File image: Finance Minister, Malusi Gigaba. IOL.

CAPE TOWN - Finance Minister Malusi Gigaba delivered his maiden Budget Speech to the nation in Parliament from Cape Town on Wednesday.

Gigaba was highly criticised by opposition political parties for the decision to increase Value Added Tax (VAT) from 14% to 15%. The opposition said this could have been avoided.

However, the ANC said it noted the increase in VAT, but welcomed the fact that certain food items such as brown bread would be exempted from the increase. 

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- BUSINESS REPORT ONLINE