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Cape Town - A roundup of Thursday's top economic and finance reads on Fin24.
SARS boss Moyane 'not aware' of reports he may be axed
SA Revenue Service head Tom Moyane said on Thursday he has not had the opportunity to monitor news reports stating that his removal from the country’s tax authority may be imminent.
On Thursday Business Day reported that Cabinet was due to discuss Moyane's removal, possibly replacing him with former deputy minister of finance Mcebisi Jonas who would head the tax agency in an acting capacity.
Fin24 was unable to independently confirm the reports. Two sources close to Cabinet told Fin24 on Thursday they were not privy to the latest developments regarding discussions around Moyane's fate.
Court orders reinstatement of cancelled pension funds
The North Gauteng High Court has ordered the Registrar of Pension Funds to reinstate 25 provident funds that were cancelled, leaving beneficiaries in limbo.
Up to 90 pension funds, estimated to be worth over R82m, were cancelled between 2008 and 2013. The pensions, known as "orphan funds" were considered by the Financial Services Board (FSB) to be inactive.
Judge Joe Maumela ordered the reinstatement of funds with effect from March 14 2018.
The court did not provide details on what action would be taken regarding the rest of the funds affected by the mass cancellation.
SA set for pain at the pumps as fuel levy kicks in
The overall price of fuel is set to increase in April because of the addition of increased fuel levies, the Automobile Association (AA) said on Thursday.
This is despite basic fuel prices showing signs of further decreases at the end of the month, the AA commented on unaudited mid-month fuel price data released by the Central Energy Fund.
The AA said the basic price of petrol is likely to decline by about 12 cents a litre, diesel by 18c/litre and illuminating paraffin 13c per litre.
However, despite these predicted decreases to the basic fuel price, the additional 52c increase to the fuel levy will push the overall price of fuel at the pumps up in April.
Makwakwa won’t escape criminal justice through resignation - committee
If there is a case for former South African Revenue Service (SARS) official Jonas Makwakwa to answer, it must be handled through the criminal justice system, Parliament’s standing committee on finance has said.
The committee issued a statement on Wednesday night, following the announcement that Makwakwa resigned from his role as chief officer for business and individual tax at the revenue service.
SARS head Tom Moyane announced Makwakwa's resignation from his position as chief officer for business and individual tax at a media briefing on Wednesday.
Don’t ignore full scope of govt expropriation plans – Nedbank CEO
It is important to emphasise the fact that what Parliament announced was a process to investigate land expropriation without compensation in a way that does not impact food security or the economy, Nedbank Group CEO Mike Brown told Fin24 on Tuesday.
This statement is, therefore, open to a broad interpretation which creates uncertainty, said Brown.
"Most articles I have read only focus on the piece about land expropriation without compensation – ignoring the fact that Parliament said this was the start of a process [of consultation] and that it must be done without impacting the economy and food security."
Fin24 reported earlier that banks could potentially be hard-hit if land is expropriated without compensation.
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