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2024 Budget Speech Reactions: African Bank

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Noluthando Mthonti-Mlambo speaks to the Group CFO at African Bank who gives reaction to Minister Godongwana's Budget speech. The minister said that the budget proposes tax increases totalling R15 billion for the 2024/25 fiscal year to alleviate “immediate pressures” on the budget. As part of this, there are no Inflation adjustments to the personal income tax tables and medical tax credits are provided for the year. This means that medical tax rebates will be the same as 2023 at R364 for members, R364 for the first dependent and R246 for every subsequent dependent.

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