Budget 2024: Smokers and drinkers face inevitable sin tax hikes
Tabling the 2024 budget on Wednesday, Finance Minister Enoch Godongwana announced an increase in excise duties for alcohol of up to 7.2% while tobacco products will increase by up to 8.2%.
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JOHANNESBURG - Despite the tough economic times, smokers and drinkers won’t escape the annual increases for their favourite vices.
In fact, Finance Minister Enoch Godongwana is slapping whiskey, gin and vodka lovers particularly hard in efforts to meet the R15 billion revenue shortfall.
Tabling the 2024 budget on Wednesday, he announced an increase in excise duties for alcohol of up to 7.2% while tobacco products will increase by up to 8.2%.
Excise duties have increased by more than inflation in recent years.
But Treasury is not relenting.
Beer and ciders go up by 14 cents for a 340ml can.
A bottle of wine will cost 28 cents more, while sparkling wine goes up 89 cents.
Spirits will go up by a whopping R5.53 per bottle, compared to last year’s R3.30 increase.
A packet of 20 cigarettes will cost you 97 cents more.
Even those who’ve quit the smokes for vaping will not escape Godongwana’s wrath as he looks to appease parents concerned about the increase in youth smoking.
“You will be happy to hear then, that we are tabling an increase of the excise duty on electronic nicotine and non-nicotine delivery systems, known as vapes to R3.04 per millilitre.”
Heated tobacco product sticks will cost you 73 cents more for a packet of 20.