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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.

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Taxpayers should expect to pay a percentage point more from their personal income tax for government to raise an extra R12 billion this year and another R15 billion next year, the National Treasury said.

New research reveals that South African business leaders would welcome
more global co-operation and guidance from tax authorities on what is
acceptable and unacceptable tax planning.

Finance Minister Pravin Gordon said in his budget speech, that while we have
achieved much over the past five years, in a very difficult post recession
climate; there is more to do ahead.

The private sector and civil society should lend a helping hand to ensure that
the country records economic growth that can create jobs, says Finance
Minister Pravin Gordhan.

Government spending on health is expected to exceed R492 billion over the
next three years, as part of a plan to strengthen the health system, in
preparation for the implementation of the National Health Insurance (NHI)
scheme.

Finance Minister Pravin Gordhan says the old age and disability grants will
increase from R1 270 to R1 350 in April and the forster care grant will be
R830, while the child support grant increases to R310 a month in April and
R320 in Octtober.

If you have been planning to quit smoking, this is probably the best time to do
that. Smokers will from now on pay roughly 68 cents more for a packet of
cigarettes.

The education sector is set to receive the biggest portion of the budget
demonstrating government's continued commitment to addressing one of the
country's major problem areas.

Tabling the 2014 Budget in Parliament, Minister Gordhan announced that
government?s spending will be R1.25-trillion for the 2014/15 financial year.
Here is an outline of government's expenditure plan for this period.

Despite the sluggish local economic growth brought about by the 2008 global
recession, Finance Minister Pravin Gordhan said government would continue
focus its efforts on growing the economy.

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