ARTICLE · 04 MARCH 2024

Budget Speech 2024: South Africa Needs A Bigger Pie

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Enoch Godongwana, Minister of Finance delivered his budget speech on 21 February, and his opening remark reaffirmed what all South Africans are so acutely aware of – South Africa...

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Enoch Godongwana, Minister of Finance delivered his budget speech on 21 February, and his opening remark reaffirmed what all South Africans are so acutely aware of – South Africa must grow faster and create more job opportunities. This can be achieved by allowing for bulk investments in the private sector, and of course tax structures that are conducive to such bulk investments.

Personal income tax rates:

A key aspect of the budget speech was that personal income tax brackets and the primary, secondary and tertiary rebates will not increase in order to account for inflation.

However, this non-adjustment of the rates may render taxpayers, with salary increases in 2024/2025 subject to a tax bracket creep.

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