ARTICLE · 01 MARCH 2024

2024 Tax Policy Proposals

Andersen in South Africa

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The 2024 Budget Review was tabled by Minister Godongwana on 21 February 2024.

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The 2024 Budget Review was tabled by Minister Godongwana on 21 February 2024.

The Minister forecast an increase of 7.6% in tax revenue from R1,73 trillion (for the fiscal year ending 31 March 2024) to R1, 863 trillion (for the fiscal year ending 31 March 2025).

The budget proposes net tax increases of R15 billion. Most of this increase will come from not effecting inflation related upward adjustments to personal income tax brackets, personal income tax rebates, and medical tax credits.

A smaller contribution will come from above inflation increases on excise duties on alcohol (between 6.7% and 7.2%) and tobacco products (between 4.7% and 8.2%).

No increases are proposed to the general fuel levy, road accident fund levy and customs excise levy on fuel (with 1 cent and 3 cent increases in the carbon fuel levy).

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