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South African high earners' exodus may limit room for tax hikes


(Photo by Gallo Images/Jacques Stander)
For every high-net worth person who emigrates, an average of R1.2 million in income taxes disappears from the system and the spending, value-added tax and economic activity they generate is also lost,
Fewer than 14 million South Africans in the working-age population of 39 million are registered taxpayers and those earning more than R1 million a year pay 40.2% of all personal income levies.
The small tax base is a symptom of South Africa’s extreme inequality, a legacy of apartheid.
South Africa’s loss of skilled and high earners could limit room to raise income taxes as the Treasury seeks to plug a budget shortfall that’s above wartime levels. ....

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