Budget Highlights 2024/2025

02/21/2024
  • Personal income tax
    • No change to personal income tax brackets, rebates and medical tax credits.
  • Excise duties
    • Increase in excise duties of between 6.7% and 7.2% on alcohol products, and between 4.7% and 8.2% on tobacco products.
  • Fuel and RAF levies
    • No change to the general fuel levy and road accident levy.
  • Climate and environment
    • Introduction of an electrical and hydrogen-powered vehicle tax incentive, enabling manufacturers to deduct 150% of qualifying investment spending, to be introduced from 1 March 2026.
    • Plastic bag levy to increase from 28 cents to 32 cents per bag from 1 April 2024.
  • Learnership tax incentive
    • To be extended by three years to 31 March 2027.
  • Retirement funds
    • Two-pot retirement reform, which enables pre-retirement access to a portion of one’s retirement assets, to be implemented on 1 September 2024.
  • Global minimum corporate tax
    • Multinational corporations to be subject to an effective minimum tax rate of 15%, regardless of where profits are located, from 1 January 2024.