KPMG South Africa’s Post

Name: 2025 Budget Speech Predictions
Uploaded: 2025-01-30T10:30:08.097Z
Duration: 3 min 20 s
Channel: KPMG South Africa

KPMG South Africa

214,229 followers

2mo Edited

📢 Budget Speech 2025 – What Can We Expect? As the Budget Speech 2025 approaches, we’re sharing key predictions on what could shape South Africa’s economic landscape. Hear from Joubert Botha, Executive Director: Head of Tax and Legal, as he shares his expert insights on potential tax changes, policy shifts, and economic priorities. ▶️ Watch Now! #BudgetSpeech2025 #KPMGTaxInsights Deepti Darji | Itumeleng N. | Tanya Engels | Vian Strydom

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Good day, my name is Super Bretta and I'm the head of the tax and legal practice for KPMG in Southern Africa. There is no doubt that our government needs money, not only to fund the unsustainable government debt and its accompanying crippling interest, but also to drive economic growth and address unemployment. With the budget speech looming in February, the key question certainly from a tax perspective. Is what can we expect. I want to give some comments on this. First of all, from a budget expense and cost perspective and as stated in the medium term budget, more funds will be allocated to the South African revenue authorities. I believe the revenue authorities will use these funds to continue with a comprehensive compliance and collection drive. Certainly more is owed to revenue that what he's currently collected. I also believe that the revenue authorities will use the funds to continue with their tax modernization plan and project, in particular, the development and use of artificial intelligence and technology solutions in order to collect and analyze data. I do not believe that there will be a major change or any change in the VAT rate. However, there might be more products that are added to the zero list. From a corporate tax perspective, there may be some adjustments and announcements around exemptions, allowances and incentives, even some incentives being repealed. Our government has always focused on maintaining the tax base. I believe that similar to previous years. Our government will continue to focusing on the tax base and implement some amendments and adjustments in order to address the tax loopholes, schemes and transactions that erodes this tax space. From a personal income tax perspective, I believe that we will receive more clarity on the use of medical aid tax credits and the future of medical aid tax credits and also the current year. Might be a cap or a reduction in the medical tax credits. We might also receive some announcements and even a disclosure document around a possible future wealth tax. From an international tax perspective, I believe that there will be some amendments and adjustments to the current legislation in order to take into account the new global minimum tax legislation that was implemented. These are predictions. However, this may well be a year of tax consolidation with consequential adjustments and not necessarily major announcements or proposals, specifically taking into account the recent significant announcements in the form of. The global minimum tax and also the two pot retirement system. In the coming weeks, we will continue with our budget predictions and I'm also looking forward to seeing you at our budget event. We will unpack the budget, what it means for you as a taxpayer, and what the future will hold. Thank you.

Thabo Mojela

CPA l CA(SA) | Associate Director at KPMG

2mo

Great to see 😁

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KPMG South Africa’s Post

2025 Budget Speech Predictions

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