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Key FactsFinance Minister Godongwana Cancels VAT Increase
Apr 24, 2025 · Reading time: ~30 sec.
Summary created with AI assistance · Source: iol-944885620745.europe-west1.run.app
  • Finance Minister Enoch Godongwana has canceled the proposed 0.5% VAT increase scheduled for May 1.

  • VAT will remain at 15%, resulting in an estimated revenue shortfall of around R75 billion.

  • This decision follows consultations with political parties and recommendations from parliamentary committees.

  • Godongwana will present a revised budget that excludes the VAT increase.
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