SEE: This is how much you'll be paying in taxes from 1 March 2022
You will be making these payments based on what you earn...
It's something that everyone in the country has to pay if they are receiving an income. It's one of life's certainties.
The Finance Minister, Enoch Godongwana, outlined the new tax brackets for personal income taxpayers in his Budget Speech 2022 on Wednesday (23 February).
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Personal income tax brackets will be adjusted by 4.5%, he shared.
This is a result of the inflation the country has experienced.
“The adjustments will mean that the annual tax-free threshold for a person under the age of 65, will increase from R87,300 to R91,250.”
The minister added that medical tax credits will increase from R332 to R347 per month for the first two members, and from R224 to R234 per month for additional members.
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This table shows the personal income tax rates from 1 March 2022 to 28 February 2023 for individuals and trusts in South Africa:
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