MK Party calls for corporate tax increase instead of VAT

JOHANNESBURG - The Umkhonto Wesizwe (MK) Party says the government should look at raising the corporate tax instead of increasing value-added tax (VAT).  

The official opposition party is currently marching in Pretoria at the National Treasury offices.

Leaders and supporters of the party said increasing taxes will result in a high cost of living.

Last month, Finance Minister Enoch Godongwana cancelled his budget speech at the eleventh hour after Cabinet failed to agree on a proposed two percentage point increase in VAT.  

READ: AG confirms MK Party's request for GNU's expenditure for 2025 budget speech to be investigated

The MK Party said there are other avenues for government to raise money.  

MK parliamentary member, Lucky Montana said one of those is the raising corporate tax which currently sits at 27 percent.  

"By the way, 2 years ago, corporate tax was cut and there wasn’t much noise when the top 5% of the population was benefiting yet when now things are difficult we want to put the burden on ordinary South Africans."

The MK Party said it will vote against any increases to VAT.