No More VAT on South African Bread and Cake Flour, Sanitary Pads

During his first Medium Term Budget speech in Parliament, Finance Minister Tito Mboweni said that government will zero-rate white bread flour, cake flour and sanitary pads from April 1 next year. In other announcements, Mboweni revised the gross domestic product growth forecast for 2018 down from 1.5% in February to 2.3% in 2021. Inflation is also expected to remain in the 3 - 6% target band over the medium term, despite pressure from a weaker exchange rate and higher oil prices.

Finance Minister TitoMboweni has addressed National Treasury staff.

He paid tribute to his predecessor, Nhlanhla Nene.

He also said that there was "a lot of work" to be done in the coming months and that he was looking forward to working with officials.

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