South Africa’s Minister of Finance, Enoch Godongwana, was meant to deliver his much anticipated 2025 Budget Speech in Parliament, Cape Town today.
Things took a turn for the worst, however, as it was announced that Godongwana’s Budget speech will be postponed until further notice.
This comes after a disagreement between parties within the Government of National Unity (GNU) on the proposals within the budget.
The executive decided to adjourn and postpone the National Assembly’s sitting to allow enough time to reassess the budget.
It was announced that the budget would take place some time in March.
It is believed that a proposed 2% increase on the Value Added Tax (VAT) was one of the main reasons behind the disagreement between GNU Cabinet ministers.
It has been reported that President Cyril Ramaphosa called an emergency meeting to address issues, but there was no consensus on the matter.
BUSINESS REPORT