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South Africa scraps VAT increase in dramatic U-turn

Reuters on MSN · 1h

South African rand stable after VAT hike withdrawn, markets await budget clarity

The South African rand was stable on Thursday after the finance ministry said it was withdrawing a contentious increase in value-added tax (VAT) that was due to take effect next month and as investors awaited clarity on the budget plans.

BusinessTech · 4h

Big question over VAT withdrawal in South Africa

With National Treasury announcing the reversal of the contentious 0.5 percentage points VAT hike on Thursday (24 April), legal experts have warned this doesn’t mean it’s a done deal.

The Financial Times · 3h

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”,

VAT to stay at 15% - Enoch Godongwana

The Minister of Finance will shortly introduce the Rates and Monetary Amounts and the Amendment of Revenue Laws Bill (Rates ...

A R1 billion U-turn: Scrapping the VAT increase leaves no winners, just absolute chaos

The minister of finance announced in a statement loaded on National Treasury’s website at 15 minutes after midnight that the ...

Polity.org.za4h

Parties take aim at DA, saying VAT hike victory not a result of court action

The African National Congress (ANC) and nine other political parties on Thursday rubbished claims by the Democratic Alliance ...

Briefly on MSN6h

Enoch Godongwana Scraps Proposed VAT Hike, SA Suggests How Government Can Negate Expected Shortfall

Finance Minister Enoch Godongwana has scrapped the proposed VAT hike, and while many are celebrating, they're also suggesting ...

Political parties claim withdrawal of VAT hike not due to DA, EFF court challenge

Despite being a GNU partner, the DA took its bid to reject the 0.5 percentage point VAT hike to the Western Cape High Court – ...

Polity.org.za6h

DA celebrates VAT hike reversal, questions Godongwana’s decision

The Democratic Alliance (DA) on Thursday expressed jubilation at Finance Minister Enoch Godongwana’s reversal of the ...

Godongwana’s Vat rewind may hit legal wall

Kyle Mandy, tax partner at PwC, says that Section 7 (4) of the Vat Act operates as the law stands now because the minister ...

DA moves ahead with court application to challenge country’s VAT legislation

This is despite the VAT increase reversal by National Treasury as it prepares to settle out of court in the part the ...

4hon MSN

South Africa abandons planned VAT hike after pushback

South Africa on Thursday scrapped plans to raise value-added tax after a political backlash that threatened the stability of ...

As promised: VAT victory secured for people of SA – Herman Mashaba

As you have heard today, when South Africans wake up on 1 May 2025, Worker’s Day, they will pay the same for their goods and ...

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