TMMBS

From Grey to Great: South Africa Regains Investor Trust After FATF Exit

tmmbsonline — Tue, 11 Nov 2025 17:35:27 +0000

From Grey to Great: South Africa Regains Investor Trust After FATF Exit

From grey to great, South Africa’s financial comeback tells a story of determination, reform, and renewed trust — a story that signals to the world that the nation is open for business, stronger and more transparent than ever before. In a landmark development for the nation’s financial credibility and global reputation, South Africa has officially been removed from the Financial Action Task Force (FATF) Grey List, marking a significant turnaround in the country’s efforts to combat money laundering, terrorist financing, and financial crime. This achievement represents not only a technical compliance milestone but also a vital step toward restoring investor confidence, strengthening governance, and unlocking new opportunities for economic growth.

South Africa was placed on the FATF Grey List in February 2023 after the global watchdog identified strategic deficiencies in the country’s systems to prevent money laundering and terrorist financing. The decision sent shockwaves through the financial and business communities, raising concerns about the nation’s risk profile and overall investment climate.

From Grey to Great: South Africa Regains Investor Trust After FATF Exit

Greylisting meant that South Africa was under increased international monitoring, compelling banks, investors, and multilateral institutions to apply heightened scrutiny to financial transactions involving South African entities. This, in turn, led to slower foreign direct investment (FDI) inflows, delays in cross-border banking transactions, and a perception of elevated risk among global investors.

However, the government’s commitment to addressing the FATF’s findings has since proven resolute and effective. Within just over two years, South Africa implemented one of the most comprehensive reform programs in its financial history — a feat that earned recognition from the international community and ultimately paved the way for its removal from the list.

The road to compliance required a multi-faceted approach involving legislative amendments, institutional strengthening, and enforcement improvements. The key reforms included Legislative Overhauls, Beneficial Ownership Register, Strengthened Law Enforcements, and Enhanced Supervision and Cooperation. Collectively, these reforms demonstrated South Africa’s political will and institutional capacity to align with global anti-money laundering and counter-terrorism financing (AML/CFT) standards.

Exiting the Grey List sends a powerful signal to global markets that South Africa is back on a path of regulatory integrity and financial reliability. Analysts predict that the move will have several positive ripple effects across the economy. Finance experts also emphasize that while the FATF delisting is a major victory, the gains must be sustained through continued vigilance, institutional reform, and transparent governance.South Africa’s removal from the FATF Grey List is more than a procedural triumph — it symbolizes a renewed commitment to integrity, accountability, and sustainable economic growth. The focus now shifts from compliance to consolidation: ensuring that the systems put in place remain robust and effective in the long term. By maintaining this trajectory, South Africa can strengthen its financial resilience, attract greater levels of investment, and reaffirm its position as a trusted and competitive player in the global economy.

Financial Reporting for Capital Success

tmmbsonline — Wed, 08 Oct 2025 14:50:25 +0000

Financial Reporting

for Capital Success

Sars Escalation of South Africas Counterfeit Crisis

tmmbsonline — Fri, 26 Apr 2024 06:27:49 +0000

Sars Escalation of South Africa's Counterfeit Crisis

Sars Escalation of South Africas Counterfeit Crisis

Counterfeiting remains a pervasive issue across the globe, undermining economies, threatening consumer safety, and challenging the integrity of brands. In this complex landscape, the South African Revenue Service (SARS) has emerged as a key player in the fight against counterfeit policies. With a mission centered on safeguarding authenticity and upholding regulatory compliance, SARS has implemented a multifaceted approach to combat counterfeiting.

With illicit trading also being a major concern and risk, it not only threatens consumers but the revenue service as well. It steals from SARS. Furthermore, companies close down which means that people are losing their jobs and livelihoods which then leads to other forms of criminality. From a personal income tax as well as company income tax perspective, when companies close down it becomes a loss to SARS. Acts which constitute counterfeiting relate to the following:

Being in possession of infringing goods in the course of business;
Manufacturing or producing infringing goods for non-private or domestic use;
Selling, hiring or exchanging of infringing goods;
Exhibiting infringing goods for the purposes of trade;
Importing infringing goods into or through or exporting from South Africa; and
The act of dealing in counterfeit or suspected counterfeit products.

All these acts are criminal offences as they threaten the economy of the country.

