21/02/2018 16:30 SAST | Updated 21/02/2018 16:30 SAST

New Online Tax Calculator: Work Out How The Budget Affects You

This tool allows you to calculate your tax by yourself.

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Following the release of Malusi Gigaba's Budget on Wednesday, an online tool called the Tax Clock might come in handy for many.

The Tax Clock promotes informed decision-making for positive social change. This initiative has been developed by Code for South Africa, a civic tech organisation thqt offers an interesting view of your tax contributions.

The tool allows you to calculate your tax by yourself, and informs you how long you work – and for what – each day to pay your taxes, before you start working to pay yourself.

The clock has 2017 tax information and will go live following the release of the 2018/19 Budget.

Adi Eyal, director of Code for South Africa, says the Tax Clock is an opportunity for people to engage with the budget through the money they earn – and the tax they pay.

"When the budget comes out, people are usually only interested in how much they will be paying and if there are any rebates they can get. But they don't engage with what the budget is really about," he said.

"The budget is a statement of intent by government that says what [their] priorities are, and what [they] are going to spend your money on. So it's important for people to understand what they are working for. The Tax Clock will show them how they have contributed toward things like education, or helped pay off national debt, in a day."