Budget 2024: Your Tax Tables and Tax Calculator
Budget 2024: Personal Tax Hike, 'Sin' Tax Increase, and Global Corporate Tax Proposal Unveiled by SARS
Budget 2024 effectively brought an increase in personal income tax by not adjusting the tables for tax rates, rebates and medical tax credits, while also implementing substantial increases in ‘sin’ taxes and introducing a proposed global tax on multinational companies. This selection of official SARS Tax Tables and other useful resources will help clarify your tax position for the new tax year. Then follow the link to Fin 24’s Budget Calculator (just follow the four-step process) to perform your own calculation.
INDIVIDUAL TAXPAYERS - TAX TABLES UNCHANGED
INDIVIDUAL & SPECIAL TRUST TAXES – 2025 | |
Taxable Income (R) | Rate of Tax (R) |
1 – 237 100 | 18% of taxable income |
237 101 – 370 500 | 42 678 + 26% of taxable income above 237 100 |
370 501 – 512 800 | 77 362 + 31% of taxable income above 370 500 |
512 801 – 673 000 | 121 475 + 36% of taxable income above 512 800 |
673 001 – 857 900 | 179 147 + 39% of taxable income above 673 000 |
857 901 – 1 817 000 | 251 258 + 41% of taxable income above 857 900 |
1 817 001 and above | 644 489 + 45% of taxable income above 1 817 000 |
Source: SARS
INDIVIDUAL TAX REBATES – 2025 | |
Type | 2025 |
Primary | R17 235 |
Secondary (65 and older) | R9 444 |
Tertiary (75 and older) | R3 145 |
Source: SARS
INDIVIDUAL TAX THRESHOLDS – 2025 | |
Age | 2025 |
Under 65 | R95 750 |
65 and older | R148 217 |
75 and older | R165 689 |
Source: SARS
BUSINESSES - CORPORATE TAX RATES - EXTENDED
CORPORATE TAXES | ||
Type | Taxable Income (R) / Taxable Turnover (R)*/ | Rate of Tax (R) |
Companies – Income Tax | All | 27% of taxable income |
Small Business Corporations – Income Tax | 1 – 95 750 | 0% of taxable income |
Small Business Corporations – Income Tax | 95 751 – 365 000 | 7% of taxable income above 95 750 |
Small Business Corporations – Income Tax | 365 001 – 550 000 | 18 848 + 21% of taxable income above 365 000 |
Small Business Corporations – Income Tax | 550 001 and above | 57 698 + 27% of the amount above 550 000 |
Micro Businesses – Turnover Tax | 1 – 335 000* | 0% of taxable turnover |
Micro Businesses – Turnover Tax | 335 001 – 500 000* | 1% of taxable turnover above 335 000 |
Micro Businesses – Turnover Tax | 500 001 – 750 000* | 1 650 + 2% of taxable turnover above 500 000 |
Micro Businesses – Turnover Tax | 750 001 and above* | 6 650 + 3% of taxable turnover above 750 000 |
* New Multinational Corporations – Global Minimum Corporate Tax | Annual revenue exceeding €750 million | Minimum 15% |
Sources: SARS’ Budget Tax Guide 2024; Budget Speech 2024
sin taxes increased
EXCISE DUTIES | ||
Excise duties on | 2024 Increases | 2023 Increases |
Malt beer | 14c per 340ml can | 10c per 340ml can |
Unfortified wine | 28c per 750ml bottle | 18c per 750ml bottle |
Fortified wine | 47c per 750ml bottle | 31c per 750ml bottle |
Sparkling wine | 89c per 750ml bottle | 9c per 750ml bottle |
Ciders and alcoholic fruit beverages | 14c per 340ml can | 10c per 340ml can |
Spirits | R5.53 per 750ml bottle | R3.90 per 750ml bottle |
Cigarettes | 97c per packet of 20 | 98c per packet of 20 |
Nicotine, non-nicotine solution for electronic delivery systems | 14c per ml | – |
Cigarette tobacco | R1.09 per 50g | R1.10 per 50g |
Pipe tobacco | 57c per 25g | 33c per 25g |
Cigars | R9.51 per 23g | R5.47 per 23g |
Sources: Budget 2024 People’s Guide
HOW MUCH WILL YOU BE PAYING IN INCOME, PETROL AND SIN TAXES?
Use Fin 24’s four-step Budget Calculator here to find out the monthly and annual impact on your income tax, as well as what you will pay in future in terms of fuel and sin taxes, bearing in mind that the best way to fully understand the impact of the announcements in Budget 2024 on your own and your business affairs is to reach out to us for professional advice.
