National Budget 2024 Highlights

The Minister of Finance, Mr Enoch Godongwana, delivered the 2024 National Budget speech yesterday, Wednesday, 21st February 2024.

• The budget deficit for 2023/2024 is estimated to worsen from 4% to 4.9% of GDP.
• Tax revenue for 2023/2024 is R1.73 trillion - R56.1 billion lower than estimated in the 2023 budget.
• Debt service costs reach R356 billion, which is greater than the respective budgets of social protection, health or peace and security.
• Government is to draw R150 billion from the Gold and Foreign Exchange Revenue Account.
• Increased excise duties on alcohol and tobacco products, together with the effect of no inflationary adjustment to tax brackets and rebates, are expected to raise a net R15 billion.
• There are no hikes in fuel levy, RAF levy or personal income tax rates, but also no inflation relief on personal income tax, nor for medical tax credits.

Useful Links:

• Watch a replay of the national budget speech on YouTube
• Full Budget 2024 Tax guide (PDF)
• National Budget 2024 Peoples Guide (PDF)

Our Integrated Wealthcare approach is based on your personal priorities and aspirations. This process is designed to give you a clear course of action for pursuing your goals that span various time horizons and life stages to empower you to do extraordinary things with your wealth, both now and in the future.

I look forward to talking with you again soon.

Yours in health,

Shane Thom, CFP^® GTP(SA)™
Managing Partner // Key Individual // Integrated Wealthcare Advisor // Personal Portfolio Manager (PPM)

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