Elle-Sarah Rossato, a partner and head of tax and dispute resolution at PwC South Africa, discusses the Constitutional Court's ruling that second-hand gold does not qualify for a zero rate under the VAT Act.

Spot gold prices decreased by 0.5%, reaching $3,980.63 an ounce as of 10:50 a.m. in Singapore. This decline is attributed to a stronger U.S. dollar and the outlook on interest rates, which are impacting gold's value in the market.

Nigeria's manufacturing sector reported a record remittance of N329.59 billion in Value Added Tax (VAT) for the first quarter of 2026, marking the highest quarterly contribution in four years, according to Punch.

South Africans have a limited time to submit their feedback on the proposed tax changes outlined in the 2026 draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill. The deadline for public input is approaching, emphasizing the importance of citizen engagement in the legislative process.

In the first quarter of 2026, Nigeria's manufacturing sector contributed significantly to government revenue, generating a total of N404.07 billion from Value Added Tax (VAT) and Company Income Tax (CIT). This included N329.59 billion from VAT and N74.48 billion from CIT, according to data from the National Bureau of Statistics (NBS).

According to the Bank of Tanzania's May 2026 review, Tanzania's exports increased by 13.5% to USD 18.9 billion for the year ending April 2026, driven primarily by gold and tourism. The report also noted a rise in headline inflation to 4% due to higher fuel prices, a 23.6% growth in private sector credit, and an appreciation of the Shilling by 2.7%. Foreign exchange reserves reached USD 5.7 billion, sufficient to cover 4.4 months of imports.