The South African Revenue Service has opened a window of opportunity for taxpayers who are struggling to pay their tax debts.

The Tax Administration Act (TAA) allows SARS to reach a compromise with taxpayers who cannot pay their debt in full. SARS has introduced an expedited debt compromise process, which kicked off on 13 October.

It will, however, not be available to taxpayers such as former Prasa chief executive Lucky Montana, who has been embroiled in a protracted legal wrangle with the tax authority. The process applies only to tax debt that is not being disputed. Both SARS and the taxpayer must agree there is a tax liability that the taxpayer cannot pay in full.

SARS recently met with recognised controlling bodies (RCBs) such as…

Even the world’s most famous people can go flat broke. It’s one of the most fascinating contradictions in celebrity culture: how someone can earn tens or even hundreds of millions of dollars—often in just a few short years—and still wind up bankrupt. For some, the collapse happens suddenly after a bad investment or an expensive divorce. For others, it’s a slow burn of poor financial advice, unpaid taxes, or a lifestyle that simply outpaces reality. Whatever the cause, bankruptcy among celebrities has always captivated the public because it shatters the illusion that fame equals financial security.

From boxing legends and pop icons to Oscar winners and major-league athletes, the stories of celebrity financial ruin are as dramatic as…

Mr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, announced the results from the meeting of the Economic Policy Committee, stating that the committee approved the “Project to Resolve Retail Bad Debt through Debt Purchase Mechanisms by Asset Management Companies (AMC)” to provide a sustainable solution to public debt problems.

Mr. Ekniti said the Ministry of Finance is working closely with the Bank of Thailand (BOT) and the Thai Bankers’ Association to assist debtors classified as non-performing loans (NPL) and unsecured debtors from the past up to September 30, 2025. The program will cover debts not exceeding 100,000 baht per person, totaling about 4.76 million accounts from approximately 3.5 million…

Dutch food startup Lokalist, known for connecting local farmers and food producers directly with consumers and businesses, has been declared bankrupt.

This will help organisations to provide money and debt advice to customers, increase capacity through additional training for staff, and enhance engagement with energy suppliers to facilitate fairer and more sustainable debt solutions for customers.

Housing secretary Màiri McAllan announced the investment at the beginning of Talk Money Week, an annual campaign from the Money and Pensions Service to increase awareness…

The German automotive supplier AE Group is shutting down operations for good. After a failed restructuring, around 700 employees will lose their jobs by the end of the year.

The German automotive supplier AE Group is facing the final end. Following insolvency under self-administration and a failed restructuring, the company will…

BEIJING (Nov 3): China’s Ministry of Finance set up a new debt-management department, it said on Monday, the latest step in its effort to rein in local debt risks as the economy slows.

The department’s main responsibilities will include formulating and implementing systems and policies for managing central and local government debt, as well as drafting regulations and measures for debt-related management, according to the ministry’s website.

The department will help set limits on outstanding national and local government debt, manage the issuance and repayment of government borrowings and oversee risks — particularly those associated with implicit debt.

Li Dawei has been named the head of the department, the ministry said.

Last year,…