Budget impact on you and me

2018-02-28 06:00

IGNORING the millions and billions in the 2018 Budget announced last Wednesday, most South Africans are affected on a smaller scale in their daily lives as follows.

On April 1, VAT will increase by one percent to 15%, petrol to increase by 52 cents a litre. Twenty cigarettes will cost R1,22 more, a bottle of spirits R4,80 more, while wine drinkers will pay an increase of 23%. A levy will be imposed on plastic bags and incandescent light bulbs, and there will be a motor vehicle emissions tax. Sugary beverages will be taxed from April 1. There will be an increase in the ad valorem excise duty from seven percent to nine percent on luxury goods such as electronics, cellphones, cosmetics and vehicles. According to Treasury, all new first-year tertiary students with a family income below R350 000 per annum in the 2018 academic year will be funded for the full cost of study. This will be rolled out in subsequent years until all years of study are covered. Returning NSFAS students at university will have their loans for 2018 onwards converted to a bursary. Social grants to increase: old age, disability and care dependency will increase by R90 to R1 690, with a further R10 on October 1, to R1 700.

The child support grant will increase from R380 to R400 per month and to R410 on October 1. Nineteen foods are VAT zero-rated: maize meal, brown bread, dried beans, fruit, vegetables, rice, dried mielies, samp,; vegetable oil, mielie rice, edible legumes and pulses, pilchards in tins, eggs, milk, cultured milk, dairy powder blend, milk powder, lentils and brown wheaten meal.

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