Finance Minister Enoch Godongwana on Wednesday presented the 2024 budget speech at the Cape Town City Hall. The Speech comes amid a lackluster economy ahead of national elections.

ALSO READ: President Ramaphosa announces 2024 Election date

Minister Godongwanadid did not announce any major tax increases in his Budget. There was also no VAT hike, no clear wealth tax, and no increases in the fuel levy and Road Accident Fund levy for the third year in a row.

FULL 2024 BUDGET SPEECH DELIVERED BY MINISTER  ENOCH GODONGWANA 

Minister Enoch Godongwana delivers 2024 Budget Speech
Minister Enoch Godongwana greets President Cyril Ramaphosa before the Budget Speech

LEVERAGING PROCUREMENT FOR TRANSFORMATION 

For alcohol products excise duties, above-inflation increases of between 6.7 and 7.2 percent for 2024/25 are proposed. This means:

1. A can of beer increases by 14 cents;

2. A can of a cider and alcoholic fruit beverage goes up by 14 cents;

3. A bottle of wine will cost an extra 28 cents;

4. A bottle of fortified wine will cost an extra 47 cents;

5. A bottle of sparkling wine will cost an extra 89 cents; and

6. A bottle of spirits, including whisky, gin or vodka, increases by R5.53.

We also propose to increase tobacco excise duties by 4.7 per cent for cigarettes and cigarette tobacco, and by 8.2 per cent for pipe tobacco and cigars. This translates to:

1. R9.51 cents increase for cigars;

2. 97 cents increase to a pack of cigarettes; and

3. An extra 57 cents for a pipe of tobacco.

SOCIAL GRANTS HAVE INCREASED 

To keep pace with inflation and increase access, permanent social grants are increased.

An increase of R100 to the old age, war veterans, disability and care dependency grants. This amount will be divided into R90 effective from April, and R10 effective October;

A R50 increase to the foster care grant; and

A R20 increase to the child support grant.

FULL LINK OF THE SPEECH: https://www.gov.za/news/speeches/minister-enoch-godongwana-2024-budget-speech-21-feb-2024