Taxpaying SAns finally settle their 2024 tax bill on 20 May – Tax Freedom Day
20 May 2024
Today, 20 May 2024, is Tax Freedom Day. This is the day when the average taxpayer has earned enough money to fulfil their annual tax obligation. After Tax Freedom Day, taxpayers work for themselves and their families, and not for the government. 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.
The Free Market Foundation (FMF) has calculated and published South Africa’s Tax Freedom Day annually since 1997.
Tax Freedom Day is a measure of how much time taxpayers spend working to fund state projects. From tomorrow, the people of South Africa will be working for their own benefit, and not that of South Africa’s underworked, overpaid civil service.
“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. At the end of 2024, with complete data for the year, the date could be revised a couple of days earlier or later. But over the past 30 years, the actual Tax Freedom Day has been trending ever later in the year – and making most people poorer”, says Dr Richard J Grant, FMF senior consultant and Professor of Finance and Economics at Cumberland University, Tennessee.