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South Africa scraps VAT increase in dramatic U-turn

South African rand firms as investors seek clarity on budget

South Africa's rand firmed on Friday as investors awaited clarity amid a dispute over the national budget that has rattled domestic markets. At 1500 GMT, the rand traded at 18.7475 against the dollar,

Bloomberg · 9d

South Africa’s Godongwana Sees No Alternative to VAT Hike

South African Finance Minister Enoch Godongwana sees no alternative to a tax increase at the heart of a budget impasse that is threatening to unravel the country’s governing coalition.

The Financial Times · 1d

South Africa scraps VAT increase in dramatic U-turn after coalition rift

In a late-night announcement, finance minister Enoch Godongwana said the proposal to lift VAT from 15.5 per cent to 16 per cent over two years had been dropped after “extensive consultation with political parties”,

51m

Why did South Africa reverse a VAT increase?

South Africa's finance minister drops plan to increase value-added tax (VAT), in a major climbdown to prevent the collapse of the coalition government. 10,000 illegal settlers reportedly removed from ...

18hon MSN

South Africa's finance minister says he won't resign after VAT U-turn

By Karin Strohecker and Colleen Goko WASHINGTON (Reuters) -South African Finance Minister Enoch Godongwana said on Thursday ...

CCE Online News2h

South Africa’s VAT Reversal: What It Means for the Construction Sector and the Economy”

For the construction industry, this development is more than just a fiscal policy change — it could have far-reaching ...

2hon MSN

SARS Confirms: VAT hike is dead - but the fallout is just beginning

SARS has announced the cancellation of the planned VAT increase, following Finance Minister Enoch Godongwana's decision to ...

Briefly on MSN1h

Gareth Cliff’s Controversial VAT Remarks Ignite Heated Reactions Across Mzansi

Outspoken South African media personality Gareth Cliff once again sparked an online debate after posting a controversial ...

The Africa Report7h

South Africa’s budget impasse is over, but coalition disputes remain

South Africa’s Finance Minister Enoch Godongwana has reversed his contentious proposed 0.5% value-added tax (VAT) hike, but ...

SAnews3h

SARS ready to accommodate 0.5% VAT increase withdrawal

The South African Revenue Service (SARS) has assured the public that it will ensure it will make adjustments to accommodate the withdrawal of the 0.5% increase in the Value-Added Tax (VAT).

The South African on MSN6h

‘I won’t resign,’ says Godongwana after VAT U-turn

Godongwana refuses to resign after withdrawing the VAT hike, despite political backlash and controversy over the tax decision ...

NewZimbabwe.com11h

South Africa reverses VAT increase that threatened ANC-DA coalition

Spread This News BBC Enoch Godongwana’s decision came after the second-biggest party, the Democratic Alliance (DA), ...

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