dailymaverick.co.za
VAT increase withdrawn, expenditure adjustments on the cards
In a media statement issued on its website in the middle of the night, the National Treasury announced the reversal of the controversial VAT increase, which was meant to take effect in a week's time - next Thursday, 1 May. A senior finance ministry source told Daily Maverick: "Without a VAT increase, spending cuts are the only game in town realistically ..."