Today the cabinet cancelled the scheduled 2025 budget speech and postponed it to 12 March and the main driving force behind the cancellation is a big fight within the Government of National Unity (GNU) over proposed tax changes within the budget.
Specifically, a proposal to hike VAT by two percentage points drew wide criticism. According to a document from the South African Revenue Service’s (SARS) website over the proposed tax changes, the treasury outlined its plan to increase VAT from 15% to 17%. This would have taken effect from 1 April 2025.
On this video I take you through how the VAT increase can affect you as a consumer and also an investor, so watch this video to understand what this could mean for South African Consumers.
Otherwise Please note that some of the things I will be saying are just my opinions on the latest development.
#VAT #SouthAfrica #PresidentRamaphosa