How much will you be charged in South Africa in 2021, based on how much you earn
Finance Minister Tito Mboweni outlined the new tax brackets for personal income taxpayers in his speech on the 2021 budget on Wednesday (February 24).
“The tax brackets on personal income will increase by 5%, which is more than inflation,” he said. “This will provide R2.2 billion in tax relief. Most of that relief will reduce the tax burden on low- and middle-income households. “
The minister said that if you are earning above the new tax-free threshold of R87,300, you will have at least one additional R756 in your pocket as of March 1, 2021.
The following table shows the personal income tax rates from March 1, 2021 to February 28, 2022 for individuals and trusts in South Africa:
In announcing the projected budget for the next three years, the Treasury said that this adjustment will reduce taxes …