Budget 2018 Hits South Africa Hard

Finance Minister Malusi Gigaba has delivered the Budget speech today amid calls for his axing, because of his alleged association with the Gupta family who are being investigated for their involvement in state capture. The minister was also instrumental in issuing the Gupta family citizenship while heading up the Home Affairs ministry. The minister has announced among others, an increase in VAT from 14% to 15% and will see Estate Duty imposed on wealthy citizens.

Photo: GCIS

Finance Minister Malusi Gigaba briefs then-Deputy President Cyril Ramaphosa ahead of his visit to the USA for the IMF World Bank Spring meeting and his meetings with the rating agencies at the Deputy President's official residence OR Tambo House in Pretoria on April 18, 2017.