Understanding the impact of counterfeiting

Counterfeiting poses multifaceted challenges that extend beyond mere financial losses. It erodes consumer trust, endangers public health through substandard products, facilitates illicit activities, and weakens the economy by depriving legitimate businesses of revenue. In South Africa, like in many other countries, counterfeiting spans various industries, including pharmaceuticals, electronics, fashion, and automotive parts, amongst others. When considering the associated loss of tax revenue, the true cost of counterfeiting could be much higher and the problem seems to be getting worse. Given the current economic climate in South Africa and in many of our neighboring countries, there is a steady increase in the demand for cheaper goods. This demand is often satisfied through the purchase and consumption of counterfeit goods, causing the counterfeiting marketing to grow at a steady and unprecedented rate.

SARS' Strategic Initiatives

SARS recognizes the gravity of the counterfeit issue and has adopted a proactive stance to address it effectively. The agency's initiatives encompass a combination of enforcement measures, collaboration with stakeholders, technological advancements, and public awareness campaigns.

Customs Enforcement: SARS leverages its customs infrastructure to intercept counterfeit goods at ports of entry. Through risk profiling, intelligence gathering, and collaboration with international counterparts, SARS identifies and seizes illicit shipments, thereby preventing these goods from entering the local market.
Collaboration with Regulatory Bodies: SARS collaborates closely with regulatory bodies such as the South African Bureau of Standards (SABS) and the Medicines Control Council (MCC) to ensure that imported goods comply with quality and safety standards. This partnership helps in detecting counterfeit products that pose risks to public health and safety.
Technology Integration: Embracing technological advancements, SARS employs sophisticated tools such as scanning devices, X-ray machines, and data analytics to enhance its detection capabilities. These technologies enable SARS to identify suspicious shipments more efficiently and conduct targeted inspections.
Capacity Building: Recognizing the need for specialized skills in combating counterfeiting, SARS invests in training programs for its personnel. These programs focus on counterfeit detection techniques, understanding emerging trends in illicit trade, and legal frameworks governing intellectual property rights.
Public Awareness: SARS collaborates with the media, industry associations, and consumer advocacy groups to raise awareness about the risks associated with counterfeit products. By educating the public, SARS empowers consumers to make informed choices and report suspicious activities.

Legal framework and international cooperation

Counterfeiting is a global issue with far-reaching consequences. It undermines international trade relations, impacts investor confidence and is even associated with the funding of criminal and terrorist organizations. Despite the challenges faced in combatting counterfeiting in Africa such as porous borders, non-specific legislation and limited resources, there is renewed commitment at national levels throughout Africa to combat the importation and sale of counterfeit goods, specifically to protect intellectual property rights, encourage foreign investment and curtail the loss in tax revenue.

SARS operates within a robust legal framework that empowers it to take decisive action against counterfeiters. The agency enforces laws such as the Counterfeit Goods Act, which prohibits the manufacture, sale, and distribution of counterfeit goods. Section 15 (1) entitles an owner of intellectual property to apply to the SARS Commissioner to seize and detain goods incorporating specific intellectual property rights during a particular period and calculate the infringement that might exist in terms thereof, or assist with the protection of that right for that period. Additionally, SARS participates in international forums and partnerships to strengthen cooperation in combating transnational counterfeit networks.

SARS' efforts have yielded significant successes in curbing counterfeit activities. Seizures of counterfeit goods, arrests of perpetrators, and successful prosecutions demonstrate the agency's commitment to upholding authenticity. However, challenges persist, including the evolving nature of counterfeiting techniques, the proliferation of online platforms for illicit trade, and the need for continuous adaptation to emerging threats. As SARS continues its mission against counterfeit policies, innovation and collaboration will remain crucial. Embracing emerging technologies such as blockchain for supply chain transparency, fostering public-private partnerships, and harmonizing efforts with global stakeholders will strengthen SARS' ability to combat counterfeiting effectively.

SARS' unwavering dedication to safeguarding authenticity and combating counterfeiting underscores the agency's pivotal role in protecting consumers, supporting legitimate businesses, and upholding the rule of law. Through a comprehensive approach encompassing enforcement, collaboration, technology, and awareness, SARS stands as a formidable force in the ongoing battle against counterfeit policies

Beware the Rise of Scandals: Employing Individuals with Fake Qualifications

tmmbsonline — Tue, 09 Apr 2024 05:01:57 +0000

Beware the Rise of Scandals: Employing Individuals with Fake Qualifications

Some job seekers and academics have developed a deadly disease called the “Fake Qualification Syndrome”. South African Qualifications Authority CEO, Ms Nadia Starr, believes that misrepresentation by a person of his or her qualification represents an act of fraud. The “key crisis” is that not enough people are scrutinizing qualifications presented to them. The council which sets and monitors standards for general and further education, Umalusi, has warned the public about the rise in fake qualifications either bought from fraudsters or received through unaccredited private institutions. Umalusi is seriously concerned about the mushrooming of bogus [learning institutions – particularly private] as well as the increase in the reported cases of fake certificates being sold to unsuspecting members of the public.

