S'African 2018 Budget 'll Repair Economy - Ministry

S'African 2018 Budget 'll Repair Economy - Ministry

S'African 2018 Budget 'll Repair Economy - Ministry

Cape Town - President Cyril Ramaphosa hosted a farewell function for his predecessor Jacob Zuma at Tuynhuys in Cape Town on Tuesday afternoon.

"We decided that increasing Value-Added Tax was unavoidable if we are to maintain the integrity of our public finances".

The first increase in the sales tax since 1993 comes just over a year before national elections and could backfire on the African National Congress because it will affect its largely poor and middle-class supporters.

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"The current zero-rating of basic food items. will limit the impact on the poorest households", Gigaba said.

Speaking about the redistribution of land in his country, Ramaphosa said that "in dealing with this complex matter" South Africa would not "make the mistakes that others have made". "If you live on an extremely tight budget and have to count every rand you have, it will affect what you can buy".

And the Treasury saw GDP growth at 1.5 percent this year, up from an estimated one percent last year, helped by a recovery in agriculture and improved investor sentiment.

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Like most of South Africa, the Democratic Alliance (DA) is brimming with optimism about the potential change in direction national government will take under Ramaphosa. Mr. Gigaba said the government believes the economy grew 1% in 2017, up from its previous 0.7% forecast, and will expand 1.5% in 2018, 1.8% in 2019 and 2.1% in 2020.

The budget allocates an additional R57bn over the next three years to finance a plan announced by Zuma late last year to fund tertiary education for poor students.

Ramaphosa organised the private event, which was attended by ministers, deputy ministers and officials from the Presidency.

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I am very happy about Zuma's resignation.

Following the appointment of the nation's new President, Cyril Ramaphosa, the raise in tax seeks to narrow the deficit and reduce debt.

"For it to serve this objective, we will need to locate this measure within a broad and comprehensive land redistribution and agricultural development program", Ramaphosa said. "There is positive sentiment". Opposition parties and lawyers for the victims and their families have insisted that he played a part in the bloodshed after pressing the authorities to crack down on the strikers.

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Despite high expectations of the president and faltering confidence in his finance minister, analysts said the budget speech exists relatively independently of the president or the person who delivers it.

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