July 18, 08:24

How to optimize tax obligations to avoid overpayment

With the start of July, the tax declaration filing season has begun. Many people prefer to avoid this topic, but ignoring the declaration or not carefully checking the automatic assessment can lead to the loss of thousands of funds.

The importance of tax optimization

According to Alex Cook, CEO of the financial fintech service Wealthbit, taxes are the largest annual expense for most residents of South Africa, exceeding expenses on rent and food, yet most people do not think about optimizing them.

The difference between letting the South African Revenue Service (SARS) conduct calculations and truly understanding one's tax position can amount to tens of thousands of rand per year. Cook emphasizes that money does not disappear; it either goes to SARS or stays with the individual, where it can generate future income.

Tax factors in South Africa

For most residents of South Africa, taxes are perceived as an integral part of life, where various deductions (such as pension contributions or medical insurance) are automatically deducted from the salary. However, beyond this, the topic seems vague and complex.

When assessing how much a person should pay or how much they are entitled to receive back, the following South African tax rules are taken into account: method of income receipt (salary, freelance, or commission), income structure (self-employment or additional business), contribution size (pension funds, medical insurance, tax-saving accounts), and applicable benefits and credits (medical tax credits, pension deductions, reimbursements).

Tools for tax analysis

Cook notes that to fully assess whether the current tax system is advantageous or if a person is missing out on potential funds, it is necessary to fully understand all these interconnected elements. Wealthbit's free tax comparison tool demonstrates how the choice of savings and investments affects taxes and long-term well-being. The Wealthbit Tax Snapshot tool calculates whether a person is maximizing their deductions and provides the following information:

Assessment of how income is taxed.
Effectiveness of tax reduction through medical insurance and pension fund contributions.
Possibility of legally reducing taxes through more prudent contributions.
Evaluation of how well the current structure is working.

Such detailed analysis is useful not only for wealthy individuals but for anyone who earns and pays taxes to ensure the optimization of their tax obligations.

This is also a suitable time for advance planning. According to the 2026 budget, the annual limit for tax-deductible pension contributions was increased from 350,000 rand to 430,000 rand, and the limit for contributions to a tax-saving account was raised from 36,000 rand to 46,000 rand per year. These changes came into effect on March 1, 2026. Although these changes do not affect the declaration for the previous tax year, they expand opportunities for tax reduction in the coming year.

Cook concludes that one must not forget that taxes are one of the most significant levers in the financial system. When a person understands the impact of taxes on their income and contributions, other financial decisions become significantly easier. He adds that greater clarity means less stress, and with the right structure, money can work much more effectively.

uza.uzJuly 18, 12:36

Directorate for Managing the Leather and Footwear Industrial Zone of Uzbekistan Created

In accordance with the Decree of the President of the Republic of Uzbekistan on adopting additional measures to support the production of finished goods in the leather and footwear industry and to increase export potential, a Directorate for Managing the Leather and Footwear Industrial Zone will be established in the form of a limited liability company.

Territorial Management and Structure

Land plots belonging to the leather and footwear industrial zones located in the Okhangaron district of Tashkent region and the Sharikon district of Andijan region will be transferred to the Directorate under lease terms, and it will be tasked with managing these territories.

The sole founder of the Directorate is the Restoration and Development Fund, and the Directorate is managed based on a power of attorney from the Agency for Light Industry Development.

Infrastructure Financing

Funds amounting to 360 billion UZS will be allocated from the republican budget of the Republic of Uzbekistan for 2026–2027 to build modern treatment facilities for leather and footwear industrial zones in the Okhangaron district of Tashkent region and enterprises for processing leather and wool in the Syrdarya district of the Syrdarya region.

Within two months, a target list for the modernization and construction of treatment facilities at leather processing enterprises in accordance with international standards will be formed, and proposals for financing these projects within the framework of the Republic of Uzbekistan's Program for the Development of Social and Production Infrastructure for 2026–2028 will be submitted to the Cabinet of Ministers.

Investment Support and Lending

To finance investment projects in the leather and footwear sector, participation in projects, and replenish working capital, $33 million USD has been allocated, according to the Decree of the President of the Republic of Uzbekistan No. PQ-181 of May 20, 2024, on measures to promote the leather, silk, and carpet sectors. These funds are distributed as follows:

a) $10 million USD is directed to the Restoration and Development Fund to provide loans to enterprises through commercial banks during 2026–2027, with the condition that repayment to the Fund occurs by December 31, 2035. Loans are provided for investment projects for a term of 10 years, including a three-year grace period, at an annual rate of 5% (the margin of the Restoration and Development Fund is 3.5%, the bank's margin is 1.2%, and the Agency's expenses are 0.3%); as well as for replenishing working capital for up to 36 months at an annual rate of 3.5% (the margin of the Restoration and Development Fund is 2.5%, the bank's margin is 1.2%, and the Agency's expenses are 0.3%).

b) $23 million USD is directed to the Directorate's target fund for the construction of production buildings and structures upon request from entrepreneurs in the wool processing and leather and footwear manufacturing sectors, which will be sold to entrepreneurs in stages over 7 years according to a schedule agreed upon with the Directorate.

