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South Africa: National Budget 2024 – Tax Highlights

21 February 2024
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Overview

  • On 21 February 2024), South African Finance Minister Enoch Godongwana delivered his Budget Speech.
  • The Budget aims to alleviate immediate economic pressure and promote quicker debt stabilisation.

On 21 February 2024, South African Finance Minister Enoch Godongwana delivered his Budget Speech.

The Minister remains committed to the goal of raising an additional ZAR 15 billion in taxes that he announced in the medium-term budget policy statement.

The country’s increasing budget deficit has made this goal even more pressing amid the continued lower revenue performance and higher than projected debt-service costs.

The Budget aims to alleviate immediate economic pressure and promote quicker debt stabilisation.

Click here for our Budget Brief outlining the tax highlights of the Budget. Click here for a visual providing highlights of the proposed tax changes.