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SOUTH AFRICA: Budget 2025 Eyed Weds, S. Africa Attends To Trade Tensions With US

SOUTH AFRICA
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  • Finance Minister Enoch Godongwana may announce tax hikes as part of his Budget Speech 2025, which will be delivered this Wednesday. The Sunday Times reported that "the government is set to squeeze more out of taxpayers to fund a projected ZAR300bn shortfall," adding that VAT, fuel levy, sin tax and other tax hikes have been under consideration alongside the introduction of a wealth tax. However, it remains unclear if the extent of tax hikes will exceed usual adjustments. Ahead of the Budget Speech, the Democratic Alliance (DA) said that it "strongly opposes any tax increases and does not support increases to personal income tax, corporate income tax and value added tax."
  • Bloomberg reported that South Africa may "pitch a bilateral trade agreement to the US if President Donald Trump's administration revokes the nation's preferential access to the world's biggest economy." Pretoria was said to prefer a bilateral deal to current benefits under the African Growth and Opportunity Act (AGOA) because it would be a negotiated agreement.
  • According to the African National Congress's (ANC's) parliamentary whip Mdumiseni Ntuli, no more legislative changes are needed to achieve the government's immediate expropriation aims. This comes as President Cyril Ramaphosa is putting together a team of envoys to travel to other countries and set the record straight on the recently adopted Expropriation Act.
  • The ANC's Parliamentary Caucus held a two-day legkotla over the weekend, focusing on the roll-out of contentious legislation, including the National Health Insurance Act, the Expropriation Act, and the Basic Education Law Amendment (BELA) Act. The party's National Working Committee (NWC) will now hold a follow-up meeting today to discuss the reconfiguration of provincial executive structures in Gauteng and KwaZulu-Natal.
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  • Finance Minister Enoch Godongwana may announce tax hikes as part of his Budget Speech 2025, which will be delivered this Wednesday. The Sunday Times reported that "the government is set to squeeze more out of taxpayers to fund a projected ZAR300bn shortfall," adding that VAT, fuel levy, sin tax and other tax hikes have been under consideration alongside the introduction of a wealth tax. However, it remains unclear if the extent of tax hikes will exceed usual adjustments. Ahead of the Budget Speech, the Democratic Alliance (DA) said that it "strongly opposes any tax increases and does not support increases to personal income tax, corporate income tax and value added tax."
  • Bloomberg reported that South Africa may "pitch a bilateral trade agreement to the US if President Donald Trump's administration revokes the nation's preferential access to the world's biggest economy." Pretoria was said to prefer a bilateral deal to current benefits under the African Growth and Opportunity Act (AGOA) because it would be a negotiated agreement.
  • According to the African National Congress's (ANC's) parliamentary whip Mdumiseni Ntuli, no more legislative changes are needed to achieve the government's immediate expropriation aims. This comes as President Cyril Ramaphosa is putting together a team of envoys to travel to other countries and set the record straight on the recently adopted Expropriation Act.
  • The ANC's Parliamentary Caucus held a two-day legkotla over the weekend, focusing on the roll-out of contentious legislation, including the National Health Insurance Act, the Expropriation Act, and the Basic Education Law Amendment (BELA) Act. The party's National Working Committee (NWC) will now hold a follow-up meeting today to discuss the reconfiguration of provincial executive structures in Gauteng and KwaZulu-Natal.