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Image: Pexels Share with your network! ‘We owe a lot of people a lot of money.’ That blunt, ominous statement by Finance Minister Tito Mboweni in his 2021 budget speech shows the deep financial hole the South African economy is really in – and warning lights are starting to flicker for South Africa’s wealthy taxpayers. A key takeaway from the Budget was the staggering R213 billion under-collection of tax in 2021 compared to 2020. This is the largest collection shortfall on record, and comes against a back...

Warning lights flickering for South Africa’s wealthy taxpayers Subscribe “We owe a lot of people a lot of money.” That blunt, ominous statement by finance minister Tito Mboweni in his 2021 budget speech shows the deep financial hole the South African economy is really in – and warning lights are starting to flicker for South Africa’s wealthy taxpayers. This is according to Tim Mertens, chairman of Sovereign Trust SA, who said that a key takeaway from the budget was the staggering R213 billion under-collection of tax in 2021 compared to 2020. This is the largest collection shortfall ...