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Finance minister Malusi Gigaba explained how the increase of VAT will benefit the country in the long run. Gigaba was speaking at a media briefing at parliament in Cape Town in response to questions relating to the 2018 National Budget which he delivered on Wednesday afternoon.
“New tax measures raise an additional R36 billion in 2018/19, mainly through a higher VAT rate and below-inflation adjustments to personal income tax brackets,” said Gigaba during his national budget address.
