Budget 2017

Hamster said:
There are more than 2.3m income tax payers. Between 6 - 13 million depending on whether you believe the tax payers or SARS.
Click to expand...
Citation please.

We have to believe what SARS tells us.
According to official SARS documents, In 2015, there were 2,280,482 tax payers - see this SARS XLS (Tab 2.7, 2.8, 2.11, Fix 2.3, 2.8 ) presentation:
http://www.sars.gov.za/AllDocs/Docu...s - Chapter 2 Personal Income Tax Tables.zip

In Tab 2.5, 2.10, Fig 2.2, 2.7, A2.1.1 SARS counts 4,788,334, either way, it's less that the number of people on social grants and a very low tax base.

With high formal unemployment, it makes sense that the individual number of tax payers is low.

The conclusion is that it's not 6-13m, more like 2.3m to 4.8m and with such a low tax base, the economy is not sustainable.
 
Ho3n3r said:
Everyone has the right to be wealthy, so not sure what your point is.
Click to expand...
Although I agree, if you say it like that some people might think its now the government's job to provide everyone with wealth.
 
rietrot said:
Although I agree, if you say it like that some people might think its now the government's job to provide everyone with wealth.
Click to expand...

What I actually meant, was that if someone could find a way to acquire wealth legally (and ethically), then nobody should deny them that chance.
 
Source: We’re rowing against the fiscal deficit stream – IRR
Contrary to the views expressed by other analysts we do not view the budget as considered or sound. On the contrary it suggests a government at the brink of fiscal catastrophe and without a plan for either growth or austerity.
.......................
From whichever angle you approach the budget the story is one of a government that is running out of money. To get out of trouble, there are six options available to the government.
.......................
Neither the President in his recent State of the Nation Address nor the Minister of Finance in his budget speech made any compelling statements that suggest the government is serious about reform. It is one thing to call for growth, but it is another to actually take steps towards attracting the requisite investment. In relying on tax increases to a greater extent than spending cuts or pro-investment reforms the minister has actually worsened the investment and entrepreneurial climate.

We cannot therefore go along with analyst views expressed in the media and elsewhere this afternoon that the minister has done well to deliver a considered budget. Our view is that the government has come close to maxing out the revenue it can extract from the economy – but has no workable plan to create new revenue. Further borrowing will raise debt levels and hasten the prospects of rating downgrades. Austerity will serve to directly undermine the political future of the ANC. The government has very little room to manoeuvre. If current growth and revenue collection targets are not met, the government may find itself in a considerable degree of fiscal, and therefore political, difficulty.
Click to expand...
 
system32 said:
Citation please.

We have to believe what SARS tells us.
According to official SARS documents, In 2015, there were 2,280,482 tax payers - see this SARS XLS (Tab 2.7, 2.8, 2.11, Fix 2.3, 2.8 ) presentation:
http://www.sars.gov.za/AllDocs/Docu...s - Chapter 2 Personal Income Tax Tables.zip

In Tab 2.5, 2.10, Fig 2.2, 2.7, A2.1.1 SARS counts 4,788,334, either way, it's less that the number of people on social grants and a very low tax base.

With high formal unemployment, it makes sense that the individual number of tax payers is low.

The conclusion is that it's not 6-13m, more like 2.3m to 4.8m and with such a low tax base, the economy is not sustainable.
Click to expand...

^^^ This. cliff/edge whatever, but it is coming.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X