South Africa's budget may be tweaked further as more talks between political parties will try to overcome differences over a contentious plan to raise value-added tax, the country's finance minister told Reuters.

B udget announcements are rarely dramatic events in South Africa. But the statement on March 12th by Enoch Godongwana, the finance minister, could be the most consequential since the end of white rule in 1994.

Finance Minister Enoch Godongwana delivered the 2025 National Budget Speech on Wednesday (12 March). The budget addressed several key points, including the country’s current economic status, growth projections, substantial debt servicing costs, proposed increases in VAT and sin taxes, and the continuation of the social relief grant.

South Africa's rand extended its losses early on Thursday before manufacturing and mining data releases, a day after the national budget was tabled before lawmakers and met with resistance. At 0710 GMT,

Finance Minster Enoch Godongwana Wednesday tabled his budget for the for the 2025/2026 financial year, a month after it was postponed following a fall-out with the ANC’s biggest coalition partner over value-added tax hikes.

South African Finance Minister Enoch Godongwana may have to make changes to the national budget after parties that control more than half the seats in parliament rejected his plans to raise taxes.

South Africa's cabinet was still meeting on the 2025 budget less than one hour before the finance minister was due to present it in parliament on Wednesday, a source from the Democratic Alliance party said,

South Africa's finance minister unveiled Wednesday a budget with a smaller increase in value-added tax than previously proposed, but the move was still rejected by trade unions who say any rise in taxes that will have a negative impact on the country’s poorest is unacceptable.