As part of his 2018 budget, former finance minister Malusi Gigaba announced a 52 cents per liter increase in the General Fuel and Road Accident Fund levy. The General Fuel Levy will increase by 22 cents from R3.15 to R3.37 (7% increase), and the RAF Levy will increase by 30 cents from R1.63 to R1.93 (18% increase). According to the Automobile…
Johannesburg – South African motorists are set to enjoy some fuel price relief in March, but unless oil prices continue to fall that relief will be short-lived. As Finance Minister Malusi Gigaba announced during his budget speech last week, the fuel levy will increase by 52 cents a liter, but this will only take effect…
Automobile Association The 52 cents a litre increase in the General Fuel and Road Accident Fund levies announced by finance minister Malusi Gigaba in Wednesday’s Budget Speech is cause for great concern, notes the Automobile Association (AA). The increases amount to a total increase of 11% on the current levies from R4.78 to R5.30. The increases…
Johannesburg – Motorists will be hit hard by the 2018/2019 budget proposals announced by Minister of Finance Malusi Gigaba on Wednesday, tax will affect not only fuel prices but also the cost of new vehicles. VAT – TAX New vehicle buyers will be assaulted on three fronts: VAT, ad valorem duties, and CO2 tax. The…
South Africa is falling further Johannesburg: South Africa is falling further behind the world in fuel quality, and it’s hitting SA motorists where it hurts most: their pockets and their health. July 2017 was the planned introduction date for a Clean Fuels policy which would have resulted in you breathing cleaner air and paying less…
Analysts are unanimous in predicting that a hike in value-added tax (VAT), particularly on luxury goods, will be announced in the Budget this week. In his Medium-term Budget Policy Statement in October 2017, Finance Minister Malusi Gigaba said the government was facing a revenue shortfall of more than R50.8 billion. Sandy McGregor, a manager of the…
Fuel Price Data Fuel prices are likely to drop again at the end of February. This is according to the unaudited mid-month fuel price data released by the Central Energy Fund. International oil prices have been declining steeply since the start of February, and this factor has accounted for approximately half of the petrol price…
Hefty Hike in Fuel Levy With regards to a Hefty Hike in Fuel Levy, the Automobile Association (AA) has urged the government to be cautious in determining future hikes of several taxes including the fuel levy, and their impact on low-income families in the country. Finance minister Malusi Gigaba is set to deliver his Budget…
Falling Petrol Price Falling Petrol Price – The decision by the South African Reserve Bank on Thursday to keep the repo rate steady at 6.75% as well as the expected decrease in the price of petrol and diesel will give deeply indebted consumers a welcome break after the body-blows of last year’s string of downgrades and…
Carbon Tax In December, the National Treasury released a revised Carbon Tax Bill for public comment, giving the first indication of how the proposed tax could affect everyday South Africans. First published in 2010, there was relative quiet surrounding the tax until it was mentioned in the 2017 budget speech documents. The revised bill introduces a number of key…
