Here’s what is happening in and affecting South Africa today:
- SARS is in talks with technology companies to try and find a way to track bitcoin and other cryptocurrency transactions in South Africa. According to a report by Moneyweb, the revenue service is concerned about the lack of verification around crypto trades poses a risk to tax revenues. SARS currently treats crypto realisations as any other capital gain, subject to capital gains tax.
- With uncertainty persisting around Steinhoff and what exactly it did wrong, a new report has emerged making several damning claims against the company. These include allegations that the group cooked its books by loaning money to its own related parties for acquisitions, disguising losses, using shareholder funds for acquisitions, and reporting lower depreciation numbers.
- Following a damning ruling by South Africa courts that president Jacob Zuma is abusing the judiciary to avoid his many scandals, the Democratic Alliance says it will lay perjury charges against him. The party said that Zuma’s many failed cases and abuses of the courts – including ‘typos’ in his documents – amounted to perjury.
- Presidential hopeful Nkosazana Dlamini-Zuma has hit back at claims that her supporters were buying votes and trying to rig the ANC’s elective conference. At a gala dinner this week she said that she does not need to buy votes, and that her team has worked hard to drive support for her campaign.
- South Africa’s rand rose on Wednesday, helped by a dip in the dollar after disappointing US inflation data, with local market focus still on the ruling ANC conference starting this weekend to pick a new party leader. On Thursday the rand was trading at R13.46 to the dollar, R18.08 to the pound and R15.92 to the euro.