Today finance minister, Nhlanhla Nene, announced the framework of the budget for 2015/16. This was made public in the National Assembly in Cape Town. The budget deficit for the following financial year, which will start at the beginning of March 2015, has been estimated at a total of R 162.2 billion. Despite this, 8% of the projected revenue will go towards sport, education and culture, 8.8% will be allocated towards health and social protection, 5% will go towards defense, public order and safety, and 13% has been allocated to government housing. Some of the changes that will take place include the following: alcohol prices will increase between 4.8% and 8.5%, cigarettes will increase by 82c per pack of 20 and petrol will increase by 80.5c per litre. On a more positive note, the VAT amount hasn't changed and tax brackets have been adjusted for inflation, with relief coming to lower income groups. Interestingly, electricity has been increased by 5.5c per kWh and the KZN province has received the biggest budget transfer during the new financial year - a total of R82.2 billion. To view the infographic as presented by News24, follow the link below: http://www.fin24.com/Budget/Multimedia/Budget-2015-20150225-2  

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