#Budget2018

Fault line between DA and EFF: To hike corporate tax or not #Budget2018

The ANC, DA, and EFF spoke to Eusebius McKaiser about the 2018 Budget released on Wednesday.

Opposition parties say the ANC government is punishing the poor for its past nine-year mismanagement of funds.

Finance Minister Malusi Gigaba announced a Value added tax (VAT) increase by 1 percentage point during the 2018 Budget Speech.

This has been highly criticised by opposition parties and trade unions who called it a slap in the face for the poor.

The budget was effectively a way of asking South Africans, more particularly the poor, to pay for the past nine years of absolute mismanagement of the economy.

Mmusi Maimane, DA Leader

He actually increased VAT, something that has not happened in the past 23 years. We have to pay for the mismanagement of Zuma's era.

Godrich Gardee, EFF Secretary General

DA leader Mmusi Maimane says no nation can tax itself to prosperity. He says South Africa should set its self up as a place of manufacturing so it can export good to other African countries.

Why don't we think of the reduction of corporate tax? Because once you do that and perhaps make a 10% o manufacturing, you can stimulate that sector to create more work.

Mmusi Maimane, DA Leader

The decision to cut is right, but the way the ANC went about it, I think it was not the right way to go about it; it was the worst way possible.

Mmusi Maimane, DA Leader

On the other hand, EFF Secretary general Godrich Gardee says Gigaba is more interested in protecting the interests of what he termed white monopoly capital because he increased personal tax rather than corporate tax..

Gigaba has the audacity to increase personal income tax, you can tell we have a minister who is interested in the protection of white monopoly capital because he decided not to increase the corporate tax.

Godrich Gardee, EFF Secretary General

Meanwhile, Parliament's chairperson on the standing committee on finance Yunus Carim says an increase on VAT was not desirable and it is regressive.

Eusebius commended the ANC's Yusuf Carim on his honest critique of the budget.

We as the ANC are also very concerned as our alliance partners about VAT. We didn't want it particularly; in fact, we are glad it's not 2%.

Yunus Carim, Parliament Chairperson on the standing committee on finance

Listen to the reactions below.


Recommended

by NEWSROOM AI
Read More
Good news, but is it enough? Universities SA on R57 billion education boost

Good news, but is it enough? Universities SA on R57 billion education boost

Universities SA says it's concerned the money may not be enough and wants Treasury to provide calculations.

[LISTEN] Gigaba deliberately misled the public - Zwelinzima Vavi

[LISTEN] Gigaba deliberately misled the public - Zwelinzima Vavi

Trade unions react to Malusi Gigaba's announcement of a one percentage point VAT increase for #Budget2018

'Government had no choice but to increase VAT'

'Government had no choice but to increase VAT'

Judge Dennis Davis says the increase was needed in order to make up the massive deficit in the national budget.

[LISTEN] #FreeEducation: 'Idea of historic debt will be a thing of the past'

[LISTEN] #FreeEducation: 'Idea of historic debt will be a thing of the past'

CEO of Universities SA, Professor Ahmed Bawa responds to government's R57 billion budget toward funding higher education.

'If you are the cigar smoking,whiskey type, you will be hardest hit by sin tax'

'If you are the cigar smoking,whiskey type, you will be hardest hit by sin tax'

PwC Chief Economist, Lullu Krugel shares her insight on the impact of Wednesday's budget speech.

'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'

Finance Minister Malusi Gigaba’s first Budget Speech is done and dusted. Bruce Whitfield interviews TaxTim cofounder Marc Sevitz.

85% of VAT is collected from the top wealthiest people - Sars

85% of VAT is collected from the top wealthiest people - Sars

Dr Randall Carolis, Sars Group Executive: Tax Excise & customs Institute, explains why VAT is the easiest form of tax to collect.

Budget 2018: 'It could’ve been a lot worse!'

Budget 2018: 'It could’ve been a lot worse!'

The Money Show's Bruce Whitfield interviews Jabu Mabuza (CEO Initiative) and Prof Osman Mollagee (PWC).

Economist: Stronger rand may provide some relief to fuel levy hike  #Budget2018

Economist: Stronger rand may provide some relief to fuel levy hike #Budget2018

The fuel levy is also set to rise by 52 cents a litre.

'Budget is excellent under the circumstances. I give it 9 out of 10'

'Budget is excellent under the circumstances. I give it 9 out of 10'

The Money Show’s Bruce Whitfield interviews Investec Asset Management Economist Nazmeera Moola.

Popular articles
[LISTEN] 'Zuma's  affidavit in aid of Tom Moyane is a fascinating move'

[LISTEN] 'Zuma's affidavit in aid of Tom Moyane is a fascinating move'

Journalist at Daily Maverick’s Investigative Team Scorpio Pauli Van Wyk shares her take on this development.

Momentum to pay all violent crime claims, regardless of previous medical history

Momentum to pay all violent crime claims, regardless of previous medical history

The Money Show’s Bruce Whitfield interviews Johann le Roux, CEO at Momentum Life.

Plans to deny foreign children birth certificates violates Constitution - group

Plans to deny foreign children birth certificates violates Constitution - group

Lawyers for Human Rights says government's bid to discontinue birth certificates for foreign children born in SA is unlawful.

Bara doctor takes medical aid to court for denying him 'pricey' cancer treatment

Bara doctor takes medical aid to court for denying him 'pricey' cancer treatment

Dr Sipho Bvuma says Gems has refused to pay for his expensive brain cancer treatment, which he believes will prolong his life.

[WATCH] An  excruciating moment as  woman jumps into frozen lake...ouch!

[WATCH] An excruciating moment as woman jumps into frozen lake...ouch!

Khabazela shares tweets and Facebook posts that have gone viral.

'Momentum did nothing wrong, legally. But the man died protecting his family!'

'Momentum did nothing wrong, legally. But the man died protecting his family!'

The Money Show’s Bruce Whitfield interviews consumer journalist Wendy Knowler.

Markus Jooste will absolutely hate this book by FM Editor Rob Rose

Markus Jooste will absolutely hate this book by FM Editor Rob Rose

Financial Mail Editor Rob Rose talks about his book, “Steinheist: Markus Jooste, Steinhoff and SA’s biggest corporate fraud”.

6 mistakes people in their 20s make with money

6 mistakes people in their 20s make with money

Sam Beckbessinger, the author of “Manage Your Money like a F*cking Grownup,” has some tips, so you don’t have to live with regret.