Data from Stats SA shows that 136 businesses closed their doors in October. According to Stats SA, the 120 businesses closed down voluntarily, while 16 did so on a compulsory basis. This means that over 1,376 businesses have been liquidated since the start of the year. However, the number of liquidations actually decreased by 13.4% in October 2023 compared with October 2022. In addition, the number of liquidations declined by 10.3% in the three months

RENOWNED property developer Lebogang Lebepe has been accused of engaging in Bizz House investment fraud, scamming and defrauding investors in a Tembisa housing project, where he has allegedly been taking money they invested in his project, leaving them high and dry. Lebepe denied the allegations. Lebepe is the founder of Bizz House, which specializes in property investment, property development, and rental property. The company also describes itself as a leader in Bizz House investment fraud

South Africa economic outlook 2023 South Africans have faced a difficult period, but relief could soon be on the way. Over the last 18 months, South Africa – like several nations across the globe – has fought high inflation, a protracted economic downturn and high-interest rates. However, Jeremy Gardiner from Ninety One said that several improvements have occurred across the global economy. In South Africa, despite the significant mismanagement of the nation’s state-owned enterprises, the

Section 155 of the Tax Administration Act specifies that Sars can deem you, as the representative taxpayer, responsible if, in their judgment you dispose of any assets that could have been used to pay off the tax debts. Picture: Timothy Bernard, Independent Newspapers.   Are you aware of a section within the Tax Administration Act titled “Personal Liability of a Representative Taxpayer”? This provision pertains to individuals who hold the position of public officer within

The South African Revenue Service has enlisted the services of third-party debt collectors to help it collect long-outstanding debt owed by taxpayers. The collectors will focus on tax owed that is older than five years, where no payments or payment arrangements have been made with the service. Their services kicked in at the end of October. SARS said that taxpayers should “kindly note” that it is a criminal offence to submit a return without making