Rich South Africans could be hit with higher taxes next week
Subscribe
Government will likely be tempted to increase the marginal rates of tax of top earners in the budget being tabled next week – but non-tax measures would be more effective in raising funds for the fiscus.
This is the view of tax experts at legal firm Webber Wentzel who noted that even before the onset of Covid-19, South Africa suffered from three serious social challenges, namely inequality, poverty and high levels of unemployment.
“Coupled with the economically crippling and seemingly unending Covid-19 regulations, looting of state coffers and bureaucratic paralysis within SARS’ collection function, this has created a desperate situation for National Treasury,” Webber Wentzel said.
The South African government is likely to be tempted to increase marginal rates of tax on top earners in the February Budget, but non-tax measures would be more effective in raising funds for the fiscus Even before the onset of Covid-19, South Africa suffered from three serious social challenges, namely inequality, poverty and high levels of unemployment.
The solution to South Africa’s debt sustainability is to reduce borrowing costs by containing expenditure and boosting growth through structural reforms.
Begini Fakta Anggaran dan Dampak Banjir Besar Jakarta di Era 4 Gubernur beritasatu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from beritasatu.com Daily Mail and Mail on Sunday newspapers.