South Africa's Finance Minister Enoch Godongwana delivered the highly anticipated 2024 Budget Speech on 21 February 2023, detailing the government's strategies for managing the country's finances in the upcoming fiscal year.
Some key points of the speech:
- No adjustments to the personal income tax brackets and medical tax credits.
- VAT remains at 15%.
- Contributions to retirement funds will be split, with one-third going into a 'savings component' and two-thirds going into a 'retirement component'. From 1 September 2024, the first cash withdrawals could be made from the savings pot.
Resources:
To find out more about how the budget will affect you, simply download our infographic.: Budget Speech 2024-2025 Infographic.pdf
Sharon: AME Country Lead