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SA sweeps podium in men's elite Discovery Triathlon World Cup Cape Town

Press Releases   •   Feb 11, 2017 15:48 GMT

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Discovery to host Get Active weekend in Cape Town

Press Releases   •   Nov 22, 2016 08:32 GMT

Entries are now open for the third Discovery Duathlon Cape Town and the Discovery Triathlon World Cup Cape Town. On the 11th and 12th of February, Cape Town will play host to the Discovery Duathlon Cape Town and the Discovery Triathlon World Cup Cape Town.

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The night belongs to runners!

Press Releases   •   Mar 20, 2017 10:29 GMT

Joburg to host Discovery 947 Rhythm Run in May

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Targeted strategies needed to stem global tsunami of lifestyle diseases

Press Releases   •   Mar 02, 2017 09:59 GMT

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Discovery’s shared-value insurance business model and organic growth approach drive continued strong performance

Press Releases   •   Feb 23, 2017 08:05 GMT

Interim financial results for the six months ended 31 December 2016 • Normalised profit from operations up 13% to R3 412 million • Headline earnings up 14% to R2 023 million • Normalised headline earnings up 3% to R2 184 million • New business growth up 15% to R8 245 million

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Why we welcome a sugar tax

Press Releases   •   Feb 22, 2017 13:15 GMT

Discovery Vitality encouraged by the revised sugar tax design announced by Finance Minister Pravin Gordhan in his 2017 Budget Speech.

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Insight: The South African National Budget Speech 2017 promises to be more important than ever

Press Releases   •   Feb 20, 2017 10:56 GMT

Harry Joffe, head of Legal, Discovery Limited

With government needing to raise an extra R28 billion in taxes, it is a foregone conclusion that taxes will rise. The only questions are, which taxes will go up, and by how much? 

Estate Duty

The budget is expected to discuss the 2nd Davis Committee report. That report recommended the scrapping of the paragraph 4q deduction, which is the deduction for any bequests made to a surviving spouse. It also recommended the scrapping of roll overs between spouses for Capital Gains Tax and donations tax. Finally, it recommended raising the estate duty rate up to 25% on all estates with a value above R30 million. The quid pro-quo was that it further recommended raising the primary abatement from R3.5 million to R15 million, which would take the middle class out of the estate duty net entirely. It is doubtful that government will accept all of this, as together it won’t raise much extra revenue and could cause much hardship. It is more likely that government will adopt some piecemeal suggestions, like that of raising the rate of duty on estates with a value above R30 million to 25%.

Capital Gains Tax

Investors are nervously watching this one. The inclusion rates were already raised in last year’s budget, resulting in the effective rate for individuals increasing to 16.4%, to 22.4% for companies and to 32.8% for trusts. Surely, it can’t go any higher now? Any increase for companies and trusts would push their rates ever closer to their income tax rates. It would be hard to justify, given that there is no inflation indexing in our capital gains tax system.

Marginal rates and dividends tax are the most likely increases

The most likely increase will be to marginal rates. Last year all the marginal rates, bar the lowest one, were increased by one percent. There was minimal relief for fiscal drag, apart from the lower three bands. It is expected that there will be similar measures adopted this year, which would take the top marginal rate to 42%.

The second tax likely to be increased is dividends tax. The rate has not been increased since dividends tax was implemented in April 2012. Raising the rate from 15% to 20% will reportedly raise R7 billion in taxes. This seems like a relatively soft target, which is unlikely to raise too many objections.

The Minister of Finance has little choice but to raise taxes. It is hoped that there will not be any radical changes, like the scrapping of spousal relief. In addition, it is hoped that there will be an update on the progression in talks on forced annuitisation of provident funds on retirement, planned to be introduced in 2018. That is now only a year away, and time is short to tackle all the legislative amendments that will need to happen in this area. 

Discovery information

About Discovery Limited

Discovery Limited is a South African-founded financial services organisation that operates in the healthcare, life assurance, short-term insurance, savings and investment products and wellness markets. Founded in 1992, Discovery was guided by a clear core purpose – to make people healthier and to enhance and protect their lives. Underpinning this core purpose is the belief that through innovation, Discovery can be a powerful market disruptor.

The company, with headquarters in Johannesburg, South Africa, has expanded its operations globally and currently serves over 5 million clients across South Africa, the United Kingdom, the United States, China, Singapore and Australia. Discovery recently partnered with Generali, a leading insurer in Europe, and has partnered with John Hancock in the US. These new partnerships will bring Discovery’s shared-value business model to protection industries in Europe and the US.

Vitality, Discovery’s wellness programme, is the world’s largest scientific, incentive-based wellness solution for individuals and corporates. The global Vitality membership base now exceeds three million lives in five markets.

Discovery is an authorised financial services provider and trades under the code “DSY” on the Johannesburg Securities Exchange. 

Follow us on Twitter @Discovery_SA

With government needing to raise an extra R28 billion in taxes, it is a foregone conclusion that taxes will rise. The only questions are, which taxes will go up, and by how much?

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SA SME Fund appoints Chief Executive Officer

News   •   Feb 16, 2017 10:49 GMT

The SA SME Fund, focused on developing high-growth small and medium businesses and stimulating investment in entrepreneurship, has announced the appointment of Quinton Dicks as its Chief Executive Officer.

