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South AfricaRepublic of South Africa · Consolidated Budget

Government Budget
Fiscal Year 2024/25

Source: SARS, National Treasury
Net Tax Revenue
R1.86T
25.1% of GDP (SARS actual)
Budget Deficit
R370B
~5.0% of GDP
Consolidated Expenditure
R2.37T
32.0% of GDP
Public Debt
~76%
Heading toward 76% GDP · R5.2T gross
Budget breakdown

Revenue by Source

Max = R733B (PIT) · Total R1.86T
Direct Taxes
Personal Income Tax (PIT)45% top rate; boosted by Two-Pot pension withdrawals
R733B9.9% GDP
Corporate Income Tax27% rate; finance strong, mining weak
R323B4.4% GDP
VAT
VAT (Net, 15%)Domestic + Import VAT less refunds
R458B6.2% GDP
Fuel & Trade
Fuel LevyR3.77/L + RAF R2.18/L; fell 6.3% (loadshedding end)
R86B1.2% GDP
Customs (SACU share)47.5% of SACU pool
R76B1% GDP
Other
Excise & OtherAlcohol, tobacco, STT, royalties, dividends tax
R180B2.4% GDP
BorrowingsDomestic bonds + foreign loans + NRF
~R370B~5.0% GDP
Total Resources Available
~R2.37T
Note: Revenue from SARS FY2024/25 actuals. PIT is the largest source at 39.5% of tax. Fewer than 7M individual taxpayers file returns.

Expenditure by Function

Max = R465B (Education) · Total ~R2.37T
Social Spending
EducationBasic + higher + TVET; largest function
R465B6.3% GDP
Social Protection28M grant beneficiaries
R297B4% GDP
HealthNHI Act signed 2024
R261B3.5% GDP
Community DevelopmentHousing, water, sanitation
R241B3.3% GDP
Debt Service
Debt-Service CostsR389.6B — 22c of every revenue rand
R390B5.3% GDP
Security
Peace & SecuritySAPS + SANDF + Correctional
R250B3.4% GDP
Other
Economic DevelopmentTransport, energy, agriculture
R176B2.4% GDP
General GovernmentExecutive, Parliament, SARS
R67B0.9% GDP
Other & ContingencyReserves, wage agreements
R224B3% GDP
Total Consolidated Expenditure
~R2.37T
Note: Consolidated budget includes national, provincial, and social security funds. Provincial governments execute ~57% of total spending.
Context & explanations
🎓

Education: R465B — Largest Function

20% of all spending. Teacher salaries consume 76 cents of every provincial education rand.

Education: 20% of spend
💸

Debt Service: R389.6B

22 cents of every revenue rand. More than health, police, and basic education. Gross debt heading toward 76% GDP.

22c per revenue rand
🤲

Social Grants: 28M Beneficiaries

Nearly half the population. Child Support R530/mo, Old Age R2,180/mo, SRD R350/mo to ~8M unemployed.

28M beneficiaries
📈

PIT Dominates Revenue

R733B (39.5% of tax). Only 1.2% of individuals earn >R1.5M yet contribute 30% of PIT.

PIT: 39.5% of revenue
⚡

Fuel Levy Shock

Fell 6.3% as loadshedding ended. Less diesel generator use = less fuel levy revenue.

Fuel levy: −R15.2B
🏥

Health: R260.7B — NHI Coming

NHI Act signed 2024. Full implementation would need ~R200B additional annually.

NHI signed 2024

Primary sources: SARS 18th Tax Statistics; National Treasury 2024 Budget Review; FM Godongwana 2025 Budget Speech.

Methodology: FY2024/25 = Apr 2024–Mar 2025. Revenue from SARS actuals. Expenditure from 2024 Budget. GDP: ~R7.4T. Avg R18.3/$.