Godongwana plays down big tax changes in South Africa Budget
South African Finance Minister Enoch Godongwana ruled out any major tax changes in next month’s budget and stressed the importance of keeping fiscal consolidation on track.
“It’s not something we intend; making substantial” tax changes in the budget, Godongwana told Bloomberg Television in an interview at the World Economic Forum in Davos, Switzerland on Friday.
South African assets are enjoying their best performance in years, with the stock market up, bond yields down and the rand rallying to its strongest levels against the dollar since 2022 as investors take stock of some recent positive developments.
These include a November budget update showing improved public finances, which Godongwana is expected to repeat in the annual budget next month, plus his backing for the central bank’s shift to a 3% inflation goal and a rating upgrade by S&P Global Ratings.
The improved outlook, as well as surging gold prices, have driven an almost 3% gain in the rand against the dollar this year – making it one of the top performing currencies in the world tracked by Bloomberg.
South Africa is still in talks with Washington to secure a reduction in the 30% tariff that President Donald Trump has slapped on its exports to the US – the highest in sub-Saharan Africa, Godongwana said.
“I’m quite confident we will have a deal with the United States of America on the trade front,” he said, without providing a time frame.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
CMTS is a leading, well-established EC&I contractor with 37+ years of mining and industrial experience. We execute full-scope EC&I projects with...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
