2018 Budget Speech Highlights

Share This Post

2018 Budget Speech Highlights

In this budget summary we give you a quick update on the main budget highlights made during today’s budget speech by Minister Gigaba:

  • VAT rate increase from 14% to 15% effective 1 April 2018
  • Estate Duty Rate increases from 20% to 25% on dutiable amount of estates above R30 million
  • Donations tax rate increases from 20% to 25% on donations of more than R30 million
  • Effective Personal income tax increases by not providing full relief for inflation
  • Increased Sin Taxes on Tobacco and Alcohol
  • General Fuel Levy increase by 22c per litre
  • Road Accident Fund Levey increase by 30c per litre

The budget once again focussed on additional taxes from the more well off members of our society with the expected increase in the VAT rate given the amounts of deficits to sourced by our government. Some important cuts in government spending will also be made with some large spending especially in the provision of fee-free higher education.

For the full budget speech the following useful links can be followed on the website of the national treasury:

Of course, as your trusted provider we will ensure to continually keep you compliant on these items and ensure that the VAT rate adjustment is made for you to continue working seamlessly from 1 April 2018 onwards.  If you have any queries on how this will affect You and Your business, please feel free to contact your accountant directly.

More To Explore

Accounting

How the 2025 South African Budget Affects SMEs: Key Takeaways for Business Owners

The 2025 South African Budget Speech introduced several key changes that impact small and medium-sized enterprises (SMEs). As an accounting firm, we understand the challenges of navigating tax adjustments, economic policies, and financial planning. This article breaks down the key takeaways from the budget and how they will affect your business. 1. Economic Outlook: A

Accounting

Budget Speech South Africa 2024 | Highlights & Download #Budget2024

The 2024 Budget Speech in South Africa has unveiled a series of fiscal measures and spending programs that aim to balance economic growth with fiscal responsibility. This year’s budget is particularly noteworthy given its proximity to the upcoming elections, a factor that seems to have influenced the government’s cautious approach to major tax changes. The

Do You Want To Boost Your Business?

drop us a line and keep in touch

Scroll to Top