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Discovery Foundation partners with Standard Bank and University of Pretoria in initiative to support medical students

Press Releases   •   Feb 15, 2017 09:47 GMT

The Discovery Foundation and the University of Pretoria today announced the implementation of a Medical Student Loan Guarantee Fund that will be managed by Standard Bank. Through the initiative, Discovery Foundation – an independent trust that has committed over R160 million in education, training and development of medical specialists and research centres over the past 10 years – will capitalise a separate loan fund intended to provide financial support to current and future qualifying medical students of the University of Pretoria.

Chairman of Discovery Foundation, Dr Vincent Maphai says, “Discovery supports our country’s goal to address shortages in medical and specialist skills. The Discovery Foundation has since 2006 awarded grants to fund critical areas of need in our public healthcare system, including specialist training and research.” The loan fund aims to support the many medical students who do not have access to full funding for their studies. Although different to the grants Discovery Foundation makes each year, Maphai says, “Providing medical students with financial support to complete their medical studies extends the purpose of Discovery Foundation and offers another mechanism to help strengthen our healthcare system.”

Discovery Foundation will initially capitalise the loan fund with R20 million, which will be used to raise loan funding from Standard Bank to a value of over R40 million per annum. The Fund is anticipated to operate over 14 years, and expects to support over 800 medical students over this period. The Fund provided 86 students with loans in 2016, and applications are now being received from students registering for MBChB from their second to sixth year of studies at the University of Pretoria in 2017. All qualifying students can apply each year to receive loans of up to of R100 000 per student, which will be repaid upon completion of their studies. .

This agreement between the Discovery Foundation and other parties follows a proposal to the Foundation by Professor Eric Buch, Dean of the Faculty of Health Sciences at the University of Pretoria. Professor Buch says, “Over two years ago, I started seeing many medical students experiencing gaps in funding, which affected completion of their studies. I presented these concerns and how it could be alleviated to several institutions, including Discovery.”

Standard Bank has a strong existing presence in student loan management. On partnering with them, Maphai says, “They were as excited to be involved, and efficiently met all the operational requirements to ensure implementation for the 2016 student intake of medical students at University of Pretoria.” Zanele Mbere from Standard Bank says. “We provide support for different education programmes to spur social and economic growth and development. We could implement all the requirements on time for this particularly inspiring support programme, and we look forward to seeing this fund grow and help many medical students become the doctors of the future.”

“By offering additional or top-up financial assistance to South African medical students who need it, we can ensure the continued development of medical professionals who can in future provide the quality care our country envisions,” says Maphai. He also confirmed that although the Fund will initially support medical students from University of Pretoria only, it may expand access to more medical students and to medical faculties of other universities in South Africa over time, depending on the success of the initial roll out.

About Discovery Foundation

Set up in 2006 as one element of Discovery Limited’s Black Economic Empowerment transaction, the Discovery Foundations disburses grants aimed to at training specialists for rural areas, developing academic medicine and research centres and increasing the number of Sub-specialists in the country to adequately meet the country’s healthcare needs. Each year, these funds are disbursed to a number of selected recipients through the Discovery Foundation Awards, which consists of a series of grants that enable recipients to specialise further in the medical field of their choice. Through these awards, we are boosting South Africa’s reputation as an international hub of academic excellence and clinical research, contributing to the nation’s future health and wellbeing.

Discovery information

About Discovery Limited

Discovery Limited is a South African-founded financial services organisation that operates in the healthcare, life assurance, short-term insurance, savings and investment products and wellness markets. Founded in 1992, Discovery was guided by a clear core purpose – to make people healthier and to enhance and protect their lives. Underpinning this core purpose is the belief that through innovation, Discovery can be a powerful market disruptor.

The company, with headquarters in Johannesburg, South Africa, has expanded its operations globally and currently serves over 5 million clients across South Africa, the United Kingdom, the United States, China, Singapore and Australia. Discovery recently partnered with Generali, a leading insurer in Europe, and has partnered with John Hancock in the US. These new partnerships will bring Discovery’s shared-value business model to protection industries in Europe and the US.

Vitality, Discovery’s wellness programme, is the world’s largest scientific, incentive-based wellness solution for individuals and corporates. The global Vitality membership base now exceeds three million lives in five markets.

Discovery is an authorised financial services provider and trades under the code “DSY” on the Johannesburg Securities Exchange. 

Follow us on Twitter @Discovery_SA

The Discovery Foundation and the University of Pretoria today announced the implementation of a Medical Student Loan Guarantee Fund that will be managed by Standard Bank.

Read more »
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Discovery Get Active Weekend in full swing

Press Releases   •   Feb 11, 2017 11:43 GMT

The 2017 Discovery Get Active Weekend kicked off today in perfect weather conditions.

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  • Head of Reputation Management
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About Discovery News

Our core purpose and values guide us in all we do. A clear and profound promise: to make people healthier and enhance and protect their lives.

Discovery provides innovative and unique financial services and assurance products which integrate with our trend-setting wellness programme - Vitality. Discovery operates in South Africa, the United Kingdom, the United States of America, Asia, China, Australia and Europe.

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  • Discovery News
  • 155 West Street, Sandton
  • 2146 Johannesburg, South Africa

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