Finance News Update | 26 June 2026

General Headlines

SARS extends deadline for 2026 auto-assessment corrections

The South African Revenue Service (SARS) has extended the deadline for taxpayers eligible for automatic assessments to submit corrections to their 2026 assessments until 23 October 2026. The 2026 Filing Season will commence with the auto-assessment period running from 1 July to 12 July 2026, during which approximately six million taxpayers are expected to receive automatic assessments. Tax specialists have welcomed the extension but caution that it should not be viewed as a relaxation of compliance requirements. Taxpayers are encouraged to review their assessments promptly and make any necessary corrections within the extended timeframe. Daily Investor

PIC defends investment performance despite losses

The South African government has defended the Public Investment Corporation’s (PIC) investment record, arguing that its overall performance should not be judged solely on unsuccessful investments. Information presented to Parliament’s Standing Committee on Public Accounts (SCOPA) showed that the PIC’s Isibaya Fund invested more than R18.2 billion in 23 companies that ultimately recorded a -100% internal rate of return. However, government officials noted that successful investments in 10 other companies generated more than R51 billion in value, significantly outweighing the losses. The PIC maintains that a balanced assessment reflects its overall contribution to long-term investment returns. BusinessTech

Gauteng allocates R296 million to strengthen municipalities

The Gauteng Department of Cooperative Governance and Traditional Affairs (Cogta) has allocated R295.9 million of its R680.5 million budget for the 2026/27 financial year to improve the performance of struggling municipalities. The funding will be directed towards strengthening municipal administration, financial management, governance, public participation, capacity building, and performance monitoring. An additional R197.4 million has been allocated to development and planning initiatives. The investment comes amid growing concerns over governance failures and weak financial management across several municipalities in the province. Business Day

Markets & Investments

Market and Stock Highlight

The South African rand strengthened against a weaker US dollar after US inflation data broadly met market expectations, easing pressure on global currency markets. The rand traded at 16.45 to the dollar, gaining approximately 0.7% from its previous close, while the US dollar weakened by about 0.3% against a basket of major currencies. Investors largely overlooked stronger-than-expected domestic producer inflation data, keeping their focus on international market developments. On 26 June 2026, the rand traded at R21.81 to the pound, and R18.80 to the euro, while gold traded at $4,009.90 per ounce and oil at $73.75 per barrel. BusinessTech

Property & Real Assets

Cape Winelands Airport redevelopment gains momentum

Growthpoint Properties has announced further progress on the planned R8 billion redevelopment of the Cape Winelands Airport into an international commercial airport. The project, which Growthpoint is co-developing, aims to transform the former South African Air Force facility into a major aviation hub for the Western Cape. Construction is expected to begin later in 2026, subject to final approvals, with the first phase scheduled for completion in 2028. The developer noted that securing environmental approvals has been the project's biggest challenge, with the process taking nearly five years to complete. BusinessTech