How much you will be taxed in South Africa in 2022 - based on what you earn

Finance minister Enoch Godongwana has outlined the new tax brackets for personal income taxpayers in his Budget speech 2022 on Wednesday (23 February). "The personal income tax brackets and rebates will be adjusted by 4.5%, in line with inflation," Godongwana said. "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."

Accessed at: https://businesstech.co.za/news/budget-speech/561848/ on 16/05/2022

With reference to the budget speech statement, discuss the economic effects of personal income tax in terms of economic efficiency, equity, administrative efficiency and flexibility. (15)