5 important things happening in South Africa today
·3 Apr 2018
Here’s what is happening in and affecting South Africa today:
- While we’re all expected to take a knock from this month’s VAT hike, SARS says it will benefit us all in the long run. The VAT hike kicked in on Sunday, climbing from 14% to 15%, where it will affect all but 19 food items (which have been zero-rated for VAT). National Treasury has called for a review and possible expanding of the list. [EWN]
- Eskom is looking for a way to manage its ‘bloated workforce’, which is a key contributor to the power utility’s financial woes. The group has increased its headcount by over 15,000 people over the past decade, which has caused costs to skyrocket. Experts say Eskom will have to cut as many jobs to become financially stable. [Bloomberg]
- ANC stalwart Winnie Madikizela-Mandela has passed away at age 81 after a long illness. She was known as a ‘combative’ anti-apartheid campaigner, and as the former wife of late president Nelson Mandela. An official memorial service will be held on April 11 and a national funeral on April 14. [Reuters]
- Indian tax officials have summoned the Guptas as their probe into the family’s finances and possible money laundering continues. The brothers’ mansions have been raided by Indian authorities, while they have already missed two deadlines to appear for questioning. [eNCA]
- The South African rand fell further on Thursday, a day after the central bank cut its main lending rate and said the currency was overvalued. Markets were closed over the long weekend. On Tuesday, the rand was at R11.82 to the dollar, R16.62 to the pound and R14.55 to the euro.
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