Minister of Finance Enoch Godongwana’s proposed 2025 budget speech sparked strong opposition from various political parties.
In Wednesday’s budget speech, Godongwana proposed that the country’s VAT rate will increase by 0.5 percentage points in both 2025 and 2026, bringing the VAT rate to 16% by 2026 and 2027.
While the ANC argues that the budget is essential for fiscal responsibility, opposition parties also rejected other key elements as a lack of substantial economic reforms.
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