The 2024 Budget Speech: A Snapshot

Finance Minister, Enoch Godongwana, presented a ‘limp’ budget today in respect of the forthcoming 2024/25 tax year, seeking to maintain government expenditure, notwithstanding revenue collection shortfalls. Amidst a decline in the mining tax revenue windfalls experienced over the last two years, the Minister has sought to collect the default from the already strained individual taxpayer, as well as dipping into the Gold and Foreign Exchange Contingency Reserve Account (“GFECRA”).

Darren Britz

Partner & Head of Tax Legal

Richan Schwellnus

Tax Attorney