ARTICLE · 05 MARCH 2026

2026 Budget Analysis And Commentary

SNG Grant Thornton

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On 25 February 2026, Minister of Finance Enoch Godongwana delivered the anticipated National Budget against a backdrop of slow economic growth, persistently high unemployment, rising living costs...

South AfricaTax

SNG Grant Thornton

On 25 February 2026, Minister of Finance Enoch Godongwana delivered the anticipated National Budget against a backdrop of slow economic growth, persistently high unemployment, rising living costs, infrastructure fragility, particularly evident in widespread water shortages across major cities, alongside mounting fiscal pressure. Below, we provide an analysis and commentary on some of the key budgetary measures.

2026 Projected tax revenue versus projected actual

The South African Revenue Service (SARS) is expected to collect tax revenue amounting to R1.978 trillion for 2025/26, which is R28.8 billion higher than the 2025 budgeted revenue (R1.949 trillion). The favourable variance is attributed to higher-than-expected net VAT, corporate income tax and dividends tax collections. Due to high platinum group metals and gold prices experienced recently, provisional tax collections in December 2025 from companies in the mining sector contributed significantly to the

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