22/02/2024
Budget 2024 – all you need to know!
21 February 2024
Finance Minister, Enoch Godongwana, delivered the South African National Budget Speech for the 2024/2025 tax year on Wednesday, 21 February 2024.
This year's much anticipated annual Budget Speech was a mixed bag and as expected, South Africans will need to continue tightening their belts in this tax year.
Below are some highlights:
• VAT remains unchanged at 15%.
• The corporate tax rate remains unchanged at 27%.
• No adjustments to the personal income tax tables and medical tax credits.
• The general fuel levy and the road accident fund levy will not be increased this year, resulting in tax relief of around R4 billion.
• Excise duties on alcohol will increase between 6.7 and 7.2 per cent, while duties on to***co products will increase between 4.7 and 8.2 per cent.
• Education sector is allocated an additional R25.7 billion.
• Health sector is allocated a total of R848 billion.
• The two-pot retirement proposal remains in place with the first withdrawals allowed from September 2024.
We’re here to assist in making any legislative changes as seamless as possible and have created various resources to simplify how these changes will affect your company.
