ARTICLE · 20 NOVEMBER 2024

ENS Tax In Brief - Issue 134

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Below, please find issue 134 of ENS' Tax in brief, a snapshot of the latest tax developments in South Africa.

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Below, please find issue 134 of ENS' Tax in brief, a snapshot of the latest tax developments in South Africa.

medium-term budget

Medium Term Budget Policy Statement, 2024 ("MTBPS")
- The in-year revenue outlook is weaker than expected as a result of declining fuel levy and import value-added tax collections. Compared with the 2024 Budget, the gross tax revenue estimate for 2024/25 is revised down by R22.3 billion.
- The medium-term revenue outlook is projected to increase to R2.3 million, or 24.8% of GDP by 2027/28. Compared with the estimates set out in the 2024 Budget Review, which reflected a high level of energy imports, gross tax revenue collection is projected to fall short by R41.4 billion in 2025/26 and 2026/27.

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