Advertisement

Economy


Minister Malusi Gigaba has presented the 2018 National Budget in Parliament. Highlights are: VAT increases to 15% on purchases, R57 billion for Higher Education, national GDP estimate rises from 0.7% to 1.0% over the next year.

Click here to download the Pocket Budget Guide

SEE MORE DETAILS BELOW

Finance Minister Malusi Gigaba has announced an increase on excise duties that will leave smokers and drinkers with a hangover.

Budget 2018 brought bad news for consumers with the first increase in Value Added Tax in 25 years.

Government will continue to support local companies to grow through a range of incentive packages, Finance Minister Malusi Gigaba said on Wednesday.

 

Finance Minister Malusi Gigaba will this week table the 2018 Budget in Parliament. The much anticipated budget will be tabled in the National Assembly on Wednesday 21st February 2018.

The positive news in the lead-up to the 2018 Budget Speech is that the broad macro-economic environment is less confining than this time last year.

Trade and Industry Minister Rob Davies says this year’s budget has affirmed that South Africa has taken a tougher stance on its fiscal consolidation, which should go a long way in restoring confidence.

Government has set aside R16.3 billion towards higher education, Finance Minister Pravin Gordhan said.

Owing to the rising costs of traditional fossil fuel, the current electricity crisis and the common push towards a more environmentally conscious way of living, renewable energy has experienced considerable growth within the past few years.

Finance Minister Nhlanhla Nene says due to global and domestic economic constraints, tabling this year’s budget was very difficult.

Incentives and other economic interventions have collectively led to the creation of more than a million jobs in the past year, the National Treasury said.

Pages

Advertisement

Subscribe to Economy