Will Personal tax income relief leave more change in your pocket? Details here
A money coach says the personal income tax relief announced by the Finance Minister yesterday will give many taxpayers room to breathe.
Tito Mboweni said during his budget speech that personal income tax brackets would be increased by 5 percent.
Hayley Parry of Truth About Money says this means, after the end of the day after you've paid your taxes you going to have a little bit of extra money in your pocket to spend as you choose to.
Parry has urged people to educate themselves about their finance and save for a rainy day.
"We all know and I think COVID has taught us this, that it's not if bad things happen to us financially but when."
"The thing you can do to protect yourself from financial distress and having to get into a position when you are in and over your head in debt if you put in place this buffer or a financial shock absorber that we call an emergency fund."
The corporate income tax rate will be reduced to 27 %.
Listen to the full interview here:
NEASA's full interview on the Budget Speech:
