JOHANNESBURG — Finance Minister Malusi Gigaba has so far survived long enough to deliver the national budget, and all eyes will be on what tax changes he plans to announce. Among the first major tax announcements to come through is that the VAT rate will increase from 14% to 15% from 1 April 2018 – it’s the first time since 1993 that SA has had a VAT increase. We’ve posted all the latest updates regarding the budget below this video stream of the speech. – Gareth van Zyl
Azar Jammine: Here’s why the 2018/19 Budget will be the toughest yet
Today, South Africa will hear what details the 2018/19 Budget will contain. It will be the first major test of President Cyril Ramaphosa‘s administration. But certain uncertainties still remain about the economy and the finance minister will have to walk a tightrope of rising several taxes while still trying to provide some incentives for growth. Rating agencies will be watching South Africa today like hawks. Below are Azar Jammine’s thoughts. Read more.
S&P: South Africa not out of the woods yet. Fate lies in hands of policy makers
All eyes will be on the budget today after a series of tumultuous weeks in South African politics. And, as S&P Global indicates, a lot more needs to be done before South Africa can even begin to restore its credibility with investors again. Rating agencies will be watching today closely. Massive pressure will be on Team Ramaphosa to get South Africa out of the financial mess it finds itself in. Read more.
Other budget related content on BizNews:
- Executive summary of 2018 National Budget: Cyril’s fingerprints everywhere
- DG’s overview – how Treasury tackled its toughest challenge in years
- Alec Hogg: Ramaphosa wasn’t mentioned but his fingerprints all over #Budget2018
- Latest 2018/19 tax tables: Just 3.7% of taxpayers footing 40% of SA’s bill
- In Full: SA Finance Minister Gigaba’s 2018 Budget Speech
- Zuma is gone, but we must all pay the price with fresh tax hits – economists
- Matthew Lester: Breathe, Cyril, breathe. Please don’t increase VAT. There is another way.
- Dawie Roodt: One down, more to go — getting rid of Zuma only the beginning
- The answer to increased tax collections lies in … happiness – Matthew Lester