Finance minister Enoch Godongwana will make a second attempt at presenting a national budget on Wednesday.
Enoch Godongwana will make a second attempt at presenting an acceptable budget to a fractious coalition government, raising questions about future investment in the country if it doesn’t pass.
The sticking point was a proposed two percentage point increase in the VAT rate to 17%. Negotiations since then have been focused on getting the coalition to agree to a compromise formulation. “I don’t think they’re going to do the full R60-billion of spending proposed,” he said. “That’ll be part of the compromise.”
Parliament is likely to vote on the budget in May, though portions of it will be debated before then. The silver lining is that it looks like there’s actually quite a bit of consensus on fiscal consolidation
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Watch live: Follow Finance Minister Enoch Godongwana’s Budget SpeechHow 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.
Read more »
SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Last month Finance Minister Enoch Godongwana's tabling of the 2025 Budget was postponed.
Read more »
SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Neil Coleman has called on Finance Minister Enoch Godongwana to resign for misleading the country.
Read more »
Some GNU partners want cut on spending in revised budgetFinance Minister Enoch Godongwana faces mounting pressure from GNU partners as they debate budget cuts and a controversial VAT increase ahead of the 2025 budget presentation.
Read more »
Postponement of national budget to have knock-on effect for provincial budgetsFinance Minister Enoch Godongwana was expected to deliver it on Wednesday, but it was called off at the eleventh-hour following disagreements over a proposed VAT hike among GNU parties.
Read more »
President Cyril Ramaphosa Says Budget Speech Postponement Was Not Crisis, but SA Doesn’t Believe HimPresident Cyril Ramaphosa defended the Minister of Finance, Enoch Godongwana after the first GNU budget speech was postponed to 21 March. SA reacted.
Read more »