Latita Africa Weekly

In South Africa, understanding the ins and outs of legal advice and advisory services is important for individuals and businesses alike. Whether you're tackling regulatory issues, planning tax strategy, or simply navigating day-to-day legal obligations, knowing when and where to seek expert help can save time and resources. Here, we explore the essentials of legal and advisory services, the value they bring, and how Latita Africa provides tailored support to clients across the country. What is Legal Advice and Who Needs It? Legal advice involves professional guidance on your rights, responsibilities, and options in various legal scenarios. In South Africa, legal assistance is accessible for both private individuals and businesses, covering a wide range of needs such as tax advice, contractual disputes, and compliance with evolving regulations. With Latita Africa’s legal services, clients gain more than just compliance support; they receive strategic insights designed to enhance ope...

Inflation in South Africa has significantly affected household budgets , with essentials like food, transport, and utilities consuming a larger share of income. Between 2020 and 2023, inflation rose sharply, peaking above 7% in mid-2022 and averaging around 5.5% over recent years. These rising costs have made it increasingly difficult for individuals to maintain their lifestyles, as average salaries have struggled to keep pace with the soaring cost of living. How Salary Increases Compare to Inflation In 2024/25, South Africans are projected to receive an average 6% salary increase, providing a modest 1.6% real increase against the current 4.4% inflation rate. While this adjustment offers some relief, the past few years of high inflation have eroded disposable income. “Consistent annual inflation reduces purchasing power, leaving many employees with less each year unless pay adjustments reflect these changes,” notes Dr. Mark Bussin, Executive Committee Member of the South African Reward...

Artficial intelligence (AI) is transforming accounting by increasing efficiency, improving risk management, and enhancing decision-making. South Africa’s emphasis on AI ethics and risk management positions its businesses to lead this shift. As AI automates routine tasks, accountants will take on strategic roles, driving both innovation and business growth. However, managing risks like job displacement and AI system bias is crucial for balanced integration within accounting firms. For further insight into how AI is impacting tax accounting, check out our detailed blog on AI's role in tax management. AI is Changing Accounting Practices in South Africa In South Africa, AI is moving accounting from periodic financial reports to continuous data tracking. Traditionally, businesses relied on monthly or quarterly reports to assess performance. Now, AI-powered tools provide real-time insights that boost efficiency and competitiveness. Automating tasks like tax preparation, payroll, and aud...