GNU protects South Africans from the worst of VAT

System Administrator

South Africa’s political system entered further unprecedented territory on 19th February this year when, for the very first time in our 31-year-old democracy, the Budget Speech was postponed. This was a result of fundamental disagreement among parties within the GNU government over a proposed two per cent VAT increase by the minister of finance. Realising the political damage such an increase would cause, the tabling of the budget was postponed, affording GNU parties to re-negotiate and come to an agreement. The government has found itself in a financially tough space. It needs to fund the extension of the Covid-19 social relief distress (SRD) grant, provide a 5.5% increase in public sector wages, and cover the country’s debt servicing costs. This, amid a backdrop of the country’s debt-to-GDP ratio reaching a…

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Sunday Independent (Digital) - 1 Issue, 2025-03-23

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