Below is the full budget speech delivered by South Africa’s Minister of Finance, Enoch Godongwana. By Minister of Finance, Enoch Godongwana Honourable Speaker, Thoko Didiza Deputy Speaker, Annelie Lotriet Chairperson of the National Council of Provinces,

South Africa's Finance Minister Enoch Godongwana has been forced to postpone the unveiling of the national budget following sharp disagreements within the coalition government.

How will the government tackle the R300b budget shortfall? Will it be a VAT increase or more borrowing? Don’t miss the Budget Speech to find out.

The reason for the abrupt cancellation was the failure of the minister to get cabinet approval for the proposal to raise value added tax (VAT) from 15% to 17%. VAT is the second biggest contributor to tax collection after personal income tax, followed by corporate taxes.

President Ramaphosa said South Africans must become more economically conscious, aware and knowledgeable, adding that there are some trade-offs the country must embrace.

Finance Minister Enoch Godongwana is expected to squeeze billions more out of South African taxpayers to fund the government’s large budget shortfall.