This week we decided to include the two Gazette items at the beginning of this week’s Newsflash, which has a lot of interesting articles.
Consumer Price Index (CPI): May 2023
G 48923 GeN 1910
07 July 2023
Electricity Regulation Act: Schedule 2: Amendment: Removal of threshold for generation facilities
G 48923 GoN 3656
07 July 2023
Big change for businesses in South Africa – with 3 months to comply
The Companies and Intellectual Property Commission (CIPC) has released its new ‘Beneficial Ownership Register’ platform that companies must fulfil, says Micaela Paschini, an attorney at Tax Consulting SA.
Paschini said that businesses are now required to declare their beneficial ownership to the CIPC before October 2023, following concerns raised by the Financial Action Task Force (FATF) over the country’s failings in terms of financial crime and anti-money laundering.
Battle of the gyms as Virgin Active faces competition authority complaint
While Virgin Active’s main shareholder Brait prepares the multinational gym group for listing, a small South Africa gym owner’s complaint at the Competition Commission may negatively impact the overall market valuation of South Africa’s biggest gym.
Body Action Gym’s complaint of anti-competitive behaviour against Discovery Vitality and the two biggest gym groups Virgin Active and Planet Fitness, on behalf of independent and smaller fitness facilities, had been referred to the Competition Tribunal, although an outcome might only be in eight months, Body Action CEO Antonio Iozzo said on Friday.
Brace for another interest rate hike this month
Debt-laden consumers in South Africa will be facing yet more hardship as the cost of borrowing looks likely to increase later this month and remain elevated for at least another two months on the back of stubborn consumer inflation.
This comes as the US Federal Reserve signalled its intention to resume interest rate increases amid a growing consensus that more tightening was needed to stamp out high inflation in the world’s largest economy, in spite of leaving rates unchanged for now, at 5 to 5.25 percent.
Like it or not, demerit points are coming
Demerit points for road traffic infringements are set to become a major feature in the lives of South African motorists.
This follows the Constitutional Court (ConCourt) on Wednesday declaring the Administrative Adjudication of Road Traffic Offences (Aarto) Act and the Aarto Amendment Act constitutional and valid.
The ConCourt judgment overturned a January 2022 judgment by the High Court in Pretoria that the Aarto acts were unconstitutional and invalid.
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