Ten ways the Budget affects your personal finances:

• Your tax rate is not going up! In fact, thanks to an above-inflation adjustment to the tax brackets, personal income tax payers receive back R2.2bn. The R40bn tax measures that were proposed in the 2020 October medium term budget have been scrapped.

• Medical tax credits increase by inflation to R332 for the first two members, and R244 for other members. A family of four belonging to a medical aid would get R1 152 in tax credits.

• The special COVID-19 social relief of distress grant is extended to April 2021 but the increases for grant recipients are well below inflation. The social old age pension goes up by only R30 to R1 890, and the child support grant only goes up R10 to R460.

• You will pay R1.39 more for cigarettes, 14c more for a beer and 26c more for wine as sin taxes increase by 8%, generating an additional R1.1bn in tax revenue.

• Fuel taxes increase by 27c per litre. From 7 April you will pay R6.15 in tax for every litre of petrol.

• A plastic bag tax (25c/bag) will now apply to bio-based plastic bags but at a lower rate of 12.5c/bag.

• There is no increases in investment taxes such as capital gains or dividend tax.

• There is no increase in the annual of lifetime limits for the tax-free savings account.

• There was no update on retirement reform or early access to retirement funds, but there is a proposal to allow retiring members to purchase more than one annuity product at retirement.

• There is a proposal to introduce taxation of your retirement benefit withdrawal if you emigrate.