5 important things happening in South Africa today
·13 Aug 2018
Here’s what is happening in and affecting South Africa today:
- The panel on zero-rated VAT items have recommended that white bread, bread flour, cake flour, sanitary products, school uniforms and diapers be added to the list of VAT-free items – however, this could potentially cost the government R4 billion in lost revenue. [Bloomberg]
- The Constitutional Court is expected to hand down judgement today on whether Shaun Abrahams can continue serving as the head of the National Prosecuting Authority. If the ConCourt rules against him, president Cyril Ramaphosa can move ahead with appointing a replacement. [EWN]
- The ANC says that no political intervention will take place to save VBS Mutual Bank from its fate, and will wait out the ongoing investigation into fraud at the bank. Weekend reports said that the ANC’s top 6 were considering a proposal to integrate the bank into a Limpopo government department. [eNCA]
- South Africa’s new smoking laws have been described as excessive, and contradictory to the country’s competition laws. The proposed laws were open to public comment until last week, with many stakeholders noting their opposition. Concerns have been raised that too much power is given to officials, and that tobacco smuggling would increase as a result. [IOL]
- The South African rand fell more than 10% versus the US dollar on Monday to hit its lowest levels since June 2016, as massive falls in the Turkish lira spread to other emerging market currencies. The currency was trading at R14.63 to the dollar, R18.65 to the pound and R16.66 to the euro.
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