Fuel levy, sin tax likely targets in budget speech

Zinathi Gquma breaks down the upcoming Budget Speech on The Money Minute. 

Listen below.

As Finance Minister Enoch Godongwana prepares to deliver his 2024 budget speech on Wednesday (21 February), Gquma outlines key points:

• Despite economic growth estimated at 1% this year, the country’s fiscal situation remains uncertain.
• Personal income tax is expected to remain the same.
• With a R56.8 billion revenue shortfall forecasted (highlighted in the medium-term budget), there will be limited flexibility to provide additional tax relief.
• To bridge the revenue bracket, the fuel levy and sin tax are likely targets for increases. 

“So, I think just make lent permanent…”

Zinathi Gquma, The Money Minute