South Africa

Consumers of alcoholic beverages and tobacco products will from 1 April 2023 have to dig deeper into their products to indulge in their favourite brands.

The 2023/24 tax brackets will be adjusted in line with the expected inflation rate of 4.9%, says Finance Minister Enoch Godongwana.

Finance Minister Enoch Godongwana has announced that social grants will increase by at least 5% in the next financial year.

Government is expected to spend at least R1.4 trillion over the next three years on higher and basic education and the sports, arts and culture function.

For the second successive year, government will not increase the general fuel and the Road Accident Fund (RAF) levies, in a bid to reduce pressure on households and businesses.

Government has introduced a R9 billion tax relief programme to support South Africa’s clean energy transition, increase electricity supply and limit the impact of consistently high fuel prices.

Tax revenue for 2022/23 is expected to reach R1.69 trillion, says Finance Minister Enoch Godongwana.

Government has made progress in fast-tracking reforms in the priority areas of electricity, water, telecommunications, transport and immigration, says Finance Minister Enoch Godongwana.

Government’s gross debt stock is projected to increase from R4.73 trillion in 2022/23 to R5.84 trillion in 2025/26, says Finance Minister Enoch Godongwana.

While South Africa’s economy grew by an estimated 2.5% in 2022, the growth outlook has deteriorated to a predicted 1.4% growth over the next three years.