budget Speech. This year’s Budget includes a much anticipated tax incentive for households that install solar panels, and a welcome expansion of the renewable energy incentive available to businesses.
Continue readingThere is currently no formal framework specifying the conditions for deferment of customs and excise duties. It is therefore proposed that SARS is empowered to prescribe rules governing the duties.
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