Such certificates received this way have no value because they do not appear in the certification databases of Umalusi and the National Learners` Records Database (NLRD) which is managed by the South African Qualifications Authority. The three main assessment bodies accredited by Umalusi to offer the National Senior Certificate are the DBE (Department of Basic Education), IEB (Independent Examinations Board), and SACAI (South African Comprehensive Assessment Institute).

In today's competitive job market, the pressure to hire qualified and skilled individuals can sometimes lead employers down a dangerous path. Recent years have seen a troubling rise in scandals involving the appointment of individuals with fake qualifications, posing significant risks to businesses, their reputation, and even legal repercussions. This article serves as a warning to employers, urging them to exercise due diligence and implement robust verification processes to avoid falling victim to such scandals. With the proliferation of online education and certification programs, it has become easier for individuals to obtain fraudulent qualifications. Diploma mills, websites offering fake degrees for a fee, and forged certificates are just some of the methods used by unscrupulous individuals to deceive employers. The consequences of hiring someone with fake qualifications can be severe. Not only does it undermine the integrity of the hiring process, but it can also lead to incompetence in crucial roles, financial losses due to poor performance, and damage to the organization's reputation.

Several high-profile cases have brought this issue to the forefront. One such example is the scandal involving a major technology company that hired a senior executive claiming to have an advanced degree from a prestigious university. It was later revealed that the degree was fake, leading to public embarrassment for the company and the dismissal of the executive. Similarly, in the healthcare sector, there have been instances where individuals with forged medical licenses or credentials were employed, putting patients' lives at risk and exposing healthcare providers to legal liabilities.

The Impact on Businesses

The repercussions of employing individuals with fake qualifications extend beyond immediate operational challenges. Businesses may face legal consequences for negligent hiring practices, damage to their brand reputation, loss of customer trust, and decreased employee morale. Moreover, in regulated industries such as finance or healthcare, regulatory bodies may impose hefty fines or revoke licenses for non-compliance with verification standards.

Best Practices for Employers

To mitigate the risk of hiring individuals with fake qualifications, employers should adopt the following best practices:

Thorough Background Checks

Conduct comprehensive background checks, including education verification, employment history, and professional credentials. Verify documents directly with issuing institutions rather than relying solely on copies provided by candidates.

Use of Third-Party Services

Engage reputable third-party verification services that specialize in authenticating educational and professional credentials. These services have access to databases and contacts with educational institutions to verify the legitimacy of qualifications.

Interview and Skills Assessment

Supplement credential verification with thorough interviews and skills assessments to gauge candidates' actual knowledge and capabilities. Look for inconsistencies or gaps in their qualifications during the interview process.

Educate Hiring Managers

Train hiring managers and human resources personnel on spotting red flags indicating fake qualifications. Encourage a culture of transparency and ethical hiring practices within the organization.

Regular Audits and Compliance

Conduct regular audits of employee credentials to ensure ongoing compliance with qualification requirements. Establish clear policies and procedures for handling discrepancies or suspected fraudulent activities.

The rise in scandals related to fake qualifications underscores the importance of diligence and vigilance in the hiring process. We advise all employers both in the public and private sectors to consider verifying their current and future employees’ qualifications through the verification agencies whose contact details are available on the website of Umalusi.

Employers must prioritize authenticity and integrity to safeguard their organizations from reputational damage, legal liabilities, and operational disruptions. By implementing robust verification measures and promoting ethical hiring practices, businesses can mitigate the risks associated with hiring individuals with fake qualifications and maintain a trustworthy and competent workforce. Finally, employment contracts and policies should explicitly state that falsifying qualifications is unacceptable, “and the consequences of such misconduct should be clearly stated.

