Tagged:

New Dawn for South Africa? Budget Bursts Bubble on VAT, Tax

Just as South Africans were basking in the afterglow of President Cyril Ramaphosa's "New Dawn" State of the Nation Address, cold water was poured on the nation at the Budget Speech 2018 when Finance Minister Malusi Gigaba stepped in. Gigaba announced an increase in Value Added Tax from 14% to 15% - a move seen by labour unions and the general public as an assault on the poor, particularly since there are no additions to the list of zero-rated basic foodstuffs. An increase in fuel levies will affect transport costs, which will then trickle down to all food items, as well as an increase in personal income tax. These are a few of several shock changes that will affect the ordinary South African this year.

Pixabay

New Dawn

InFocus

Follow AllAfrica

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.