Experts respond to proposed tax increases in South Africa

[Hanno Labuschagne]

Experts respond to proposed tax increases in South Africa

An Economic Advisory Council appointed by President Cyril Ramaphosa has proposed a number of tax increases for South Africa amidst the economic downturn and declining tax revenues.

SARS commissioner Edward Kieswetter said he expects a tax revenue shortfall of around R300 billion this year.

This is in line with Finance Minister Tito Mboweni’s estimates in June that government revenue will be R304 billion less than budget estimates.

 

[hj007]

One of the highest marginal tax rates in the world, and they want to increase it. They must really want people to leave..

 

[Drifter]

Time to move to Cayman Islands.

 

[Longboi]

One of the highest marginal tax rates in the world, and they want to increase it. They must really want people to leave..

They're not forward thinking - all they can plan for is limited to the next election and nothing beyond that.

You cannot tax a country and expect wealth. That's like collecting water with a bigger bucket from a Jojo tank, and then wondering why the tank is emptying so soon.

 

[Goosfrabba]

"Cut the total government wage bill by allowing only small increases for a decade to government employees."

Yeah, COSATU definitely won't burn down the country over that

 

[The_Right_Honourable_Brit]

Five things to watch out for in the medium-term budget

We expect real growth to average -0.8% between 2020 and 2023 vs Treasury’s June forecast of -0.4%: Momentum Investments

www.moneyweb.co.za

We already have a very high tax-to-GDP ratio.

 

[ThinkCentre]

Increase VAT!

 

[Azg]

How about recovering some of the looted funds (Covid-19, Eskom, Guptas etc). There must be quite a fair chunk of change available there.

 

[Jola]

"Cut the total government wage bill by allowing only small increases for a decade to government employees."

Yeah, COSATU definitely won't burn down the country over that

We actually need a large decrease in government salaries, or a significant reduction in employees.

 

[lunch]

Meanwhile in australia

 

[Sideshow Bob]

I am afraid to ask - what is a "higher earner" ?

The Economic Advisory Council, therefore, advised increases to the fuel levy and estate taxes and a three-year “solidarity tax” that would increase income tax for higher earners.

These tax increases echoes comments made by the National Treasury’s chief director Edgar Sishi in July.

 

[air]

I am afraid to ask - what is a "higher earner" ?

most people posting on myadsl

 

[Solitude]

I am afraid to ask - what is a "higher earner" ?

Probably middle class and higher. It makes me sick. We work so hard. Things are so expensive. Economy is tanking.

I'm lucky that I kept my job during 2020. A lot of people didn't. But I didn't get a raise and prices increased all around us. And then the tax increases are coming.

The government will continue wasting the money, going even more into debt, and we will pay for it all.

 

[Sideshow Bob]

most people posting on myadsl

I agree that most people posting on myBB would be in one of the income tax brackets.

But I wanted to ask as to which specific layer.

 

[Jet-Fighter7700]

The government will continue wasting the money, going even more into debt, and we will pay for it all.

you get what you voted into power.
just like Venezuela, once a rich country, now dirt poor and plagued by unrest.

I'm waiting for it to happen here.

 

[Jola]

just like Venezuela, once a rich country, now dirt poor and plagued by unrest.

Already happened in SA, no need to wait.

 

[Neuk_]

They're not forward thinking - all they can plan for is limited to the next election and nothing beyond that.

You cannot tax a country and expect wealth. That's like collecting water with a bigger bucket from a Jojo tank, and then wondering why the tank is emptying so soon.

Same old story, history repeats itself and they will not learn...

"For a nation to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle." - Winston Churchill

 

[Jet-Fighter7700]

Already happened in SA, no need to wait.

so when do the mango tree wars start?

5 Apocalyptic Realities In A Country That's Out Of Food

'I have a mango tree ... This tree is currently saving my life, but might also get me killed soon.'

www.cracked.com

and why is it the inflation rate hasnt gone through the roof?
that you need 100 billionty rands to buy a loaf of bread.

 

[DreamKing]

One of the highest marginal tax rates in the world, and they want to increase it. They must really want people to leave..

but they want your money to stay.

 

[DreamKing]

I am afraid to ask - what is a "higher earner" ?

just over the rebate.....