Beware the Rise of Scandals: Employing Individuals with Fake Qualifications

TMMBS & Sage a partnership to support African business | Sage AMEA

tmmbsonline — Tue, 02 Apr 2024 08:52:12 +0000

TMMBS & Sage a partnership to support African business | Sage AMEA

Click here to read full story

Mandatory CIPC obligations for companies and close corporations for 2024- Beneficial Ownership

tmmbsonline — Tue, 05 Mar 2024 11:58:16 +0000

Mandatory CIPC obligations for companies and close corporations for 2024- Beneficial Ownership

In February 2023, South Africa was put onto the “Grey List”, resulting in South Africa being required to have increased monitoring due to various strategic, regulatory, and compliance deficiencies. In response, and with the strategic deficiencies then identified, the CIPC issued an action plan to ensure that the competent authorities and regulatory bodies have timely access to accurate and verified beneficial ownership information on legal persons, and further authorizing the CIPC to apply sanctions for breaches and/or violations by legal persons of beneficial ownership obligations.

The Companies and Intellectual Property Commission (CIPC) has announced its beneficial ownership mandate/ register for companies as well as close corporations which will go into effect as of 1 April 2024. Beneficial ownership refers to the natural person(s) who ultimately own, control, or benefit from a company or legal entity. Understanding beneficial ownership is crucial for various reasons, including preventing money laundering, combating corruption by allowing the law enforcement to be inclined when it comes to their investigations of who the ultimate owners of an entity are, and ensuring transparency in business operations.

Furthermore, it important to note that you cannot submit the yearly returns for a company or close corporation unless you have already submitted the beneficial ownership details of all the beneficial owners of that particular company or close corporation. As of 1 April 2024, it will therefore be mandatory to file the beneficial ownership information before you can submit the annual returns of a company or close corporation. Both beneficial ownership information and annual return submissions must be completed on CIPC’s portal to avoid deregistration of a company or closed corporation.

The beneficial ownership regulations require companies to disclose information about their ultimate beneficial owners. Here are key aspects related to CIPC beneficial ownership:

Definition of Beneficial Owner

A beneficial owner is an individual who directly or indirectly owns or controls more than 5% of the shares or voting rights in a company. It can also include individuals who have significant influence or control over the company through other means.

Registration and Disclosure

Companies are required to identify and register their beneficial owners with the CIPC. The information typically includes the name, nationality, residential address, and other relevant details of the beneficial owners. It also includes the financial year of the company or close corporation, as well as its financial information and records.

Changes in Beneficial Ownership

Companies must regularly update the CIPC regarding any changes in beneficial ownership within a specified timeframe.

Penalties for Non-Compliance

Failure to submit the required beneficial ownership information is tantamount to non-compliance with the Companies Act, which could result in court-ordered administrative fines. Where applicable, filing beneficial ownership information is now a legislative requirement. Furthermore, non-compliant beneficial ownership information filings will trigger possible investigations and sanctions, including compliance notices, administrative fines, and the disqualification of directors.

Access to Information

The CIPC maintains a register of beneficial ownership, and certain authorities, such as law enforcement agencies and financial institutions, may have access to this information to fulfill their regulatory obligations.

Purpose and Benefits

The primary purpose of disclosing beneficial ownership is to enhance transparency in corporate structures and prevent illicit activities such as money laundering and corruption. It enables authorities to track and investigate the ownership structure of companies and identify any potential risks.

Confidentiality and Data Protection

While beneficial ownership information is made available to relevant authorities, there may be provisions to protect the confidentiality and privacy of individuals in line with data protection laws.

International Standards

The regulations align with international standards and best practices aimed at preventing and combating financial crimes and to minimize South Africa being Grey listed again.

The big question lies in who does not need to submit information on the beneficial ownership register? Where a juristic entity, such as a trust, is the entity that has beneficial ownership of a company, whichever individual ultimately derives beneficial ownership from that trust as defined in the Trust Property Control Act 57 of 1988, as amended, must have their information declared with the Master of the High Court, not on the beneficial ownership register. Furthermore, affected companies listed on a local stock exchange are also not required to declare information on the beneficial ownership register. Lastly, State-owned companies exempted by the relevant Minister are not required to file beneficial ownership information.

Mastering Your Finances: Unveiling the Art of Good Debt vs. Bad Debt

tmmbsonline — Tue, 13 Feb 2024 07:03:26 +0000

Mastering Your Finances: Unveiling the Art of Good Debt vs. Bad Debt

The main requirement to being financially intelligent is the intelligence in being able to differentiate between good debt and bad debt. Simply put, good debt makes you rich and bad debt makes you poor. Improving your financial life requires you to make healthy financial decisions. Again, before knowing what good debt and bad debt entail, one needs to have a clear understanding of what debt entails. In essence, debt is borrowing money from others placing an obligation on you to pay it back with interest added to it. The debt you take is a liability. It’s an obligation to pay it back to the creditor.

