A tax announcement from the 2024 Budget spells bad news for already cash-strapped South Africans.
The BankservAfrica Take-home Pay Index has continued to increase, but there are dangers for tax-paying South Africans.
“This essentially means that a salary increase could push salary earners into a higher income tax bracket. Affected individuals could end up paying tax at a higher rate – and take home a lower salary than before the increase,” said Elize Kruger, Independent Economist. Although headline CPI moderated from 6.9% in January 2023 to 5.3% in January 2024, a few upside risks have appeared in the first few weeks of 2024.This is expected to add upside risks to inflation, as imports and globally priced products, such as fuel, will see price increases.Major medical aid premium increases in February are also expected to keep headline CPI elevated for some more months.
Load shedding, global factors and other increases in the operating cost environment have impacted companies’ profits.
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