To many people, this week's budget is mainly a reshuffle of money from one pocket to another, as tax on income comes down marginally, but taxes on banking charges, credit and debit cards, wine and other consumer goods go up.
Wealthier taxpayers have been hit by an increase in estate duty and donations tax, but they could score a little - as will all investors in unit trusts and equities - from the reduction in marketable securities tax.
While there is an overall lowering in personal income tax rates, the most significant relief has gone to taxpayers at the bottom end of the income scale.
Middle income taxpayers have also been targeted for relief and any person with a taxable income of less than R90 000 will pay at least three percent less tax than they did last year.
A restructure of the tax table allows for the maximum marginal tax rate of 45 percent (no change) to kick in at a higher income level of R100 000, previously R80 000.
Significantly, the revamp of the tax table will partially address - for the first time in decades - the harsh effect of fiscal drag (where inflation-adjusted salary increases knock you into a higher tax bracket and you pay more tax) by reducing the tax table into fewer income brackets.
The primary rebate, which is granted to all taxpayers, has risen from R2 625 to R2 660, but there is no change in the additional rebate of R2 500 to taxpayers over the age of 65.
The package of tax relief measures raises the tax threshold (the income level after which individuals have to start paying tax) to R15 580 from R14 600, and for a person over 65 to R27 905 from R26 785.
Taxpayers will be relieved that the VAT rate did not go up, and that finance minister Chris Liebenberg did not dream up a new levy to replace the transition levy which ended last year.
But the minister will nevertheless take more money from individuals through two new measures.
First, imposing VAT on fee-based banking services like ATM withdrawals; and second, broadening the web of stamp duty to impose a 20 cents charge on every purchase transaction you make on store cards such as Edgars and Stuttafords.
Taxpayers who contribute to pension and other retirement funds will lose out as the minister has imposed a 17 percent tax on the income received by these previously tax-exempt funds. This will cause a reduction in the overall investment return of a fund and result in a lower pension payout when you retire.
But retirees who are already on a pension will not suffer double taxation (with income being taxed both in the fund and the monthly pension taxed in their hands) as the new tax does not apply to them.
Taxing retirement funds is the first step in the planned phasing in of the the Katz Commission proposals.
In his budget speech, Liebenberg endorsed the principles put forward by the Katz Commission, but said more time was needed to refine the details before they could be implemented.
No changes were made in this budget to the existing tax rules on contributions to pension, provident and retirement funds.
Liebenberg had a special word of advice for those people contemplating early retirement ahead of higher taxes on their lump sum payouts from retirement funds: there's no need to fear, he said, and "such a step may not be in your (or the country's) best interests".
He gave the assurance that if the new tax measures on lump sums prove to be harsher than the existing ones, retirees can use the old tax measures which will be phased out over the next five years.
Overall, it's a light relief budget and South African taxpayers still live in one of the most heavily taxed societies in the world.
But there again, we can hang on to that age-old promise - renewed by Liebenberg in his speech - of government's commitment to reducing the overall personal tax burden.
INTO YOUR POCKET
* Marginal reduction in personal income tax.
* No change in 14 percent VAT rate.
* Primary rebate on tax up from R2 625 to R2 660.
* Marketable Securities Tax halved - lower costs for shares and unit trusts.
* Partial relief from fiscal drag.
* Increase in annual exemption for donations tax from R20 000 to R25000.
* R50 000 (was R35 000) provisional tax exemption for taxpayers older than 65.
* Increased social and civil pensions.
OUT OF YOUR POCKET
* A 17 percent tax on retirement fund income - lower future pension benefits.
* Estate duty and donations tax up from 15 to 25 percent. Threshold on death duties remains R1 million.
* VAT extended to financial transactions, like bank charges.
* Higher stamp duties on financial transactions, including hire purchase.
* Stamp duties extended to all store credit cards - 20c a purchase.
* Taxes on booze and smoking up again.
* Fuel levy up by 3c a litre.