Finance Minister Tito Mboweni’s first Budget Speech in Parliament summed up how government plans to put South Africa on a bold new path.
Below are some interesting figures that emerged during the speech.
Social grant increases
- R80 – Increase for old age, disability, war veterans and care dependency grants.
- R40 – Increase for the foster care grant.
Programme of action
- R5.87 trillion – Proposed for total non-interest spending over the next three years.
- R1.2 trillion – For learning and culture.
- R717 billion – For health services, including the National Health Insurance.
- R900 billion – For social development.
- R19.8 billion – For industrial business incentives.
- R481.6 million – For the Small Enterprise Development Agency to expand the small business incubation programme.
- R1.8 billion – For the implementation of 262 priority land-reform projects.
- R3.7 billion - To assist emerging farmers seeking to acquire land to farm.
- R30 billion - To build new schools and maintain infrastructure.
- R2.8 billion – To replace pit toilets.
- R111.2 billion – For students to obtain qualifications.
- R567 billion - For social grant payments.
- R1.3 trillion – Projected tax revenue in 2018/19.
- R1.5 trillion – Projected spending in 2018/19.
- R215 billion – Budget deficit in 2018/19.
Excise duties on alcohol and tobacco
An excise duty is tax levied on goods during the manufacturing stage, rather than at sale.
- R1.74 - Excise duty on a can of beer went up by 12 cents.
- R3.15 - Excise duty on a 750ml bottle of wine went up by 22 cents.
- R10.16 - Excise duty on a 750ml bottle of sparkling wine went up by 84 cents.
- R65.84 – Excise duty on a bottle of whiskey went up by R4.54.
- R16.66 – Excise duty on a pack of 20 cigarettes went up by R1.14.
- 29 cents – Increase, per litre, of petrol.
- 30 cents – Increase, per litre, of diesel.
Division of revenue
- 47.9 percent - Nationally-raised funds allocated to national government.
- 43 percent – Nationally-raised funds allocated to provinces.
- 9.1 percent – Nationally-raised funds allocated to local government.
- R23 billion – The amount being set aside, per year, to financially support Eskom during its reconfiguration.
- R50 billion – The additional amount used by Eskom of its R350 billion guarantee in 2018/19.
- R1 billion – A further guarantee granted to Denel.
- R6.2 billion – The amount by which South African Airways’ guaranteed debt increased.