Update on the fuel price increase
There was uncertainty as to what the Treasury would do regarding the extension of the R1,50 fuel levy tax relief. If this was not granted we could have faced increases up to almost R4 per litre.
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There was uncertainty as to what the Treasury would do regarding the extension of the R1,50 fuel levy tax relief. If this was not granted we could have faced increases up to almost R4 per litre.
Read more
A quick update on the fuel price increase.
Petrol is increasing by R 2,33 to R 23,52 and diesel is increasing by R1,10. For most of us this is a big relief.
There was uncertainty as to what the Treasury would do regarding the extension of the R1,50 fuel levy tax relief. If this was not granted we could have faced increases up to almost R4 per litre.
Around R6 billion of the state's strategic oil reserves were sold to fund the levy cut. But the sale will not entirely fund the extension.
Yesterday morning, economist, Dawie Roodt, shared some good insights on RSG radio as to who contributes to the government’s fiscus (basket/“Mandjie”)
Roughly speaking:-
40% - individual tax, by far the majority of tax is collected this way.
30% - VAT – value added tax on all goods and services.
20% - company tax
8% - fuel tax
2% - all the other taxes make up the balance.