Government will not be increasing some taxes to keep money in the taxpayer’s pocket – Godongwana

INSIDE POLITICS TEAM|

SOUTH African taxpayers breathed a sigh of relief on hearing Finance Minister Enoch Godongwana’s maiden budget speech when he announced the adjustments in personal income tax brackets and rebates. 

“The personal income tax brackets and rebates will be adjusted by 4.5 percent, in line with inflation. 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,” he said.

Godongwana further announced good news by saying that there will be no increase in the fuel or Road Accident Fund levy, for the first time since 1990.

“In 2021, the inland petrol price breached R20 per litre. The higher prices have put pressure on the cost of transport, food and other goods and services. To provide some relief to households, no increases will be made to the general fuel levy on petrol and diesel for 2022/23. This will  provide tax relief