Budget 2024 - everything you need to know

Here are all the big stories and announcements to come out of South Africa's 2024 budget - including how much you will be taxed based on what you earn. Finance minister Enoch Godongwana has presented the 2024 national budget - these are the big takeaways. [BusinessTech logo]( [Top stories this week]( [◼ 2024 Budget in a nutshell – the biggest winners and losers]( Finance minister Enoch Godongwana has presented the 2024 national budget - these are the big takeaways. [◼ How much you will be taxed in South Africa in 2024 – based on what you earn]( Finance Minister Enoch Godongwana says Treasury will collect R15 billion in additional tax this year. [◼ Petrol price ‘relief’ for South Africa]( Finance Minister Enoch Godongwana has given some relief to cash-strapped consumers in South Africa. [◼ Tax hikes for lightbulbs, plastic bags, cigarettes and alcohol in South Africa]( National Treasury is hoping that a lot of smaller tax hikes will add up to a bigger revenue boost in South Africa. [◼ Goodbye rooftop solar tax breaks in South Africa]( The sun is setting on South Africa's rooftop solar tax break - with any keen households left with just over a week to get in. [◼ Retirement changes incoming – Godongwana]( The implementation of a two-pot retirement system is expected to raise a one-time estimated amount of R5 billion in tax revenue for 2024/25. [◼ South African tax revenue tanks]( The economic downturn in South Africa has led to a significant decline in tax revenue collection for 2023/24 that is R56.1 billion lower than estimated in the 2023 Budget. [◼ Godongwana grabs R150 billion from South Africa’s forex reserves]( Finance minister Enoch Godongwana has tapped into South Africa's R500 billion forex money pot to help with Treasury's budget woes. [◼ R1.4 billion allocated for NHI – as a sign of ‘commitment’]( Finance minister Enoch Godongwana has said that R1.4 billion of the health sector's budget allocation will go towards the NHI. [◼ ‘Basic Income Grant’ to stick around until 2027]( National Treasury is setting aside as much as R72 billion to keep the R350 SRD grant going for even longer. [◼ South Africa to introduce global minimum corporate tax]( Over the next few years, government plans to implement a global minimum corporate tax to limit the negative effects of tax competition. [◼ Municipalities look to Treasury for Eskom debt relief]( 72 municipalities across South Africa have applied for R56.7 billion worth of Eskom debt relief packages. [◼ Private sector to the rescue]( Transnet has not received another handout from government - and will instead have to rely on private businesses to get it out of its troubles. [Facebook]([Twitter]([LinkedIn]([YouTube]( [Manage your preferences or unsubscribe]( • [View PDF]( • [Pause Subscription]( • [View Online]( This email was sent to {EMAIL} on 21-02-2024 This is intended for opt-in communication only. If you feel this email is unsolicited please [report it]( to us Email Powered By Everlytic