Proposals made in the 2016/17 Budget included the introduction of a sugar tax on sugar-sweetened drinks effective from 1 April 2017, a tyre levy from 1 October 2016 in order to finance recycling programmes as well as tax increases amounting to R18 billion in 2016/17 (and a further R15 billion a year in 2017/18 and 2018/19).
Speculation over the 2017 Budget includes predictions for a number of tax increases as well as an increase in the fuel levy by 50 cents per litre.
Indications for the tax increase for the 2017/18 fiscal year were evident in the tabling of the 2016 Medium Term Budget Policy Statement Speech in October last year:
“Measures are likely to be needed in next year’s Budget to raise tax revenue by about R28 billion a year, while avoiding measures that would inhibit investment,” said Gordhan.
MORE ON BUDGET 2017
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On Twitter, participate in the conversation by using the following hashtags: #Budget2017 and #sabcnews.
Visit the Budget 2017 special report online here.
Livestreaming
The Budget Speech will be livestreamed on the SABC News YouTube channel from 2pm on Wednesday, February 22.
Post Budget discussion
The post Budget breakfast discussion with Pravin Gordhan will be broadcast on Thursday, February 23 during Morning Live on SABC2.
The discussion will be livestreamed on the SABC News YouTube channel.
– By Tegan Bedser
