Here’s what is happening in and affecting South Africa today:
- Ministers and deputies slapped with lifestyle audits: After more than six years since Cyril Ramaphosa promised, cabinet members have allegedly begun the process of undergoing lifestyle audits. Among a list of other requirements, cabinet members have been asked by the Presidency to submit their bank account details, information about credit cards and other credit facilities, and declare deeds of trust.
- Parliament passes controversial electoral legislation: The National Assembly passed the Electoral Matters Amendment Bill on Tuesday. Among other amendments, it controversially changes the funding formula of how political parties and independents represented in legislatures receive allocations from public funds. This change outlines that 90% of funds would be based on proportional representation and 10% on an equitable basis.
- SARS guns for companies involved in gold smuggling: SARS is cracking down on companies involved in gold smuggling, which is costing the fiscus billions. A controversial gold refinery firm was recently ordered to hand over documents to help prove a tax liability of over R4 billion, where multiple players in the industry are implicated.
- No-confidence vote against Ekurhuleni mayor stalls again: The no-confidence motion against the City of Ekurhuleni’s mayor, AIC’s Sivuyile Ngodwana, was postponed again by the speaker. This is the second time Ngodwana has escaped the chopping block, with the first attempt to vote him out ending in chaos between ANC and EFF councillors.
- Markets: The South African rand strengthened slightly on Wednesday morning, trading 0.17% stronger against the US dollar compared to its previous close. On Wednesday (13 March), the rand was trading at R18.68 to the dollar, R23.92 to the pound, and R20.33 to the euro. Oil is trading at $82.46 a barrel.
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