Godongwana optimistic rising debt will be curbed

Finance Minister Enoch Godongwana delivering the Budget Speech 2 minutes Finance Minister Enoch Godongwana has reaffirmed government’s determination to ensure sustainable public finances puts South Africa in a stronger position to withstand unforeseen shocks like COVID-19, while creating an environment conducive to higher investment and faster economic growth. The country’s debt remains stubbornly high, the…

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VAT increases to 15.5% in 2025/26 and to 16% in 2026/27

Tax-related material on a desk 2 minutes In efforts to broaden government’s strategy to secure additional funding for several frontline functions, Finance Minister Enoch Godongwana on Wednesday increased the value-added tax (VAT) rate by 0.5 percentage points in each of the next two years to 16 percent in 2026/27. In response to the tax increase,…

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Government spending expected to reach R2.4 trillion this year

2 minutes Government spending is expected to reach R2.4 trillion this year, growing at a rate of 5.6% over the next three years. Additional spending requirements came from an extension to the Social Relief of Distress Grant to March next year, above inflation public service wage increases, frontline services, social grants increase and infrastructure among…

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Unions, NGOs oppose VAT hike ahead of Budget Speech

Cosatu protests against VAT increase in Cape Town ahead of the tabling of the Budget Speech on March 12, 2025. 1 minute Various organisations, including the Congress of South African Trade Unions (Cosatu), South African Federation of Trade Unions (Saftu), the South African Communist Party (SACP),  Treatment Action Campaign (TAC) and Equal Education (EE) are…

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Critics of VAT hike mount in light of Budget speech

2 minutes A Pietermaritzburg-based advocacy group is against an increment of Value Added Tax (VAT). The Pietermaritzburg for Economic Rights and Dignity (PMBEJD) says this will put a further strain on the poor and economically marginalised. The organisation says it would rather see a further increase of the social relief grants and old age grants…

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