Finance Minister Malusi Gigaba, delivering his budget speech in parliament (Cape Town), announced that alcohol and tobacco excise duties will hike from 6-10%. Fuel is also set to increase by 52 cents a litre in fuel levy. Tax and Vat will increase from 14% to 15%.
Gigaba said that difficult decision had to be made to try and contain the government’s spiralling debt, close the hole in his budget and finance fee-free higher education. He added that R57 billion is budgeted for free higher education, for the now first year students from poor families and working families not earning more than R350 p.a.
OTHER BUDGETS ANNOUNCEMENT
R31,7bn to build new schools, R528bn on social grants, R668bn on health and R200bn on economic development.
Old age and disability grants will increase by 1st of April and again on the 1st of October, and also the child support grants on the same dates mentioned.
“This is a tough but hopeful Budget; it required us to make difficult but necessary trade-offs, important to ensure that this Budget is a platform for renewal, inclusive growth and job creation” Gigaba said.
By: Monti Montsha