Minister of Finance Enoch Godongwana is set to return to parliament on Wednesday afternoon to officially re-table the 2025 Budget Review, following significant revisions to key fiscal policies.
The updated budget presentation, scheduled for 14:00 during the National Assembly plenary at the Cape Town International Convention Centre (CTICC), comes after the minister’s recent decision to scrap the proposed 0.5 percentage point increase in Value-Added Tax (VAT).
The VAT rate will remain at its current level of 15%.
‘Full cabinet backing’
According to a statement from the National Treasury, the revised budget has been developed in line with the Money Bills and Related Matters Act, incorporating:
The revised fiscal framework aims to maintain the country’s path toward debt stabilisation, a central pillar in safeguarding South Africa’s financial stability.
The Treasury confirmed that the process included:
Wednesday’s speech is expected to provide clarity on how the government will balance fiscal discipline with economic growth and social spending priorities in a challenging global and domestic economic environment.
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