Minister of Finance, Mr Gigaba, delivered the National Treasury’s budget for 2018/2019 this afternoon. The following amendments stand out:
- VAT increases from 14% to 15% on 1 April 2018.
- Estate duty increases from 20% to 25% on dutiable portion of estates of more than R 30 million.
- Donations Tax increases from 20% to 25% on amounts donated in excess of R30 million.
- The fuel levy increases with 52c per litre.
- The transfer duty threshold remains at R900 000.
- Increase in the ad-valorem excise duty rate on luxury goods (motor vehicles, electronics etc.) from 7 % to 9%