In the early hours of Thursday morning, National Treasury issued a press release announcing that the planned VAT rate increase on 1 May will be scrapped. This follows intense pressure from various political parties and economists opposing the increase, as well as a pending court case from the DA.
As a result, the Minister of Finance has written to the Speaker of the National Assembly to indicate that he is withdrawing the various bills. The Minister of Finance expects to introduce a revised version of the Appropriation Bill and Division of Revenue Bill within the next few weeks.
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