Posts tagged with 'shares'

 

Emigration Tax? ANC Regime to Charge Emigrating South Africans an Additional “Exit Tax” on Retirement Funds!

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In the National Treasury’s latest published Draft Tax Bills, which incorporates the tax proposals made in the 2021 Budget, the amendment proposes a particularly worrying amendment which may upend taxpayers’ carefully planned retirement. The Draft Taxation Laws Amendment Bill (TLAB) proposes an additional “exit tax” to tax retirement fund interests of individuals when they cease South African tax residency. This proposed amendment, due to come into operation on 1 March 2022, would be a further blow to emigrating South Africans wanting to cease their tax residency, following on from the three-year lock-in rule imposed on retirement annuities earlier this year. 

It is important to note that the Income Tax Act No. 58 of 1962 (the Act) already makes provisions for an exit tax where a person ceases their South African tax residency. The Act creates a fiction whereby a person who ceases residency is treated as having disposed of their assets (other
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Capitec director gets rid of all his shares

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Capitec director, Jean Pierre starred, sold all his shares on Tuesday. That was 5,000 shares at a total of R7.2m. He said it was a personal decision to sell now.

Pierre, one of the best-known short sellers in South Africa, became an independent non-executive director of Capitec at the beginning of 2015. Before long, he was outspoken in his criticism of African Bank, which collapsed in 2014.

The money generated from the sale is believed to be used by Pierre for the new hedge fund company he recently started, Protea Capital Management.

He does not intend to resign as Capitec’s director. Well-known fund manager Piet Viljoen noted on Twitter that Verster sold his shares.

Acoording to Iress Capitec’s share price was trading at its highest level of R1 455.29 on Tuesday.

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Foreign investors sell R25bn worth of shares in SA

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According to economists, investors are preparing for D-day for Eskom. South Africa is currently doing better in financial terms than Nigeria, Turkey and Lebanon.

Foreign investors have sold more than R25bn of the country’s shares and the Rand is among the five worst performing currencies against the Dollar.

Even Ramaphosa acknowledged that the situation at Eskom was untenable. Meanwhile, Gwede Mantashe says that SA does not have an energy crisis, but does have an energy problem!

Political analysts point out that the problems caused by Eskom will eventually lead to downgrading to junk status, and that jobs will reduce even further thereafter.

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Health care shares dropped R14 billion since announcement of NHI

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The FF Plus is seriously worried about the negative impact that the tabling of the National Health Insurance (NHI) Bill in Parliament last Thursday has since had on the country’s economy.

It is not only the Discovery group’s shares that fell on the Johannesburg Stock Exchange. Yesterday, an amount of R14 billion was lost in terms of the value of health care shares on the Exchange. This sharp decrease in the value of shares has occurred due to the uncertainty and negative sentiments surrounding the Bill.

According to media reports, the companies that have suffered the greatest losses are Afrocentric Health, Momentum Shed, Discovery and Adcock Ingram.

The FF Plus is of the opinion that this trend could spill over to other listed health companies on the Johannesburg Stock Exchange and that will drastically weaken South Africa’s economy.

It could also put the future of the employees of these companies in jeopardy seeing as e
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