Wednesday, May 21, 2025
Minister of Finance, Enoch Godongwana, will this afternoon, return to Parliament to re-table the 2025 Budget Review.
This decision follows the Minister’s recent announcement and subsequent request to the Speaker of the National Assembly to maintain the Value-Added Tax rate at its current level of 15 percent, reversing the previously proposed 0.5 percentage point increase presented in the 12 March budget.
“The revised budget will adhere to all established technical processes and consultations as set out in the Money Bills and Related Matters Act. This includes formal consultations with the Financial and Fiscal Commission, thorough consultations with all political parties within the Government of National Unity as well as Cabinet approval before presentation to Parliament,” National Treasury said.
Godongwana will deliver the 2025 Budget Speech during the National Assembly plenary at the Cape Town International Convention Centre at 2pm.
The National Treasury has worked on a new fiscal framework that will maintain the trajectory toward debt stabilisation, a crucial element in strengthening our public finances.
This process included:
- Revising economic assumptions using the latest available data.
- Generating a updated fiscal projects.
- Recalculating revenue projections and tax implications.
- Determining appropriate borrowing strategies.
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Consolidating these elements into a coherent and sustainable fiscal framework.
– SAnews.gov.za
