Tax hikes are back on the cards in South Africa

• Tax hikes are firmly back on the cards for South African taxpayers as the optimistic Budget from Finance Minister Enoch Godongwana has been undone by geopolitical events.
• The government's debt burden was forecast to stabilise, and economic growth was expected to pick up to 2% by 2028, but oil prices surged, and inflation rose with them, prompting the Reserve Bank to hike interest rates twice.
• The South African Institute of Taxation (SAIT) expects Godongwana to push back the forecast for debt stabilisation and change the full-year budget deficit target to above 4%.