US EditionBudget 3.0: Godongwana's fresh blueprint to plug a deeper revenue hole
- Finance Minister Enoch Godongwana will present a revised national budget on 21 May 2025 in Pretoria, marking the third attempt this year.
- The need for a new budget arose after coalition disagreements in the Government of National Unity blocked approval of earlier proposals, including a VAT increase.
- The government suspended a planned 0.5% VAT hike expected to raise R75 billion over three years amid legal challenges and public backlash, forcing a rethink of spending cuts.
- In his March budget speech, Godongwana earmarked R7.5 billion in funding for SARS over a three-year period to tackle illicit trade, while also highlighting the need to reduce expenditures to address a R75-billion revenue deficit.
- The revised budget must reconcile coalition views while maintaining fiscal discipline, with Godongwana ruling out further tax increases or borrowing amid calls for improved cost management.
16 Articles
16 Articles
Godongwana holds firm amid pressure to resign over budget – The Mail & Guardian
The finance minister says his U-turn on a VAT hike was a collective decision of the government of national unity This content is restricted to subscribers only. Join the M&G Community Our commitment at the Mail & Guardian is to ensure every reader enjoys the finest experience. Join the M&G community and support us in delivering in-depth news to you consistently. Subscribe Subscription enables: - M&G community membership - ind…
South Africa to Present New Fiscal Plan After Scrapping VAT
South Africa’s Finance Minister Enoch Godongwana announced on Wednesday that he will unveil a new budget on May 21 that will include adjustments to revenue and expenditure forecasts following the cancellation of a highly contentious increase in value-added tax (VAT). During a briefing, the minister stated that comprehensive discussions would take place with all political parties within the coalition government, along with the cabinet’s endorseme…
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