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South Africa scraps VAT increase in dramatic U-turn

South African rand stable after VAT hike withdrawn, markets await budget clarity

The South African rand was stable on Thursday after the finance ministry said it was withdrawing a contentious increase in value-added tax (VAT) that was due to take effect next month and as investors awaited clarity on the budget plans.

BusinessTech · 6h

Big question over VAT withdrawal in South Africa

With National Treasury announcing the reversal of the contentious 0.5 percentage points VAT hike on Thursday (24 April), legal experts have warned this doesn’t mean it’s a done deal.

The Financial Times · 5h

South Africa scraps VAT increase in dramatic U-turn after coalition rift

In a late-night announcement, finance minister Enoch Godongwana said the proposal to lift VAT from 15.5 per cent to 16 per cent over two years had been dropped after “extensive consultation with political parties”,

17hon MSN

South Africa to withdraw planned VAT hike, finance ministry says

South Africa will not increase its value-added tax (VAT) from May 1 as announced in the 2025 budget, the finance ministry ...

The Citizen6h

A R1 billion U-turn: Scrapping the VAT increase leaves no winners, just absolute chaos

The minister of finance announced in a statement loaded on National Treasury’s website at 15 minutes after midnight that the ...

Politicsweb2h

VAT to stay at 15% - Enoch Godongwana

The Minister of Finance will shortly introduce the Rates and Monetary Amounts and the Amendment of Revenue Laws Bill (Rates ...

News241h

DA under fire for ‘hijacking’ VAT reversal win. Other parties accuse it of holding budget hostage

National Treasury announced that government had backtracked on its plan to raise VAT by 0.5% next month but also warned that tough spending decisions lie ahead to fill a R75 billion budget gap.

Polity.org.za7h

Parties take aim at DA, saying VAT hike victory not a result of court action

The African National Congress (ANC) and nine other political parties on Thursday rubbished claims by the Democratic Alliance ...

7hon MSN

VAT victory should see Finance Minister Enoch Godongwana adjusting projected growth rate

Frank Blackmore, lead Economist at KPMG, told Business Report that he thinks this was good news for most South Africans as it ...

EWN6h

Political parties claim withdrawal of VAT hike not due to DA, EFF court challenge

Despite being a GNU partner, the DA took its bid to reject the 0.5 percentage point VAT hike to the Western Cape High Court – ...

Polity.org.za9h

DA celebrates VAT hike reversal, questions Godongwana’s decision

The Democratic Alliance (DA) on Thursday expressed jubilation at Finance Minister Enoch Godongwana’s reversal of the ...

Moneyweb7h

Godongwana’s Vat rewind may hit legal wall

Kyle Mandy, tax partner at PwC, says that Section 7 (4) of the Vat Act operates as the law stands now because the minister ...

Politicsweb3h

As promised: VAT victory secured for people of SA – Herman Mashaba

As you have heard today, when South Africans wake up on 1 May 2025, Worker’s Day, they will pay the same for their goods and ...

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South Africa scraps VAT increase in dramatic U-turn

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