Tax

Global fuel market dynamics play an enormous role in determining fuel prices. Global oil price volatility strongly influences these dynamics. Supply and demand remain highly relevant. They influence what the global market will pay for a barrel of oil. They also shape perceptions of shortages. In turn, these perceptions can trigger buying sprees that push prices higher.

On 26 November 2025, the South African Revenue Service (SARS) released a draft Interpretation Note on section 7C of the Income Tax Act No. 58 of 1962. Section 7C is an anti-avoidance provision. It targets interest-free or low-interest loans used to fund trusts. The tax authority’s message is clear. There is no such thing as an informal, interest-free loan to your trust anymore. This position amounts to a direct warning to young South Africans who increasingly use trusts as wealth vehicles.

We note that the government has dropped the planned additional R20 billion from individual taxpayers. We welcome that decision. However, this outcome stems from the commodities boom that has saved our necks. What will happen in 2027 if that commodities boon disappears? The question remains whether that boon will continue to flow into the deep, dark pit of government spending.

South Africa’s 2026 National Budget has delivered targeted SME relief for small and medium-sized enterprises (SMEs). This includes a significant increase in the Value Added Tax (VAT) registration threshold. It also introduces enhanced capital gains tax exemptions for qualifying business owners.

This year's national budget was delivered against a more supportive domestic backdrop. Export commodity prices were firmer, energy availability improved and funding pressures eased modestly due to lower government bond deals. In many respects, this was an encouragingly stable budget. It signals that South Africa is steadily moving toward a better fiscal space.

Budget Day 2026 may have lacked drama, but beneath the surface it delivered a series of quietly positive tax developments. Rather than introducing aggressive new revenue collection measures, the National Treasury opted for stability, targeted relief and structural adjustments that favour taxpayers, savers and small businesses.

Have you been living the life on social media and not telling SARS? Have you gone on overseas trips to exotic destinations? More so, have you purchased new cars, houses, expensive brand clothes, watches or jewellery? The latest legislative change spans at least 14 government bodies that can conduct lifestyle audits.

In its relentless pursuit of tax compliance, the South African Revenue Service (SARS) has launched a series of initiatives to streamline tax processes through automation enhancements. Specifically, these initiatives identify focus areas to strengthen detection, enforcement and voluntary compliance. As a result, SARS has introduced SARS Modernisation 3.0.

With the end of the 2025/2026 tax year fast approaching, South Africans have a narrowing window to make financial decisions that can meaningfully improve their savings outcomes. Acting before the tax year closes can deliver immediate tax benefits and lasting financial advantages. February ranks among the most important months on the financial calendar.

South African law requires any person who becomes liable for tax, whether income tax, VAT, or Capital Gains Tax, to register as a taxpayer with the South African Revenue Service (SARS). You must obtain a tax number. This unique identifier, issued by SARS, tracks and manages your tax obligations and compliance.