Mastering Your Finances: Unveiling the Art of Good Debt vs. Bad Debt

Good debt

Good debts are incurred for things that are expected to increase in value over time- think of a house or small business.

Investing in assets

Home Mortgage: Taking out a mortgage to buy a home is often considered good debt. Homes have the potential to appreciate in value over time, serving as an investment.
Student Loans: Borrowing money for education can be seen as an investment in future earning potential and career opportunities.

Potential for Appreciation:

Debts that allow you to acquire assets with the potential to increase in value over time are generally considered good. For example, a loan to start a business or invest in stocks may fall into this category.

Tax Deductibility:

Some interest paid on loans is tax-deductible. For instance, mortgage interest and student loan interest may be eligible for tax benefits.

Low-Interest Rates:

Debt with low-interest rates is generally more manageable. If the interest rate is lower than the potential return on an investment, it may be considered good debt.

Bad debt

In modern times many goods and services are sold on a credit basis. A business that operates this way runs the risk that some of the debtors might not pay at all or only pay partially. Bad debt limits your ability to build wealth.

High-Interest Consumer Debt:

Credit card debt with high-interest rates is often considered bad debt. The interest charges can accumulate quickly, leading to a cycle of debt that is challenging to break.

Consumable Purchases:

Borrowing money for consumable items that quickly depreciate in value, such as vacations, clothing, or electronics, is generally considered bad debt. These purchases do not contribute to long-term financial well-being.

Impulse Purchases:

Debt incurred due to impulsive spending or lack of budgeting is typically considered bad. It reflects a lack of financial discipline and can lead to financial instability.

No Potential for Appreciation:

Borrowing for items that do not have the potential to appreciate or generate income, such as a car or depreciating assets, may be categorized as bad debt.

High Debt-to-Income Ratio:

If your debt levels are high compared to your income, it can be a sign of financial stress. High levels of debt relative to income can limit your ability to save and invest for the future.

Good debt and bad debt refer to the concept of categorizing debts based on their potential impact on your financial well-being and overall wealth. It's important to note that the classification of debt as "good" or "bad" can vary depending on individual financial situations and perspectives. Good debt is generally associated with investments that can potentially grow in value over time, while bad debt is linked to purchases that do not contribute to long-term financial well-being and may lead to financial stress. It's crucial to carefully evaluate the purpose and potential outcomes of taking on debt and to manage it responsibly to avoid negative consequences on your financial health. How you decided to interact with debt most depends on personal values and tolerance for risk. Always remember that whether good debt or bad debt, they both come with risks.

Key Dates for Taxpayers in 2024: A Comprehensive Guide to SARS Deadlines

tmmbsonline — Fri, 26 Jan 2024 03:47:23 +0000

Key Dates for Taxpayers in 2024: A Comprehensive Guide to SARS Deadlines

As the new tax year unfolds, South African taxpayers are gearing up for another round of compliance with the South African Revenue Service (SARS). Staying on top of important dates is crucial to ensure a smooth and hassle-free tax season. Staying informed about these crucial dates is imperative for South African taxpayers to fulfill their obligations to SARS promptly. Failing to adhere to these deadlines may result in penalties and unnecessary complications. As tax regulations evolve, it's advisable for taxpayers to stay updated on any changes and seek professional advice if needed to ensure compliance and peace of mind during the tax season. In this article, we will delve into the significant dates that taxpayers should mark on their calendars to meet their obligations and avoid any potential penalties.

Tax Season Opening Date: March 1, 2024

The tax season typically kicks off on March 1st each year, signaling the commencement of the period during which individuals and businesses can submit their tax returns to SARS. Taxpayers are encouraged to prepare their financial documentation well in advance to facilitate a smooth filing process.

Submission of Individual Income Tax Returns

Taxpayers need to submit their individual income tax returns within the specified period. For non-provisional taxpayers, the deadline is November 23, 2024, while provisional taxpayers have an extended deadline until January 31, 2025. It is crucial to gather all relevant financial information, including income statements, expenses, and supporting documentation, to ensure accurate and timely submission.

Opening Date: April 1, 2024
Closing Date: November 23, 2024 (Non-provisional taxpayers)
Closing Date (Provisional Taxpayers): January 31, 2025. Take note of the following: Tax season for provisional taxpayers will be closing on 24 January 2024. Provisional taxpayers will have until this date to pay their dues and finalize their affairs for the 2022/23 tax year. For provisional taxpayers, the first period's payment is due on August 31, 2024. Provisional taxpayers include individuals who earn income not subject to PAYE (Pay As You Earn) deductions and businesses with an annual turnover exceeding a specified threshold.

