Finance Minister Malusi Gigaba delivered his maiden budget on Wednesday, calling it tough, but hopeful. VAT will increase from 14% to 15% in an attempt to plug an expected R48bn tax shortfall. Other new tax measures include higher estate duty tax, an increase in the fuel levy and higher excise duties. The government also plans to cut back on its spending plans by R85bn over the next three years. Deputy Finance Minister Sfiso Buthelezi gives Business Day TV an in-depth look at the budget. OR LISTEN TO THE AUDIO: Listen to all latest podcasts here.
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