He’s done a great job… We welcome the reduction in spending… Nobody wants taxes to increase, but in the circumstances the approach has been quite progressive…— Jabu Mabuza, CEO Initiative
It could’ve been a lot worse!— Prof Osman Mollagee, PWC
Finance Minister Malusi Gigaba’s first Budget Speech is done and dusted.
1% hike in VAT
R85 billion cut in government spending
Hike in the fuel levy of 52 cents a litre
R57 billion – phased in over three years – for fee-free higher education
- Social grants hikes above the rate of inflation
The Money Show's Bruce Whitfield interviews Jabu Mabuza (CEO Initiative) and Prof Osman Mollagee (PWC).
He asked them to provide analysis of this year's "tough but hopeful" Budget.
Listen to the interview in the audio below (and/or scroll down for more quotes from it).
80% of VAT comes from the more affluent [parts of] society…— Jabu Mabuza, CEO Initiative
We welcome that the deficit is coming down.— Jabu Mabuza, CEO Initiative
It is what it is; a balancing act.— Jabu Mabuza, CEO Initiative
It’s been relatively neutral for corporates.— Prof Osman Mollagee, PWC
We expected the VAT increase.— Prof Osman Mollagee, PWC
Our corporate tax rate [is key to attracting investment]… it’ll be counterproductive [to hike it]…— Prof Osman Mollagee, PWC
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