SA #Budget2018: A tax on the wealthy, and smartphones

PUBLISHED: Wed, 21 Feb 2018 15:41:12 GMT


(PRETORIA) South Africa’s Budget 2018 speech and review was an uplifting read unlike Finance Minister Malusi Gigaba’s 2017 Medium Term Budget Policy Statement (MTBPS), which led South Africa down a spiral characterised by slow economic growth, recession, ratings downgrades, and heightened concerns regarding the governance and sustainability of key state-owned companies.


Even Gigaba’s Budget lockup press conference on Wednesday was more upbeat than last year’s MTBPS’s. He had the confidence and swagger of man who believes he has averted further downgrades for South Africans. But for the wealthy and lovers of the finer things in life from smartphones to Gucci handbags – Budget 2018 makes for sombre reading.

If you’re wealthy or love the finer things in life this is how you’ll be impacted