Employee Tax Certificates (IRP5/IT3(a))

Issuing Deadline: May 31, 2024:

Employers are required to issue employee tax certificates (IRP5/IT3(a)) by May 31, 2024. These certificates provide employees with the necessary information to complete their individual income tax returns. Furthermore, these certificates detail income earned, taxes deducted, and other relevant information necessary for accurate individual tax filings.

VAT Submission and Payment Deadline

Submission Deadline: 25th day of the month following the end of the tax period.
Payment Deadline: 25th day of the month following the end of the tax period.

Value-added tax (VAT) vendors must submit their VAT returns and make payments by the 25th day of the month following the end of the tax period. Accurate record-keeping is essential for a seamless VAT compliance process.

PAYE Reconciliation Submission

Deadline: May 31, 2024

Employers must submit their Pay As You Earn (PAYE) reconciliation declarations by May 31, 2024. This process ensures accurate reporting of employee income and deductions. However, the monthly PAYE submissions must be executed on the 7^th of each and every month. In a PAYE system, the employer deducts a portion of the employee's earnings each pay period and remits it directly to the tax authorities. This ensures a regular and steady collection of income tax throughout the year, rather than requiring individuals to pay a lump sum at the end of the tax year.

Employer Interim Reconciliation

Submission Period: September 1, 2024, to October 31, 2024.

Employers are obliged to submit their interim reconciliations during this period. This involves providing accurate information regarding employees' tax certificates (IRP5/IT3(a)), ensuring compliance with SARS requirements.

Tax Season for Trusts

Opening Date: July 1, 2024
Closing Date: December 31, 2024

Trusts have a specific tax season, starting on July 1, 2024, and concluding on December 31, 2024. Trustees must submit their income tax returns during this period to avoid penalties.

Tax and labor law are interconnected in various ways, as both areas of law address aspects of employment, compensation, and financial responsibilities. An example of the interconnection relates to Unemployment Insurance Fund (UIF) and Compensation for Occupational Injuries and Diseases Act (COIDA). The UIF and COIDA are crucial components of the social security system in South Africa, each serving specific purposes to safeguard the interests and well-being of workers. Understanding and navigating the intersection of tax and labor law is essential for both employers and employees to ensure compliance with legal requirements, fulfill tax obligations, and create fair and transparent employment relationships. Legal advice and expertise in both areas may be necessary to address the complexities and nuances associated with the tax implications of employment.

Unemployment Insurance Fund (UIF)

The UIF is a social security program in South Africa that provides temporary financial assistance to workers who become unemployed, unable to work due to illness, or go on maternity leave. It is a mandatory fund to which both employers and employees contribute, and its purpose is to offer income support during periods when individuals are unable to earn a salary.

Pertaining to payment of contributions, employers must pay the 1% they deducted from workers, together with the 1% they have contributed, to the UIF or SARS before the 7th of every month.

Regular and accurate payment of UIF contributions not only avoids legal consequences but also ensures that employees have access to the necessary social security benefits when needed.

The Compensation for Occupational Injuries and Diseases Act (COIDA)

A short description of what COIDA entails is that it serves the purpose of providing compensation and benefits to employees who sustain injuries or contract diseases in the course of their employment.
Pertaining to payment of contributions, if for example an employee has earned a total earnings of R600 000 from the employer per annum, the amount should be capped at R529 264 and be declared as such. Furthermore, if an employee as earned the total earnings of any amount below R529 264, the total earnings must be declared as is, regardless of whether the said employee worked for a full year or part year.
If an employer is not registered with the Compensation Fund or has not paid the required assessments, employees may face difficulties in accessing compensation for work-related injuries or diseases. This can lead to financial hardship for the affected employees.

Paying taxes is a fundamental civic responsibility and is crucial for the functioning of a country's government and economy. Taxpayers are advised to consult with tax professionals, utilize online tools provided by SARS, and keep abreast of any updates or changes in tax regulations throughout the year. Compliance with these key dates ensures a smooth and efficient tax-filing process, contributing to the overall financial health of individuals and businesses in South Africa.

