Tax tables: How government is filling its coffers at your expense
Taxpayers will feel the pinch, after the 2019 Budget, when they receive their end of March salaries
Individual taxpayers are going to cough up an additional R15bn in tax over the next tax year that begins on March 1, finance minister Tito Mboweni announced in his 2019 Budget Review on Wednesday. R1.2bn of that will come from increases in indirect taxes such as the increase in the so-called sin taxes you pay on alcohol and cigarettes, and the carbon tax on fuel. But some R13.8bn will come from increases in income tax, which earners will start feeling when they open their pay slip at the end of March. The minister and his Treasury officials have applied slight increases to the tax threshold below which you do not pay any income tax. If you are under the age of 65, the threshold rises from R78,150 (that is no tax on the first R6,512 a month) to R79,000 (the first R6,583 a month) and that means everyone gets a princely sum of R153 off their tax for the year.
However, the minister and his Treasury officials must find money to balance the budget from somewhere, so they have not in...
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