National Budget Speech currently underway – see how you are affected
It may prove to be one of the most interesting speeches ever!
The National Budget Speech of 2018 is underway today (February 21) and it may prove to be one of the most interesting speeches, compared to those of the past.
This year’s speech will most likely be characterised by significant changes that may be unpopular. These changes are in order to address a budget deficit in excess of R50bn, which will increase by a further estimated R12.4bn due to the free education plan announced late last year.
Also read: 7 things to expect from the budget speech
Also read: Video: The 2017 Budget Speech explained
So how is government planning to handle this?
Well, one can expect a one to two percentage point increase in VAT, hikes to fuel levies and “Sin taxes”, which will affect any smokers or anyone who enjoys a drink, higher capital gains taxes, and perhaps even personal income tax hikes for high income earners.
The speech is currently being televised and is not to be missed, so tune in to find out how you will be affected!
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