Finance Minister Pravin Gordhan delivered the long-awaited 2016 Budget Speech on Wednesday afternoon. Well now consumers can expect to cough more on fuel and alcoholic beverages.
The general fuel levy will increase by 30c per litre on 6 April 2016. This will push up the general fuel levy to R2.85 per litre of petrol and to R2.70 per litre of diesel.
Excise duties on alcoholic beverages (particularly beer, ciders, fruit beverages and spirits) will increase by between 6.7 and 8.5 per cent.
An additional R16.3 billion has been allocated for higher education over the next 3 years. R5.7 billion of this addresses the shortfall caused by keeping fees for 2016 academic year at 2015 levels, and the carry-through costs over the MTEF period.
R2.5 billion goes to the #NSFAS National Student Financial Aid Scheme to clear outstanding student debt, along with a further R8 billion over the medium term to enable current students to complete their studies.
Our overall expenditure on social assistance will increase from R129 billion this year
to R165 billion in 2018/19. The old age, disability and care dependency grants will rise by R80 to R1 500 in April 2016, and by a further R10 to R1 510 in October. The child support grant will rise by R20 to R350 in April and the foster care grant by R30 to R890.
Here the speech in a nutshell:
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