Scrapped VAT hike will leave a R75bn expenditure hole, warns Treasury
Finance minister to introduce Rates Bill to reverse the 0.5 percentage point VAT increase
24 April 2025 - 07:33
The 0.5 percentage point VAT hike, scheduled to be implemented on May 1, will be terminated, with finance minister Enoch Godongwana introducing the new Rates and Monetary Amounts and the Amendment of Revenue Laws Bill (Rates Bill).
The amended legislation reverses the VAT hike introduced in the budget on March 12 and will be introduced to parliament within the next few weeks. The termination will leave a R75bn expenditure hole in the fiscus, the Treasury says...
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