LISTEN: Full speech - Budget 2018

Finance Minister Malusi Gigaba has announced an increase of 1 percentage point in the value-added tax (VAT) rate in the 2018 budget, raising it to 15% in the first adjustment to taxation on goods and services under the ANC government.

Gigaba spoke of a new sense of “optimism‚ purpose and resolve”‚ due not only to the vision outlined last week by President Cyril Ramaphosa in his state of the nation address (Sona) but also to the positive prospects for economic growth and more robust consumer and investor confidence.