VAT eff nhlanhla nene state capture inquiry

The Budget speech is done and dusted, here’s what 2015 is going to cost you

Ciggies, whiskey, wine and most importantly petrol is going back up folks. Oh and even though there’s not enough to go around, you’ll be paying more for electricity too.

VAT eff nhlanhla nene state capture inquiry

So, despite the proposed tax hikes mentioned by finance minister Nhlanhla Nene, there’s some more bad news to be had.

In his first speech as our new minister of moolah, Nene threw a few curve-balls at consumers – by consumers we mean luxury goods consumers – on both a goods and services level.

The most surprising proposed increase is for the scarcest of South African commodities, electricity. An emergency tax increase of 2 cents per kilowatt will be added on – only until we the people have rescued Eskom of course –, bringing the total current cost to 5.5 cents per kilowatt hour.

Now, while the drop in oil prices globally has benefitted us in terms of petrol prices, the finance ministry will be pushing up out fuel with about 30.5 cents, pushing it back up to more than R10 a litre. Ai tog.

So much bad news for the wallet, and it’s only getting worse. Don’t for one moment think you’ll be drowning your sorrows with booze and ciggies… those are on the iup as well.

Have a look at some of the sin tax increases.

• A quart of beer will cost you 15.5 cents more
• Vinos will increase by 15 cents
• A bottle of bubbly goes up by 48 cents
• A bottle of whisky climbs by R3.77, and
• A pack of 20 entjies will cost an additional 82 cents

There it is… drink up folks, the increases start in April.