Tito Mboweni said during his budget speech that personal income tax brackets would be increased by 5 percent.
Hayley Parry of Truth About Money says that it means after the end of the day, after paying your taxes, you’ll have a bit more money in your pocket to spend as you wish.
Parry urged people to research their finances and save up for a rainy day.
“We all know, and I think COVID taught us this, that it’s not about if financially bad things happen to us, but when.”
“What you can do to protect yourself from financial hardship and get into position when you are in debt in and over your head when you put in that buffer or some financial shock absorber we call an emergency fund.”
The corporate tax rate will be reduced to 27%.
Listen to the full interview here: