Political tensions rise as Budget narrowly passes with VAT Hike, set to be challenged in court

BN Briefing - Cyril: Business won’t dictate to ANC; Zille: We will stop the Vat increase

In this episode of the BizNews Briefing, the ANC insists it won’t bow to business pressure, asserting that its decisions are driven by public interests not corporate influence. Tensions escalate within the Government of National Unity as the DA challenges the proposed VAT increase in court, accusing the ANC of reckless fiscal management. Internationally, US-South Africa relations face renewed strain with a proposed US bill targeting ANC official…

Experts warn new budget will deepen poverty, increase taxes

The Tax Justice Network estimates the Finance Bill’s 18 per cent VAT expansion on basic goods could erase eight per cent of purchasing power for low-income households.

Political tensions rise as Budget narrowly passes with VAT Hike, set to be challenged in court

The Government of National Unity faces its biggest test as the narrowly-passed National Budget with its controversial VAT increase sparks political tension. With the DA heading to court and the rand weakening in response, what does this mean for South Africa's economic stability?

VAT hike hits Finnish small businesses, erodes sales and profits

A recent survey by Suomen Yrittäjät shows that Finland’s 2024 VAT increase has had a broad negative impact on small and medium-sized enterprises, weakening both sales and profitability across sectors. Only 58 percent of entrepreneurs said they managed to raise their prices after the VAT hike. A significant share—41 percent—were unable to adjust prices, absorbing the cost increase themselves.

DA admits to using the Expropriation Act as a countermeasure for the 05.% VAT increase - POWER 98.7

Democratic Alliance’s (DA) National Spokesperson, Willie Aucamp confirmed that the amendment of the Expropriation Act was used in negotiations for the passing of the fiscal framework. DA holding onto a ‘good chance that the ANC and the DA will reach an agreement’ Aucamp made this admission on the Tuesday edition of POWER Talk with Dr Mbuyiseni Ndlozi. This is as DA explores legal action against the 0.5% VAT increase which received 194 votes aga…

TikTok star's cheeky protest against VAT policy leaves social media in stitches

Cape Town’s Parliament was the backdrop for a humorous yet poignant demonstration this week, as TikTok personality Grant Renecle, known online as Clean Cut Skolly, took to the streets to voice his discontent over South Africa’s Value-Added Tax (VAT) policy. Sporting a protest sign emblazoned with the bold phrase, ‘Don’t VAT me for p**s,’ Renecle’s cheeky and irreverent message has struck a chord across social media platforms, reports Cape {town}…