2025 Budget Speech: Godongwana Breaks Silence on VAT Hike Amid Tax Increase Controversy
2025-03-12
Briefly
Finance Minister Enoch Godongwana has delivered the highly anticipated 2025 Budget Speech in Cape Town, addressing the contentious proposed VAT hike that sparked a three-week postponement. The minister's speech comes amid widespread speculation about tax increases, with Godongwana acknowledging that 'no Finance Minister is ever happy to increase taxes'. As the nation grapples with economic uncertainty, the budget speech is expected to have far-reaching implications for South African taxpayers, with key focus areas including economic growth, tax reform, and fiscal policy. The VAT hike is set to impact consumer spending and inflation rates, making it a crucial aspect of the budget speech.
