Finance Minister Godongwana’s juggle to sidestep tax hikes in an election year — and balance the government books

Finance Minister Godongwana’s juggle to sidestep tax hikes in an election year — and balance the government books

The Sarb holds these funds, currently just more than R500-billion, for the National Treasury. The last time the government accessed these was in 2003 when R28-billion was deposited, according to the Budget Review. That all sounds technical, but is important because of the economic tough times, which meant South Africa’s economy only grew 0.6% in 2023 — and is expected to grow 1.3% for 2024. This comes in the wake of increased joblessness, or 41.1% on the expanded definition that includes those too discouraged to even try to find work.No State-owned Entity is getting a bailout.

A further R8-billion is expected to be raised from the global minimum tax rules linked to the Organization for Economic Cooperation and Development . Effectively, it’s a top-up tax to ensure multinationals pay 15%.Amid sharp criticism from within the governing ANC alliance partners — labour federation Cosatu and the South African Communist Party — over the persistent macro-economic focus, rather than a socio-economic spending focus, the 2024 Budget drives home that 60.

Government’s infrastructure focus — R943-billion over the next three years — is supported by a new implementation support agency linked to the Development Bank of Southern Africa.Rotational power cuts are cited by National Treasury as the leading cause of drooping economic growth; no new support measures are announced in the 2024 Budget. While business relief continues for another year, 31 March 2024 ends the household rooftop solar incentives.

On the job front, R7.4-billion goes to the presidential employment stimulus that’s placed 1.7 milllion people in various work opportunities, including classroom assistants. Another R650-million is allocated to the Cities Public Employment Programme.

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