Lula, a small‑ and medium‑enterprise (SME) funding platform, is urging the government to introduce tax reforms to unlock growth in South Africa’s SME sector ahead of Finance Minister Enoch Godongwana’s National Budget Speech on Wednesday, 25 February. Among its key proposals is raising the compulsory VAT‑registration threshold from about $62 000 to $188, 000 to improve liquidity for smaller businesses.

Garth Rossiter, Lula’s Chief Risk Officer, says the move would not only enable SMEs to scale but would also boost the broader economy through higher corporate‑tax revenues, increased profitability and job creation. Thami Ngubeni spoke to Garth Rossiter, Chief Risk Officer at Lula.

Lula, a small‑ and medium‑enterprise (SME) funding platform, is urging the government to introduce tax reforms to unlock growth in South Africa&rsquo;s SME sector ahead of Finance Minister Enoch Godongwana&rsquo;s National Budget Speech on Wednesday, 25 February. Among its key proposals is raising the compulsory VAT‑registration threshold from about $62 000 to $188, 000 to improve liquidity for smaller businesses.
Garth Rossiter, Lula&rsquo;s Chief Risk Officer, says the move would not only enable SMEs to scale but would also boost the broader economy through higher corporate‑tax revenues, increased profitability and job creation. Thami Ngubeni spoke to Garth Rossiter, Chief Risk Officer at Lula.

In-depth financial issues, profiling of African businesses doing well internationally, stocks & market updates.

In-depth financial issues, profiling of African businesses doing well internationally, stocks &amp; market updates.

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Africa in Business

Lula calls for tax reforms to unlock growth in South Africa's SME sector

Thanda Sithole, FNB Senior Economist, unpacks expectations for South Africa's much-awaited budget speech to be delivered later this week, on Wednesday, by Finance Minister Enoch Godongwana. There are many expectations on the tax front and spending cuts. We also look at the business cycle indicator for December.

Thanda Sithole, FNB Senior Economist, unpacks expectations for South Africa's much-awaited budget speech to be delivered later this week, on Wednesday, by Finance Minister Enoch Godongwana. There are many expectations on the tax front and spending cuts. We also look at the business cycle indicator for December.

The latest market developments with Thanda Sithole, FNB Senior Economist

South Africa’s Finance Minister, Enoch Godongwana, is preparing to table the 2026 Budget Speech, his second under the Government of National Unity, at a pivotal moment for the country’s economy. Tough fiscal decisions are expected to dominate the address as the government grapples with slow economic growth, rising public debt and increasing social pressures.


Last year’s budget sparked intense debate, with opposition parties rejecting the proposed VAT increases and civil‑society groups voicing serious concerns about the impact on already‑strained households. Now, the key question is whether the Minister can strike the right balance between fiscal discipline, political consensus and the urgent needs of South Africans.
Channel Africa’s economics reporter, Innocent Semosa, has more.

South Africa&rsquo;s Finance Minister, Enoch Godongwana, is preparing to table the 2026 Budget Speech, his second under the Government of National Unity, at a pivotal moment for the country&rsquo;s economy. Tough fiscal decisions are expected to dominate the address as the government grapples with slow economic growth, rising public debt and increasing social pressures.
 Last year&rsquo;s budget sparked intense debate, with opposition parties rejecting the proposed VAT increases and civil‑society groups voicing serious concerns about the impact on already‑strained households. Now, the key question is whether the Minister can strike the right balance between fiscal discipline, political consensus and the urgent needs of South Africans. Channel Africa&rsquo;s economics reporter, Innocent Semosa, has more.

Finance Minister Enoch Godongwana to deliver second Budget Speech under the Government of National Unity

The South African Canegrowers Association has urged the government to take urgent, coordinated action to stabilise the country’s sugar industry. The association emphasises that the liquidation of Tongaat Hulett is not only about the fate of a single company, but also highlights the systemic importance of its milling operations for the wider South African sugar value chain and the national economy.

Thami Ngubeni spoke to Andrew Russell, Vice Chairperson of the South African Canegrowers Association.

The South African Canegrowers Association has urged the government to take urgent, coordinated action to stabilise the country&rsquo;s sugar industry. The association emphasises that the liquidation of Tongaat Hulett is not only about the fate of a single company, but also highlights the systemic importance of its milling operations for the wider South African sugar value chain and the national economy.
Thami Ngubeni spoke to Andrew Russell, Vice Chairperson of the South African Canegrowers Association.

Lula calls for tax reforms to unlock growth in South Africa's SME sector

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