Finance Minister Enoch Godongwana has announced that the planned 0.5% VAT increase will not go ahead, keeping the rate at 15%. Image: Bloomberg News.
(The Post News)– Finance Minister Enoch Godongwana has announced that the planned 0.5% VAT increase will not go ahead, keeping the rate at 15%.
The National Treasury will need to adjust expenditure to ensure fiscal sustainability, and some measures aimed at supporting low-income households will be withdrawn.
To compensate for the lost revenue, any additional funds collected by the South African Revenue Service (SARS) might be used to offset the shortfall.
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