Budget Speech: Date for fiscal year 2024/25 confirmed

Finance Minister Enoch Godongwana will deliver the 2024/25 budget speech on 21 February.

Godongwana will deliver the speech in Cape Town.

BUDGET SPEECH DATE CONFIRMED

In the 2023 Budget Speech, Godongwana said the lack of a reliable electricity supply was the most significant economic constraint in his. He also announced the government would take over a substantial portion of Eskom’s debt.

Godongwana said in total, government will absorb R254 billion of Eskom’s debt, which consists of the power utility’s full debt settlement requirement (R184 billion) and a direct takeover of up to R70 billion of Eskom’s loan portfolio, The South African previously reported.

ALSO READ: Budget Speech 2023: Here’s how much social grants will INCREASE by

PREDICTIONS OF WHAT GODONGWANA MIGHT ANNOUNCE

Godongwana previously warned that the budget will need to propose tax measures to raise additional revenue of R15 billion in the 2024/25 financial year that starts in April.

• Law firm ENS Africa told Business Tech that it does not expect Godongwana to announce an increase in personal tax with the highest marginal tax rate for individual taxpayers remaining unchanged at 45%.
• In 2023, the Department of Social Development was allocated R66 billion over the medium term with R36 billion to fund the extension of the Covid-19 SRD grant until 1 March 2024. Meanwhile, during the State of the Nation Address (Sona), President Cyril Ramaphosa said the R350 SRD grant will be extended and improved. It is likely that the grant will increase.

• Social grants across the board will most definitely increase as per normal.
• Excise duties across the board are also expected to increase as smokers were hit hard by sin tax hikes in 2023.

ALSO READ: Ten-hour power outage in these parts of Gauteng and Mpumalanga

CLICK HERE TO READ MORE ARTICLES BY NOKWANDA NCWANE