Understanding the National Budget – fact sheet
In the light of a stagnant economy, growing debt and a further wave of job losses, we as civil society are taking up President Cyril Ramaphosa’s SONA call to engage his government in critical policy issues. The national budget is one of the most important of these. Many informed commentators are predicting that the finance minister will increase Value Added Tax(VAT) in his budget speech today. An increase in VAT will mean less value for your buck; those with the least money will suffer the most. An increase in VAT will mean the unemployed will have to pay even more for their basic essentials. It is an attack on the poor that South Africa cannot afford. If an increase in VAT is a symbol of what the future holds under Ramaphosa it will mean harder times for South Africa’s poor. This is one element of an austerity budget.
See the short fact sheet to learn more about the budget and austerity. You can download it here.