- Finance Minister Enoch Godongwana cancels planned 0.5% VAT increase, keeping it at 15%
- Decision communicated to Speaker Thoko Didiza
- Rates Bill to be introduced to maintain current VAT rate
- Estimated R75 billion revenue shortfall over the medium term
- Parliament to revise spending plans to address fiscal risks
- Previous measures to shield low-income households now withdrawn
- Appropriation and Revenue Bills to be amended accordingly
- Move follows consultations with political parties over cost-of-living concerns
