20 May 2024 marks “Tax Freedom Day” in South Africa – the first day of the year on which the nation as a whole has theoretically earned enough income to pay off the government’s tax burden.
From 1 January until 20 May, all the income earned by tax-paying South Africans is needed to pay for one year of government spending.
“Based on recent tax and spending levels, South Africa’s Tax Freedom Day is predicted this year to land on 20 May, four days later than last year. In 2024, South Africans have had to work almost an entire month longer ‘for the state’ compared to 1995, when Tax Freedom Day occurred on 23 April.
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