#Budget2018

'Next year they’re going to have to look at another VAT increase'

…Next year, they’re going to have to look at another VAT increase… We still have one of the lowest VAT rates in the world…

Marc Sevitz, TaxTim

Finance Minister Malusi Gigaba’s first Budget Speech is done and dusted.

Highlights include:

  • 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 interviewed TaxTim cofounder Marc Sevitz.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

The amount available to higher earning taxpayers is less.

Marc Sevitz, TaxTim

It [VAT hike] is genius…

Marc Sevitz, TaxTim

…R1.22 hike on a pack of cigarettes…

Marc Sevitz, TaxTim

A lot of our clients are on the bottom three rungs of the tax brackets.

Marc Sevitz, TaxTim

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