Indulgences are being taxed quite heavily
Sin tax is going up! Beer goes up by 12 cents, a 750 ml bottle of wine by 22 cents, a 750 ml bottle of sparkling wine by 84 cents, a bottle of whiskey by R4.54, a pack of 20 cigarettes by R1,14, and a cigar by about 64c.
Travelling gets more expensive
Planning an extensive road trip holiday in the near future? You’d best factor in that fuel levies are about to increase by 29 cents per litre for petrol and 30 cents per litre for diesel. This is also likely to impact the cost of using public transport like taxis and busses.
Grant recipients are getting a reprieve
Pensioners, disabled individuals, war veterans and care dependents will receive an R80 increase; while foster care grants go up by R40. Child support increases to R420 in April and R430 in October.
Informal settlements will benefit from development
R14.7 billion has been set aside for the upgrading of service delivery platforms in informal settlements over the course of the next two years.
Parliament will be keeping overheads low
Members of Parliament, provincial legislatures and executives at public entities will not be receiving salary increases in 2019.
There you have it – 5 things you need to know about the 2019 South African budget speech. Keep an eye on the blog in coming weeks and months as we share more expert insight into the financial landscape in sunny SA. In the meantime, feel free to reach out to a Libertine Consultants representative to learn more about our credit services and debt services.