South Africa's budget may be tweaked further as more talks between political parties will try to overcome differences over a contentious plan to raise value-added tax, the country's finance minister told Reuters.

South African Finance Minister Enoch Godongwana may have to make changes to the national budget after parties that control more than half the seats in parliament rejected his plans to raise taxes.

Explore how South Africa's proposed 16% VAT rate stacks up against global standards and what it means for consumers.

South Africa's finance minister unveiled Wednesday a budget with a smaller increase in value-added tax than previously proposed, but the move was still rejected by trade unions who say any rise in taxes that will have a negative impact on the country’s poorest is unacceptable.