SAFM 8PM NEWS BULLETIN

Business Unity South Africa has welcomed finance minister Tito Mboweni Budget speech. The minister announced that there will be no tax increases this year, a reduction in corporate tax and increases in sin tax among others. Government will also withdraw previously announced taxes of up to 40 billion rand which were announced in the previous budget due to an expected improvement in tax revenue collections. However this year's revenue shortfall of 213 billion rand is the largest on record.