The Daily Maverick details all the numbers, categories, clauses and fiscal policy changes that impact you, fellow South Africans, this budget season.
As Finance Minister Enoch Godongwana presented the 2026 national budget on 25 February, the stakes for South Africa's fiscal arithmetic have rarely been higher.
Following a dramatic reversal of a proposed VAT hike in 2025 – a move that left a R75 billion hole in the books – the Treasury has been forced to find a path between maintaining fiscal discipline and restarting the stalled economy.
Daily Maverick explains what the numbers and endless Excel tables really mean, where every R100 of your tax goes, how South Africa is handling the debt and whether, amid tentatively positive signs, Budget 2026 shows a stronger economy than a year ago.
The 2026 budget represents a R400 billion increase in economic output, as well as a smaller decrease than the 2025 budget.
In 2025, the proposed VAT hike was canceled in the third and final iteration of the budget. Last year, Godongwana announced a R20-billion tax plan, due to be unveiled in 2026. But look, the South African Revenue Service (SARS) did such a good job of collecting taxes that the previously earmarked R20-billion has been withheld from the budget.
“Given the opportunity presented by the higher than expected revenues and projected achievements in the year…