FINANCIAL FITNESS BY NALEDI MOKOENA
Budget
2024 B
udget 2024 brought with it no rate hike but also no inflation adjustment; the flip side of this coin is that taxpayers who receive increases will move into higher tax brackets (also known as fiscal drag - which has nothing to do with performance art). When drawing up personal budgets this possibility, plus sin taxes, petrol and income tax all need to be factored into financial projections - which may well mean the buying power of net income could decrease.
62 | Public Sector Leaders | April 2024