Budget Speech

Gordhan hikes fuel levy.

http://www.fin24.com/articles/default/display_article.aspx?ArticleId=1518-2384-2389_2572290

Cape Town - Motorists will be forking out more for a tank of petrol with Finance Minister Pravin Gordhan's announcement of a 25.5c per litre increase in the levy on petrol and diesel with effect from April 7.

The increase comprises a general fuel levy increase of 10c per litre, as well as an additional levy of 7.5c per litre to help fund the new multi-product petroleum pipeline between Durban and Gauteng.
 
Drinkers to be milked

http://www.fin24.com/articles/defau...1518-2384-2389_2572303&IsColumnistStory=False

He said the review signalled a stronger stance in government's efforts to combat alcohol abuse.

The sin tax increases mean a packet of 20 cigarettes will cost R1.24 more, while a bottle of beer (340ml) and a bottle of wine (750ml) will cost 6.5c and 12c more respectively.

A bottle of spirits (750ml) will cost R2.22c more.

Actual sin tax hikes were all above inflation. Excise duty on beer, wine and spirits increased by about 8%, while the excise duty on cigarettes was a little more than 16%.

The excise duty on traditional beer was maintained at 7.82c per litre, while that on cigars was hiked 6.2%.

While smokers and drinkers are the usual recipients of Budget Day tax lashings, Finance Minister Pravin Gordhan also singled out gamblers.
 
Tax breaks across the board

http://www.fin24.com/articles/default/display_article.aspx?ArticleId=1518-2384-2391_2572286

Of the R6.5bn of tax relief provided for in this year's Budget, 24,6% will be earmarked for taxpayers with an annual income below R150 000 and another 28.8% will be set aside for taxpayers earning between R150 001 and R250 000.

Taxpayers earning between R250 000 and R500 000 will receive 26.2% of the tax breaks, and those with an annual taxable income of more than R500 000 will receive 20.4%.

Statistics released in the Budget's Tax Handbook showed that taxpayers with an annual income above R500 000 accounted for 44% of personal income tax revenue. Taxpayers with an annual income below R250 000 accounted for 30% of personal income tax revenue, while those earning between R250 000 to R500 000 accounted for 26%.

The primary rebate was increased to R10 260 for all individuals, and the secondary rebate - applicable to taxpayers over 65 years old - was upped to R5 675 a year.

The income tax threshold - below which individuals are not liable for personal income tax - was increased to R57 000 of taxable income per year for those below the age of 65, and to R88 528 for those over 65 years.
 
Skillfully done.

He announces that he wants to double lending (23% to 40%) and nobody notices.

Also, the tax breaks aren't enough to keep up with bracket creep, especially the high earners. So effectively tax on middel/upper class was increased.
 
saw that too.. just did not post much as people are more interested in a ahol that got beaten up by the Anc but will carry on voting for them.
 
Apologies - apparently Blue Label is tainted by the Mbeki era -

The Saturday Star scoop that the ANC is replacing Johnnie Walker Blue Label as (Luthuli) house whisky with Chivas Regal is yet another purge of Mbeki influences in the ruling party.
Click to expand...
 
alf101 said:
Yup, make it your kids problem.
They did a nice job of reducing debt some years ago, so I guess it's time again.

Quit smoking a while back, so another R43 a month I can add to my savings.
Click to expand...

R43! .. you smoked ONE a day! :D
 
davemc said:
R 126 000 000 000 allocated to edumacation.

According to a 1999 report: http://www.education.gov.za/emis/emisweb/99stats/[email protected]

There were 26644 schools in the country in 1999.

So, that's an allocation of 4 million per school.

But, what will happen in reality?
Click to expand...

Wasted through corruption, incompetence, nepotism etc.

Until they sort out the fundamental problem of corruption and accountibility it matters not how much money they pour into various areas like education
 
So there will be a very slight relief for high-earners, but they will get taxed more on car allowances. Rate has increased from 60% to 80% and logbooks must be kept.
 
Mila said:
The sin tax increases mean a packet of 20 cigarettes will cost R1.24 more, while a bottle of beer (340ml) and a bottle of wine (750ml) will cost 6.5c and 12c more respectively.
Click to expand...

Hypocrites, if they really wanted to stop people from smoking they would push the tax up by 10 000% but they won't seeing the taxes on smokes & booze fill their coffers.
 
Mila said:
7.5c per litre to help fund the new multi-product petroleum pipeline between Durban and Gauteng.
Click to expand...

I wonder if they will drop it when they have sufficient funds.. Then again, I also wonder when aliens will visit us openly and I suspect the two might be related.
 
Mila said:
Drinkers to be milked

http://www.fin24.com/articles/defau...1518-2384-2389_2572303&IsColumnistStory=False

He said the review signalled a stronger stance in government's efforts to combat alcohol abuse.

The sin tax increases mean a packet of 20 cigarettes will cost R1.24 more, while a bottle of beer (340ml) and a bottle of wine (750ml) will cost 6.5c and 12c more respectively.

A bottle of spirits (750ml) will cost R2.22c more.

Actual sin tax hikes were all above inflation. Excise duty on beer, wine and spirits increased by about 8%, while the excise duty on cigarettes was a little more than 16%.

The excise duty on traditional beer was maintained at 7.82c per litre, while that on cigars was hiked 6.2%.

While smokers and drinkers are the usual recipients of Budget Day tax lashings, Finance Minister Pravin Gordhan also singled out gamblers.
Click to expand...

Funny, no mention about "sin" take on multiple wives :)
 
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