The announcement comes as the bank foresees lower global interest rates and a weaker outlook for the local economy
The EFF criticises it as ‘unimaginative’ and not benefiting poorer South Africans, while the DA calls it a step towards ending ‘unchecked government spending’
Now that a VAT increase has been ruled out, the finance minister must find another way to plug a R75bn gap or risk collapsing public services and investor confidence
The president and the national treasury launched phase two of Operation Vulindlela on Wednesday, expanding its focus areas
The finance minister says his U-turn on a VAT hike was a collective decision of the government of national unity
Godongwana promises fiscal prudence in his new budget but the growth forecast may change
Meetings are due in coming days and weeks to undo the damage after the finance minister caved on the tax increase
The Democratic Alliance has claimed credit for the about-turn by the treasury on the tax, saying its legal team had presented a strong case against the flawed parliamentary process used to adopt the fiscal framework
The finance ministry in a midnight announcement said the decision was informed by consultations with political parties
Amending his proposal at this stage would force more borrowing, the minister warned in papers filed in response to the DA
A hostile response signals the start of the treasury’s struggle to avoid amendments to the 2025 budget
The Democratic Alliance said the budget would struggle to pass in parliament, given the ANC’s lack of a majority
His party would have yielded if any increases were guaranteed to be temporary and tied to an overhaul of state spending patterns
The finance minister suggests that much of the opposition wrangling is part of a broader political battle
The minister conceded that the measure did not have support across the political spectrum
The recent termination of USAid to HIV/Aids and TB organisations in South Africa was a bone of contention in the 2025 budget
Any VAT increase is probably off the table, leaving the treasury to look for revenue without bringing the coalition to the brink
The finance minister now has to choose from several options presented by a task team to draw up a budget
Minister in the Presidency Khumbudzo Ntshavhenini said the postponement was necessary to address funding challenges within a constrained fiscal environment
Analysts say the budget became a cliffhanger because it was written as though the ANC still governed on its own
The DA has upped the ante in its demands for consultation on every point of government policy, although ANC ministers also opposed a planned VAT increase
The bank said the closure threatens 400 jobs
Crypto exchanges are like marketplaces for cryptocurrencies, allowing users to buy, sell, trade and store their crypto holdings
Finance minister Enoch Godongwana forecast 1.8% growth over three years, coupled with a bigger deficit, as debt service costs crowd out fiscal space
The funds have been allocated to the departments of justice and international relations to cover their costs in bringing the case before the International Court of Justice
An amount of R11 billion will be set aside to allow people early exit from public service
Finance Minister Enoch Godongwana has doubled down on the government’s fiscal consolidation efforts by reducing spending from 28.6% of GDP in the 2023-24 financial year to 27.6% in 2024-25. This largely reflects measures implemented in recent years and slower growth projected in non-interest expenditure relative to GDP, the treasury said in its medium-term budget policy […]
Only 5% of entities, departments and municipalities have initiated blacklisting for offenders
Pietermaritzburg residents allege corruption and mismanagement as well as problems with the new billing system
‘Prudent operation and maintenance practices’ could prevent up to six stages of load-shedding, according to the report from the VGBE
Finance Minister Enoch Godongwana has been battling illness
A senior treasury official told MPs the intention was not to close the widening deficit through higher personal income taxes