{"id":561848,"date":"2022-02-23T14:12:04","date_gmt":"2022-02-23T12:12:04","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=561848"},"modified":"2022-02-23T14:48:25","modified_gmt":"2022-02-23T12:48:25","slug":"how-much-you-will-be-taxed-in-south-africa-in-2022-based-on-what-you-earn","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/budget-speech\/561848\/how-much-you-will-be-taxed-in-south-africa-in-2022-based-on-what-you-earn\/","title":{"rendered":"How much you will be taxed in South Africa in 2022 \u2013 based on what you earn"},"content":{"rendered":"

Finance minister Enoch Godongwana has outlined the new tax brackets for personal income taxpayers in his Budget speech 2022 on Wednesday (23 February).<\/p>\n

“The personal income tax brackets and rebates will be adjusted by 4.5%, in line with inflation,” Godongwana said.<\/p>\n

“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.”<\/p>\n

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.<\/p>\n

The below table shows the personal income tax rates from 1 March 2022 to 28 February 2023 for individuals and trusts in South Africa:<\/p>\n

\"\"<\/a><\/p>\n

Godongwana said that collections since the time of the Medium Term Budget Policy Statement (MTBPS) have been much stronger than expected. The National Treasury now estimates tax revenue for 2021\/22 to be R1.55 trillion, he said.<\/p>\n

“This is R62 billion higher than our estimates from four months ago, and R182 billion higher than our estimates from last year\u2019s Budget. This follows a shortfall of R176 billion for 2020\/21 when compared to the 2020 Budget
\nforecasts. This positive surprise has come mainly from the mining sector due to higher commodity prices.”<\/p>\n

However, Godongwana warned that the improved revenue performance is not a reflection of an improvement in the capacity of the economy.<\/p>\n

“As such, we cannot plan permanent expenditure on the basis of short-term increases in commodity prices,” he said.<\/p>\n

“To be clear, any permanent increases in spending should be financed in a way that it does not worsen the fiscal deficit. We have also seen higher revenue from other sectors and other tax instruments, such as personal income tax and value-added tax.”<\/p>\n

\n

Read: Where you can watch the 2022 budget speech live<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Finance minister Enoch Godongwana has outlined the new tax brackets for personal income taxpayers in his Budget speech 2022 on Wednesday (23 February).<\/p>\n","protected":false},"author":10,"featured_media":114834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13716],"tags":[26],"class_list":["post-561848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-speech","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/561848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=561848"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/561848\/revisions"}],"predecessor-version":[{"id":561980,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/561848\/revisions\/561980"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/114834"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=561848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=561848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=561848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}