With no particular surprises for taxpayers in this year’s budget, I decided to drill through some of those tax numbers to see exactly how much tax we are now paying.

If you add all our taxes together, individuals account for over R700bn in tax revenue. To put that in perspective, this tax bill is equivalent to R1 million for each day of the Christian calendar (2014 years)

Personal tax and VAT

Over the next financial year individual taxpayers will pay R355bn in personal tax and R267bn in VAT. A third of personal tax is paid by 2.4% of taxpayers – that is only 154 000 people.

Total cost of fuel taxes

Based on last year’s figures, as motorists we paid R43bn in general fuel levies. With the 20c extra tax on fuel from 2 April you will be paying R166 in taxes to fill up a 50 litre tank of petrol.

Paying for our sins

Last year we paid R29bn for our smoking and drinking habits. This year when you buy a packet of cigarettes R11.60 goes to the taxman. For every bottle of sparkling wine purchased the taxman earns an extra R9.11 and whiskey drinkers boost the coffers by a massive R44.36 a bottle. All these figures do not include the VAT you also pay!

The good news

For those people who do save towards their retirement you will collectively save R24bn in taxes this year. A family of four will receive a medical scheme tax credit of R858 per month – doesn’t exactly cover the cost of medical insurance but it is better than nothing.

If you are about to retire you can now take a R500 000 tax-free lump sum. This doesn’t mean you should go and spend the money but by taking the lump sum and investing it outside an annuity you will avoid income tax on the income. Keep in mind that if you are over the age of 65 you don’t pay tax on income under R110 200 or tax on interest up to R34 800.