Tax Incentives and Training

From July 1, 2026, to July 1, 2029, the Directorate and the Directorate for Managing the Small Industrial Zone in the Oltingol district of Andijan region are exempt from paying profit tax, property tax, land tax, and water resource usage fees.

The Agency, together with the Uzbekistan-Korean Educational and Practical Textile Technopark, will regularly organize preparatory courses such as 'School of Designers-Pattern Makers', 'School of Marketers', and 'School of Technologists' for specialists, workers, masters, and artisans in the sector starting from October 1, 2026.

Additional Communications Funding

80 billion UZS will be allocated for 2026–2027 to provide external engineering and communication infrastructure (roads, water, electricity, and gas pipelines) to the leather and footwear industrial zones in the Okhangaron district of Tashkent region, the Sharikon district of Andijan region, and enterprises for processing wool and leather in the Syrdarya district of the Syrdarya region.

www.egyptindependent.comJuly 18, 12:30

Governor of the Red Sea and Norwegian Ambassador Discuss Cooperation in Renewable Energy

The Governor of the Red Sea, Walid Al-Barqi, stated that Egypt places great importance on attracting foreign investment by improving the legislative and regulatory environment, which promotes the development of clean energy projects.

Attracting Investment and Supporting Projects

He emphasized the governorate's readiness to provide all necessary support to investors, especially in strategic projects. These statements were made during Al-Barqi's meeting with the Norwegian Ambassador to Egypt, Erik Hussein.

Discussion of the Shadwan Wind Project

Senior officials from the global Norwegian company Scatec participated in the meeting. According to a statement from Friday, July 17, 2026, the parties discussed ways to strengthen partnership in the field of renewable energy, particularly regarding the Shadwan wind power plant project, which is being implemented on an area of 90 square kilometers in the Red Sea Governorate.

The first phase of this project aims to generate 900 megawatts, with expected direct foreign investments estimated at $1.2 billion USD. The Governor noted that the Egyptian-Norwegian partnership serves as a model for joint work in sustainable development and technology transfer, while also supporting national employment.

Social and Regional Development

He added that the Shadwan project will provide over 2,500 direct and indirect jobs, with 99% of the staff being Egyptians. For his part, Hussein affirmed his country's commitment to expanding joint projects in the Red Sea Governorate, highlighting the region's geographical and investment advantages.

The Ambassador stated that Norway views the Red Sea Governorate as one of the most promising areas for renewable energy investment. He also mentioned that cooperation between the two countries extends to community development programs, including initiatives to empower women, involving Norwegian companies operating in the Egyptian market.

Implementation Progress and Plans

Scatec representatives informed about the progress of the project, explaining that site preparation and infrastructure work are proceeding according to schedule ahead of turbine installation. Gradual commercial operation is set to begin between November 2027 and March 2028, while procedures for obtaining Egypt's 'Golden License' are being finalized.

The Norwegian delegation also reviewed the company's portfolio of projects in Egypt, which includes achieving a total generating capacity of 5.7 gigawatts from solar and wind energy by 2028, in addition to energy storage and green ammonia production projects. At the conclusion of the meeting, both sides stressed the importance of continuous coordination and follow-up monitoring of joint projects to further strengthen economic cooperation between Egypt and Norway in the fields of energy and sustainable development.

www.egyptindependent.comJuly 18, 12:21

Egypt strengthens cooperation with Bank of New York to develop financial instruments and global access for companies

The Minister of Investment and Foreign Trade, Mohamed Farid, confirmed on Friday, July 17, 2026, the ministry's commitment to strengthening ties with Bank of New York (BNY) and other international financial institutions.

Goals of Cooperation

According to the minister, this interaction is aimed at developing new financial instruments, expanding the circle of investors, and enhancing the capabilities of Egyptian companies to enter global markets. The main objective is to support the competitiveness of the national economy and increase the volume of foreign investment.

Reforms and Capital Attraction

Farid emphasized that the Ministry of Investment is working to translate economic reforms into practical steps, paying special attention to improving the experience of existing investors, as this is critically important for attracting new capital. Furthermore, the ministry intends to organize more targeted investment promotion activities tailored to the specific interests of investors.

Future Partnership

Both parties agreed to maintain close cooperation in the coming period. Plans include developing previous discussions to support the growth of Egypt's capital market, enhance the ability of Egyptian firms to access global markets, and attract a larger volume of foreign investment.