Share

Top5 on Fin24: Makwakwa back at SARS, the latest on Sassa tenders, and Eskom tariff hearings kick off

ICYMI: Monday's top 5 reads on Fin24:

Makwakwa back at SARS, cleared of all wrongdoing

The South African Revenue Service has confirmed that its suspended second-in-command Jonas Makwakwa will return to the organisation on Wednesday. 

"SARS wishes to announce that after approximately a year in suspension, Chief Officer: Business & Individual Tax,  Mr Jonas Makwakwa, will return to the organisation with effect from 1 November 2017," SARS said in a statement late on Monday.  

In September 2016, the Financial Intelligence Centre had submitted a report to SARS containing some serious allegations against Makwakwa.

SARS Commissioner Tom Moyane subsequently suspended him with full pay and benefits. 

SARS said in its statement that it had sought an outside legal opinion on the matter and that "renowned international firm Hogan Lovells" was appointed to investigate the Makwakwa to ensure "transparency, independence and integrity of the process".

READ: Makwakwa back at SARS, cleared of all wrongdoing

Magda Wierzycka's 10-point plan

Sygnia CEO Magda Wierzycka has a simple 10-point plan to fix South Africa, which according to her isn't “rocket science”.

Speaking at a lunch hosted by the Cape Town Press Club on Friday, the co-founder of fintech company Sygnia and outspoken critic of state and private sector corruption, said that although SA's economic and political environment was dire and depressing, it would be “simple” to get the country back on track.

READ: Magda Wierzycka's 10-point plan to get SA back on track

Dlamini: Sassa opts for tender process after Post Office deal downscaled

Social Development Minister Bathabile Dlamini has said that Sassa - the South Africa Social Security Agency - will use an open tender process to find providers for three services, after the South African Post Office's capabilities to carry out the services were deemed too limited.

Dlamini chose a hotel in East London to make her announcement on Monday, despite that fact that Parliament was waiting for an update after she skipped two crucial meetings this month.

Sassa will start another tender process on November 3 after the Post Office was only awarded one of the four services requested by Sassa's bid committee.

"This procurement process will be concluded in the last week of February 2018 and an award will be announced," she said.

READ: Dlamini: Sassa opts for tender process after Post Office deal downscaled

Eskom can save R26bn on its tariff hike application - Salga

Eskom has shown in the past five years that it certainly can tighten its belt if the National Energy Regulator, or Nersa, demands it, according to Nhlanhla Ngidi, who advises the South African Local Government Association (Salga) on energy.

Ngidi was speaking on the first day of Nersa’s public hearing in Cape Town on Monday, regarding Eskom's application for a 19.9% tariff hike for the 2018/19 year.

Eskom wants its allowable revenue to increase to R219.5bn, up from the allowable revenue of R205.5bn which Nersa maintained for the 2017/18 year.

“We cannot take double-digit tariff increases right now (and) until the economy picks up and the culture of non-payment by electricity users to municipalities has been addressed,” said Ngidi.

READ: Eskom can save R26bn on its tariff hike application - Salga

In other Eskom-related news, Nersa chairperson Jacob Modise accused Eskom of harming the economy by selfishly focusing on its own interests.

He challenged the power utility to explain why it could not find more cost-saving measures, such as mothballing ageing coal power stations that are not required amid an electricity supply surplus.

READ: Eskom accused of harming economy by selfishly focusing on itself

Modest recovery on cards for SA economy, says SARB's Daniel Mminele

Although there are signs of recovery for the South African economy, this will only be “modest” given low confidence levels, according to Reserve Bank deputy governor Daniel Mminele.

Mminele delivered an address at the Economist Corporate Network Event on Monday, in which he shared his views on SA's economic outlook, and the role of the South African Reserve Bank in pulling the economy out of its rut.

Mminele highlighted that there are factors contributing to a recovery, such as a drop in inflation over the past year, which has provided “breathing space” for South African consumers.

The decline in the current account deficit, to a low of 2.1% of GDP in the first half of the year, also helped “shelter” domestic financial markets from local shocks

READ: Modest recovery on cards for SA economy, says SARB's Daniel Mminele

SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin24's top stories trending on Twitter:

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders