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| | Finance Minister Enoch Godongwana’s 2024 Budget Speech presents a mixed bag for taxpayers and businesses alike. While there are no major new taxes nor direct increases in personal income tax rates, the absence of adjustments for inflation means taxpayers won’t receive any “bracket creep” relief either. This move places a heavier burden on taxpayers amidst rising costs of living. Furthermore, medical tax credits remain unchanged, adding to the financial strain on individuals and families. Sin taxes, including those on alcohol and tobacco products, have been raised at or above inflation levels. The discontinuation of solar tax incentives for households may slow the adoption of renewable energy, while the increase in levies on plastic bags and incandescent light bulbs aims to promote environmental sustainability but may impact consumer spending. The proposed introduction over the next few years of a 15% global minimum corporate tax on multinationals aims to limit the negative effects of tax competition. Overall, the 2024 Budget Speech sets the stage for tough economic decisions. As taxpayers and businesses navigate these changes, prudent financial planning and strategic investments will be essential for weathering the economic landscape ahead. | | |
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Budget Speech 2024 | How it affects you and your business
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