No Major Tax Hikes … Budget 2024

Finance Minister Enoch Godongwana did not announce any major tax increases.

Taxation:

• No major changes occurred, VAT and income taxes were not hiked.
• No increase in the fuel levy and Road Accident Fund Levy.
• There was the normal rise in taxes for certain types of alcohol and tobacco products.

The two-pot system for retirement funds to launch in September 2024 (click here to see article)

Government reduced it real GDP growth forecast for 2023 to 0.65%.

2024 growth estimates increased to 1.3% from 1%.