JOHANNESBURG - South Africans won't be paying more for VAT as previously proposed.
That's because Finance Minister Enoch Godongwana has backtracked on the tax increase.
WATCH | Proposed VAT increase reversed
The decision follows consultations and recommendations from Parliamentary committees.
Godongwana will now table a Rates Bill to ensure that VAT remains at 15%.
According to economist Duma Gqubule, the basic goal of budget fiscal and monetary policy is to stimulate economic growth and employment creation.