SARS Tax Rates 2024: Are Tax Rates Increasing?

Updated on January 20, 2024

SARS Tax Rates 2024: What are the SARS Tax Rates, Will There Be An Increase in 2024?

In South Africa, individuals are required to pay a certain sum of their income as a tax to the Government. The taxpayers have their taxation according to their income earned during the year.

SARS Tax Rates 2024

When it comes to paying taxes in South Africa, individuals need to make their payment to the South Africa Revenue Service (SARS). SARS is responsible for collecting taxes and ensuring compliance with tax laws. They provide various services and set different tax rates for each financial year.

SARS Tax Rates 2024: Are Tax Rates Increasing?

What is the Tax Rate?

The tax rate refers to a certain percentage of an individual’s income that they have to pay to the government as their income tax. The tax rates are charged based on the annual sum of an individual’s income, with higher income earners being charged a higher percentage of tax.

What are the SARS Tax Rates?

The SARS tax rates for the 2024-24 financial year are as follows:

Taxable IncomeTax Rate
R1 to R 237,10018%
R 237,101 to R 370,50026% with R42,678 additional tax
R 370,501 to R 512,80031% with R77,362 additional tax
R 512,801 to R 673,00036% with R121,475 additional tax
R 673,001 to R 857,90039% with R179,147 additional tax
R 857,901 to R 1,817,00041% with R251,258 additional tax
R 1,817,001 and above45% with R644,489 additional tax

The tax rates are determined based on an individual’s income. Those with higher incomes will have to pay a higher percentage of their income as tax. The tax rates increase progressively as the taxable income increases.

Will There Be An Increase in 2024?

Every year, the government sets new tax rates for taxpayers. In 2024, there will likely be changes in the taxation rates as determined by factors such as economic growth, population, SASSA grants, and public servant wages.

The South Africa Revenue Service plans out the new tax rates taking into account inflation and the country’s social and economic growth. These taxes collected from the taxpayers contribute to the nation’s social and economic development, enabling the government to provide benefits to eligible beneficiaries.

The exact tax rates for 2024 will be announced by the government before March 31st, and taxpayers will be informed of the changes based on the country’s socio-economic conditions.