Taxes, levies, increases, and cuts; what does it all mean for you? We unpack the Budget Speech 2022 key takeout for iYouth yethu.
Received with some sighs of relief, the Minister of Finance Enoch Godongwana delivered his budget speech on Wednesday afternoon and gave Mzansi a few reasons to celebrate. Basically, you get to keep money in your pockets, support will be given towards small businesses and job creation efforts, and this is how ????
- No increase in fuel levy on petrol and diesel, which provides relief in the cost of transport, food, and other goods and services.
- R3.33 trillion has been allocated to support vulnerable and low-income households.
- An additional R32.6 billion will go towards financial support to current bursary holders and first-year students.
- Job creation programmes will be supported with an allocation of R76 billion.
- To support businesses in distress owing to the Covid-19 pandemic, a new business bounce-back scheme will be launched.
While this is not all, this does give a glimpse of light at the end of the tunnel and shows that South Africa’s government finances are turning the tide.
The Minister concluded his maiden budget speech by saying: “You won’t realise the distance you have walked until you look around and realize how far you have been. We have been on this journey for a long time. And we still have a long distance to walk before reaching our goal.”
As Student Village, we give first bumps to South Africa’s youth for your continued resilience and courage during these tough times. We support the efforts of the SA government, and our deep commitment to connecting brands with youth and youth with brands remains!