According to the Chinese zodiac, we have just entered the year of the ‘Fire Horse’, which is associated with rapid change, passion and ambition. This is reflected in the 2026 Budget: Government has withdrawn ZAR 20 billion in proposed tax increases and is providing full inflationary relief to taxpayers for the first time in three years.

Can taxpayers bet on National Treasury and the proposed Budget Reforms? Or is the South African Revenue Service going to be scrambling to close the stable doors long after the proverbial horse has bolted?

The 2026 Budget reflects restored credibility in South Africa's economic outlook: South Africa has exited the Financial Action Task Force (FATF) grey list, secured its first credit rating upgrade in 16 years, and borrowing costs have improved. Higher-than-expected net VAT, corporate income tax and dividends tax collections have improved expectations for the year.

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