On 21 May 2025, South African Minister of Finance Enoch Godongwana delivered the budget speech for the revised 2025 Budget. As compared to the budget presented in March 2025, the main tax policy changes are the withdrawal of the proposed VAT rate increases, along with the withdrawal of additional zero-rated items, and a proposed inflation-related increase in the fuel levy. To account for revenue shortfalls, ZAR 20 billion in additional tax revenue is included in the fiscal framework for 2026/27. The 2026 Budget will present proposals to raise this amount. Other proposed tax policy changes are largely unchanged. Click the...