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SOUTH AFRICA: Cabinet Said to Back Smaller 0.5ppt VAT Hike

SOUTH AFRICA
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"The Treasury is likely to opt for a smaller 0.5 percentage point hike in a rescheduled budget to be presented on Wednesday, compared with its initially proposed 2 percentage-point increase, according to two of the people, who asked not to be identified as the information isn’t public." (BBG)

  • We noted this morning that coalition parties have continued to wrestle over the shape of the delayed 2025 National Budget, with the Democratic Alliance (DA) and smaller parties reportedly still opposed to any VAT hikes.
  • The government's guidance remains that the March 12 date for budget delivery is "set in stone," which puts the Finance Minister under pressure to come up with a digestible compromise. The Cabinet is expected to review the final draft on Monday, March 10.
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"The Treasury is likely to opt for a smaller 0.5 percentage point hike in a rescheduled budget to be presented on Wednesday, compared with its initially proposed 2 percentage-point increase, according to two of the people, who asked not to be identified as the information isn’t public." (BBG)

  • We noted this morning that coalition parties have continued to wrestle over the shape of the delayed 2025 National Budget, with the Democratic Alliance (DA) and smaller parties reportedly still opposed to any VAT hikes.
  • The government's guidance remains that the March 12 date for budget delivery is "set in stone," which puts the Finance Minister under pressure to come up with a digestible compromise. The Cabinet is expected to review the final draft on Monday, March 10.