{"id":753809,"date":"2024-02-21T14:27:26","date_gmt":"2024-02-21T12:27:26","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=753809"},"modified":"2024-02-21T14:27:34","modified_gmt":"2024-02-21T12:27:34","slug":"how-much-you-will-be-taxed-in-south-africa-in-2024-based-on-what-you-earn","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/budget-speech\/753809\/how-much-you-will-be-taxed-in-south-africa-in-2024-based-on-what-you-earn\/","title":{"rendered":"How much you will be taxed in South Africa in 2024 \u2013 based on what you earn"},"content":{"rendered":"\n

Finance minister Enoch Godongwana has outlined the new tax brackets for personal income taxpayers in his Budget speech 2024 on Wednesday (21 February).<\/p>\n\n\n\n

The minister said that the budget proposes tax increases totalling R15 billion for the 2024\/25 fiscal year to alleviate “immediate pressures” on the budget.<\/p>\n\n\n\n

As part of this, there are no Inflation adjustments to the personal income tax tables and medical tax credits <\/strong>are provided for the year.<\/p>\n\n\n\n

This means that medical tax rebates will be the same as 2023 at R364 for members, R364 for the first dependent and R246 for every subsequent dependent.<\/p>\n\n\n\n

With tax brackets not being adjusted for inflation, South Africans who got a salary increase this year will end up paying more tax, or even being pushed into a higher tax bracket.<\/p>\n\n\n\n

The table below shows the personal income tax rates for 2024\/25, as well as the rebates and thresholds.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

In addition to no adjustments for the tax brackets, the Treasury will be hiking other taxes to make up the additional revenue.<\/p>\n\n\n\n

This includes hiking excise duties on alcohol, which will increase between 6.7% and 7.2%, while duties on tobacco products will increase between 4.7% and 8.2%.<\/p>\n\n\n\n

Godongwana also announced that South Africa will implement a global minimum corporate tax effective 1 September 2024, which will see multinationals that earn more than EUR750 million a year pay an effective tax rate of at least 15%, regardless of where its profits are located.<\/p>\n\n\n\n

This should add R8 billion to tax revenues, it said.<\/p>\n\n\n\n

\n\n\n\n

Read: Warning over worldwide \u2018digital tax\u2019 \u2013 that could impact everything from Netflix to Zoom calls<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Finance Minister Enoch Godongwana says Treasury will collect R15 billion in additional tax this year.<\/p>\n","protected":false},"author":10,"featured_media":702685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13716],"tags":[26],"class_list":["post-753809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-speech","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/753809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=753809"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/753809\/revisions"}],"predecessor-version":[{"id":753851,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/753809\/revisions\/753851"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/702685"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=753809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=753809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=753809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}