64% of the R36bn of extra revenue is coming from a 1% VAT hike to 15%, 12% is from excise duty hikes and 19% coming from personal income tax adjustments and 3.4% from fuel levy hike. There will be R57billion allocated for free higher education for students from households earning less than R350 000 a year.
Zwane To Face Own State Capture Inquiry
Mineral Resources Minister Mosebenzi Zwane will be subjected to a full-scale state capture inquiry by the parliamentary portfolio committee on mineral resources and could be summonsed to answer questions after his repeated failure to appear before the committee. Zwane has been linked to dodgy interactions with the Guptas as a Free State MEC when R150m was stolen in a failed dairy project.
Strike At Optimum Coal Mine
Work at the Gupta-owned Optimum Coal Mine in Mpumalanga came to a standstill on Wednesday as workers marched to hand over a memorandum of grievances to CEO George van der Merwe. The mine supplies coal to power utility Eskom for its power generation.
Michael Jordaan To Launch Bank Zero
Bank Zero, which in January said it got a provisional license from the central bank and has 10 staff, isn’t going to lend out money. Instead it’s going to encourage South Africans to save through attractive interest rates. With a mutual bank structure, which is funded by its members, the Johannesburg-based Bank Zero is entirely backed by its founders and will offer customers with smartphones an app and a card.
Uber Teams Up With Toyota On Self Driving Cars
The world’s largest car maker and the world’s biggest ride-hailing company plan to team up on autonomous driving as technological changes sweep through the transportation industry. Uber and Toyota have given few details of their collaboration on autonomous technology before, though both have been active in the field separately. Toyota bought a stake in Uber in 2016, without disclosing the size or the reason for the investment.
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