For more information refer to the following website:

https://www.sars.gov.za/important-dates-4/

Unlocking the Secrets Behind the Price Tag

tmmbsonline — Thu, 18 Jan 2024 07:15:17 +0000

Unlocking the Secrets Behind the Price Tag: The Intriguing Reasons Why Private Schools Command a Premium Education Cost

Education is an invaluable investment in your child’s future. The most expensive schools in South Africa provide high-quality education, outstanding facilities, and a conducive learning environment. However, assessing whether the cost aligns with your budget and the value you expect your child to receive is essential. Private schools have long been associated with a premium education experience, offering smaller class sizes, enhanced facilities, and specialized programs. However, the question often arises: Why are private schools so expensive? This article aims to shed light on the various factors contributing to the high costs associated with private education.

Smaller Class Sizes

Private schools’ pride themselves on providing a more personalized and intimate learning environment. With smaller class sizes, students benefit from increased individual attention and a more interactive educational experience. However, maintaining such low student-to-teacher ratios requires employing a larger number of qualified educators, leading to higher staffing costs.

High-Quality Educators

Private schools often attract highly qualified and experienced teachers, professors, and specialists. These professionals are often well-compensated, contributing to the overall cost of running a private institution. The commitment to hiring top-tier educators is seen as an investment in providing a superior education to students.

State-of-the-Art Facilities and Resources

Private schools often boast state-of-the-art facilities, cutting-edge technology, and a wide array of extracurricular activities. These amenities require significant financial investment for construction, maintenance, and continuous upgrades to ensure students have access to the best possible resources.

Specialized Programs and Extracurriculars

Private schools frequently offer specialized programs, ranging from advanced placement courses to unique extracurricular activities like music, art, and sports. These programs not only enhance the overall learning experience but also demand additional resources, equipment, and specialized staff.

Small- Scale Administration

Unlike public schools, private institutions often have smaller administrative staff. While this may seem like a cost-cutting measure, it can lead to higher per-student administrative expenses, as these costs are spread across a smaller student body.

Financial Aid and Scholarships

Many private schools are committed to maintaining a diverse student body and offer financial aid and scholarships. While this is a noble endeavor, it necessitates higher tuition fees for those who can afford to pay, offsetting the costs of supporting students with limited financial means.

Independence and Autonomy

Private schools operate independently, allowing them greater flexibility in curriculum design, hiring practices, and overall decision-making. However, this autonomy comes at a price, as they are solely responsible for funding and sustaining their educational programs without government subsidies.

The following table illustrates the top 5 most expensive day school private schools in South Africa:

Private schools in South Africa have hiked fees for 2024, with at least six now charging more than R350,000 a year for boarding and tuition.

(Source of table: businesstec)

In essence, the high costs associated with private schools are a result of various factors that contribute to the creation of a premium educational environment. From personalized attention and top-tier educators to advanced facilities and specialized programs, these institutions prioritize quality over quantity. While the expenses may seem steep, many argue that the investment in private education yields long-term benefits, providing students with an educational experience that goes beyond the classroom, shaping them into well-rounded individuals prepared for success in an ever-evolving world.

Safeguarding Against Email Scammers: Strengthening Cyber Security in the Digital Age

tmmbsonline — Fri, 24 Nov 2023 10:27:55 +0000

Safeguarding Against Email Scammers: Strengthening Cyber Security in the Digital Age

In an era defined by digital connectivity, email communication remains a ubiquitous tool for personal and professional interactions. However, amidst the convenience of emails, cyber threats like phishing, scams, and fraudulent activities have proliferated, posing significant risks to individuals and organizations. This article aims to elucidate the tactics employed by email scammers, shed light on the gravity of cyber threats, and provide actionable strategies to fortify cyber security against such attacks.

Email scams, commonly known as phishing, involve deceptive tactics aimed at tricking recipients into divulging sensitive information, such as login credentials, financial details, or personal data. These scams often masquerade as legitimate entities or individuals, utilizing social engineering techniques to manipulate emotions, urgency, or authority to compel action from recipients. From fake invoices and lottery scams to imitating reputable organizations or government bodies, email scammers employ a myriad of tactics to exploit human vulnerabilities and gain unauthorized access.

We’ve all seen e-mail scams take advantage of the age-old premise: people can be greedy and gullible or to put it more positively – people are intrinsically positive about the motives of others and are not on the lookout for scammers and criminals in every email exchange but the sad truth is, we all need to wake up to the threat in our email to heighten our security awareness. The world has moved on and despite significant security efforts and new technologies in recent years, there remains a prolific and lucrative cybercrime industry attacking people and organizations alike. Today the weakest link in any security defenses are people, so protecting data and systems also means protecting people.

