Treasury has reversed its decision to increase the Value-Added Tax (VAT) which was due to kick in on the 1st of May. Finance Minister Enoch Godongwana confirmed in a statement earlier today that the VAT rate will remain at 15%, shelving the proposed 0.5 percentage point hike that was announced during his Budget Speech last month. “The decision to forgo the increase follows extensive consultations with political parties, and careful consideration of the recommendations of the parliamentary committees,” the statement read.  Thabiso Kotane speaks to Political Economist, Duma Gqubule. 

<p>Treasury has reversed its decision to increase the Value-Added Tax (VAT) which was due to kick in on the 1st of May. Finance Minister Enoch Godongwana&nbsp;confirmed in a statement earlier today that the VAT rate will remain at 15%, shelving the proposed 0.5 percentage point hike that was announced during his Budget Speech last month. &ldquo;The decision to forgo the increase follows extensive consultations with political parties, and careful consideration of the recommendations of the parliamentary committees,&rdquo; the statement read.&nbsp; Thabiso Kotane speaks to Political Economist, Duma Gqubule.&nbsp;</p>

POWER Drive is a packed news and current affairs show, providing you with a comprehensive round-up of the day’s breaking news. The show features our own POWER News reporters wrapping up the major stories of the day, analysis, sport, market updates, weather and all your calls. POWER Drive host Thabiso Kotane tells you what you need to know with humour and insight as you drive home.

<p>POWER Drive is a packed news and current affairs show, providing you with a comprehensive round-up of the day&rsquo;s breaking news. The show features our own POWER News reporters wrapping up the major stories of the day, analysis, sport, market updates, weather and all your calls. POWER Drive host Thabiso Kotane tells you what you need to know with humour and insight as you drive home.</p>