The 2025 Budget has been met with uncertainty, frustration, and debate. With a looming VAT increase, growing debt, and bold promises of economic recovery, South Africans are left wondering: Will this budget bring relief or more strain? CIBA dives deep into the key proposals, the potential impact on businesses and taxpayers, and what needs to change for a sustainable economic future. Read on to discover where we stand and what we recommend.

This year’s budget is all about striking a balance—managing the country’s rising debt while still investing in things that matter, like education, healthcare, and energy security. Our government plans to draw from reserves to cut borrowing instead of hiking tax rates—but don’t get too excited just yet. Income tax brackets won’t be adjusted for inflation, so many people will end up paying more tax anyway. Expect higher prices on alcohol and cigarettes, possible fuel levy increases, and tax breaks for green energy businesses. With debt climbing towards 75% of GDP, big decisions are coming—how will they affect you? Let’s break it down!

How will the new Medium-Term Budget Policy shape the future of accounting in South Africa? From Operation Vulindlela's reforms to SARS' new strategies, discover what these changes mean for accountants and how to seize the opportunities ahead. Read the full article for insights and action points!

The 2024 South African budget plans to save more and stabilize the country's debt within the next few years, aiming for a healthier financial situation by 2025/26. Despite planning to spend up to R2.6 trillion by 2026/27, it doesn't directly raise taxes. Instead, it introduces other ways that could increase costs for families and businesses. This approach is about being careful with money while still ensuring important public services are funded.

Stay informed as Finance Minister Enoch Godongwana unveils the 2024 budget, navigating economic challenges and outlining strategies for growth, social support, and fiscal stability.