- The South African government has cancelled the proposed VAT increase due to higher-than-expected revenue collection.
- Revenue is projected to exceed earlier estimates by $1.24 million.
- Extra funds will be used for infrastructure projects and next year’s local government elections.
- Public debt is expected to stabilize at 77.9% of GDP in 2025/26, the first such stabilization since 2008.
- This marks a shift after years of spending exceeding revenue, which had increased debt and limited spending on essential services.
Source: channelafrica.co.za
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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