On Wednesday, 24 February 2021 Finance minister Tito Mboweni has outlined the new tax brackets for personal income taxpayers in his Budget speech 2021.
“The personal income tax brackets will be increased 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 the lower 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 an extra R756 in your pocket from 1 March 2021.
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