ARTICLE · 05 MARCH 2026

2026 Budget Speech: Highlights

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Individual tax brackets have not been adjusted since 2023/2024 tax year. The 2026/27 budget speech proposes an inflation adjustment for the tax tables and medical aid tax credits which should be welcomed...

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SNG Grant Thornton

Today's Budget Speech by Minister Enoch Godongwana reflects a cautious but deliberate fiscal recalibration.

Individual tax brackets have not been adjusted since 2023/2024 tax year. The 2026/27 budget speech proposes an inflation adjustment for the tax tables and medical aid tax credits which should be welcomed by individual taxpayers. During the 2025/26 budget speech one of the contentious issues was the proposed increase in the VAT rate from 15% to 15,5% and later 16% which was ultimately withdrawn. This year, Government has introduced an adjustment to the individual tax tables. The change is enabled by an improved revenue outlook, with gross tax revenue for 2025/26 revised up by R21.3 billion due to stronger-than-expected net VAT, corporate income tax, and dividends tax collections. Below we summarize some of the key changes and their potential impact where relevant.

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