Market Commentary | The week that was

New tax dispute timeline brings relief to taxpayers: The new dispute resolution rules, immediately effective under Section 103 of the Tax Administration Act of 2011, are approved by the Minister of Finance, Enoch Godongwana. The new rules extend the objection period from 30 to 80 business days from the assessment or decision date. The new rules offer taxpayers adequate time to prepare their objections.

Pour funds into water supply: The City of Tshwane has pledged substantial funding towards the crucial refurbishment of the Rooiwal Water Treatment Plant after being heavily affected by the cholera outbreak. Finance MMC Peter Sutton stressed that the city is committed to providing the highest possible budget. They allocated R450 million over the next three years, with R150 million set aside annually for necessary upgrades.

The Gauteng Department of Health reported alarming statistics related to the outbreak. Jubilee District Hospital has admitted more than 200 patients, with 48 confirmed cases and 23 deaths attributed to cholera.

These figures underscore the urgent need for preventive measures and improvements to the water treatment infrastructure. The provision of safe and clean water in affected areas is the aim of the investment.

Markets: SA Consumer inflation eased to 6.8% YoY in April from 7.1% YoY in March. President Joe Biden and Republican House Speaker Kevin McCarthy have reached a preliminary agreement to increase the US debt ceiling and prevent a historic default. The deal, following intense negotiations, requires approval from a divided Congress.

Looking at the week ahead: Chinese PMI data will be available on Wednesday. US data releases include Consumer Confidence, payrolls, unemployment numbers, and ISM Manufacturing PMI.