POLOKWANE – Gigaba, who delivered his second budget speech, began by saying it was a tough but hopeful budget, requiring treasury to make difficult but necessary trade-offs.
“This was important in ensuring that the budget is a platform for renewal, inclusive growth and job creation,” he told Parliament.
The most notable highlight from the speech was that Value Added Tax (VAT), increased from 14% to 15%.
Here is how the budget will be divided for the next financial year:
Further adjustments were made in terms of tax:
Gigaba is hoping to raise R1.490 trillion through taxes this year while aiming to spend R1.67 trillion, leaving another estimated shortfall of R180.5 billion, or 3.6% of gross domestic product (GDP) projected at R5.8 trillion.
Raeesa Sempe is a Caxton Award-winning Digital Editor with nine years’ experience in the industry. She holds a Bachelor’s Degree in Media Studies from the University of the Witwatersrand and started her journey as a community journalist for the Polokwane Review in 2015. She then became the online journalist for the Review in 2016 where she excelled in solidifying the Review’s digital footprint through Facebook lives, content creation and marketing campaigns. Raeesa then moved on to become the News Editor of the Bonus Review in 2019 and scooped up the Editorial Employee of the Year award in the same year. She is the current Digital Editor of the Polokwane Review-Observer, a position she takes pride in. Raeesa is married with one child and enjoys spending time with friends, listening to music and baking – when she has the time. “I still believe that if your aim is to change the world, journalism is a more immediate short-term weapon." – Tom Stoppard