The recent history of cyber security shows that all too often it is the employee that opens an organisation up to attack. In most cases employees are not willingly participating in an attack. They may not even know they are the unwelcome target of a hacker’s attention and that their online behaviour might be risky. Employees have limited knowledge of the cyber security risks they face (or create). Email scams take advantage of this lack of security knowledge. The cost to an organisation of this knowledge gap is an increased security threat. Cyber security is a constant game of cat and mouse.

The ramifications of falling victim to email scams can be profound. Individuals may suffer financial losses, identity theft, or reputational damage. Moreover, organizations face severe consequences, including data breaches, compromised systems, and loss of customer trust. The pervasiveness of these scams underscores the critical need for heightened awareness and proactive measures to safeguard against cyber threats.

Types of cyber security risks:
- Phishing uses disguised email as a weapon. The email recipient is tricked into believing that the message is something they want or need — a request from their bank, for instance, or a note from someone in their company — and the recipient then clicks a link or downloads an attachment.
- Vishing is a similar type of attack where voice is used instead of email. Attackers will phone a victim to prime an attack or ask to guide them through changing settings or disclosing a password.
- Spoofing sees attackers impersonating people familiar to the victim either by sending an email as someone else, or changing the address very slightly to appear as if from the legitimate sender.
- Pharming attacks involve a hacker sending the same email to many recipients and then waiting to see which recipients respond.
- Whaling is a specific form of phishing that personalises the attack towards high-profile people in senior positions.
Ransomeware occurs when data is encrypted within an organization. The hacker then requests payment in bitcoin to receive a code to unlock the user’s files.

To keep your business safe from cyberattacks, follow these tips:
- Install software to detect and prevent intrusion by viruses and malware.
- Train employees in cybersecurity practices, particularly regarding email and internet use, and enforce them.
- Use secure passwords and change them regularly. Don’t share passwords.
- Set software to update automatically; outdated software makes your network easier to breach.
- Consider purchasing cybersecurity insurance for added protection.
- When buying new hardware and equipment, look for products like Xerox printers and MFPs with security features built in.
- Cyber attackers continue to get sneakier and sneakier. By taking these steps to protect your computers and networks, you can reduce the chance of your business falling victim to the crooks.
Clearly investing in up-to-date technology to defend your organisation is critical but remember that employees are the first line of defense and educating them regularly about potential cyberattacks is vital. As is telling them what to do when they spot a problem or feel they many have been duped. A culture that encourages and supports employees in being open (and fast to act) when they have made a mistake is important. So in the battle of organizations versus the email scammers, it will be employees armed with great technology that will make the difference.

There are ways in which one can verify whether an email comes from people they expect or not:
- Check the sender's email address: Scammers often use email addresses that look similar to legitimate ones. Look closely at the sender's email address. Sometimes a single character change or a slightly altered domain can reveal a scam.
- Verify the sender's identity: If you receive an email from a company or organization, check the sender's name and cross-reference it with known contacts from that entity. Reach out to the organization through verified means (phone number, official website) to confirm if they sent the email.
- Look for spelling and grammar mistakes: Many phishing emails contain spelling or grammar errors. Legitimate companies usually have a higher standard for communication.
- Avoid clicking on suspicious links: Hover your mouse over links in the email (without clicking) to see the actual URL. If it looks suspicious or doesn't match the supposed sender, avoid clicking it. Instead, manually type the URL into your browser.
- Be cautious of urgent or threatening language: Scammers often use urgency or threats to create panic and prompt immediate action. Take a step back and evaluate the situation calmly.
- Check for personalization: Legitimate emails from known sources often contain personalized information (your name, account number) that scammers might not have. Lack of personalization could indicate a scam.
- Enable two-factor authentication (2FA): Even if a scammer gets hold of your password, having 2FA adds an extra layer of security by requiring a second form of verification.
- Use email authentication protocols: Many organizations use email authentication methods like SPF (Sender Policy Framework), DKIM (DomainKeys Identified Mail), and DMARC (Domain-based Message Authentication, Reporting, and Conformance) to verify the authenticity of emails. However, these protocols don’t always prevent all scams, but they can be a good indicator of an email's legitimacy.
Remember, even if an email appears to be from someone you know or a familiar organization, it's essential to remain vigilant. When in doubt, contact the supposed sender through a separate, trusted communication channel to verify the legitimacy of the email.

Email scammers continue to evolve their tactics, posing a persistent threat to individuals and organizations alike. Prioritizing cyber security and vigilance against email scams is imperative in today's digital landscape. By fostering a culture of cyber awareness, implementing robust security measures, and continuously educating individuals, we can fortify our defenses against email scammers, ensuring a safer and more secure online environment for all.