You are going to pay for the corruption at SOEs

[Jamie McKane]

You are going to pay for the corruption at SOEs

South Africans should brace themselves for higher taxes next year as the impact of state capture, corruption, and mismanagement are starting to bite.

The National Treasury delivered its 2019 medium-term budget policy statement today, revealing that revenue collection fell far short of estimates.

 

[Jopie Fourie]

Good luck with that, especially from the tax payers who fled the country, those who are about to flee and then those who put measures in place to pay even less. So, hopefully you will recover those taxes from the hard working government officials, those employed at SOE's and naturally, from the low earning grant recipients. Because, if you don't, your economy will collapse!

 

[hj007]

anyone want to bypass gov completely and start alternate currency to use? Need a full spectrum of services.

 

[grok]

anyone want to bypass gov completely and start alternate currency to use? Need a full spectrum of services.

This is what we should've been doing all along, if Zuma can build an alternative government based on patronage to suck us dry, we should build services between & amongst ourselves & bypass the toads.

 

[SmartKit]

anyone want to bypass gov completely and start alternate currency to use? Need a full spectrum of services.

BCH?

 

[3WA]

Need a full spectrum of services.

Food.
Sex.
Shelter.
Warmth.
Beer.

 

[supersunbird]

Lol, as if we aren’t already paying?

 

[Knyro]

Makes sense. Those slay queens aren't going to pay for themselves.

 

[hj007]

Food.
Sex.
Shelter.
Warmth.
Beer.

You dont need to offer fulltime. Just as an alternative currency for some transactions and for those that are keen. Like a lawyer just needs to do some alternative and some zar. His zar would be SA tax. The alternative... It depends.

 

[TysonRoux]

Thread title technically incorrect.

You are going to paying for the corruption at SOEs, and will continue to pay for ongoing corruption at SOE's.

 

[Pineapple Smurf]

25yrs later and these in control still are clueless what they are doing, the ANC is a global embarrassment - planet earth laughs at us

 

[The_Mowgs]

25yrs later and these in control still are clueless what they are doing, the ANC is a global embarrassment - planet earth laughs at us

Oh they are fully aware of what they are doing, its just that they are looting every single day instead of doing what they are supposed to do.

But thanks for phucking us over once again, seeing as its our phucking faults that its their own friends who did the stealing but now we are punished for it, yet again.

Love this place

 

[Pineapple Smurf]

Oh they are fully aware of what they are doing, its just that they are looting every single day instead of doing what they are supposed to do.

But thanks for phucking us over once again, seeing as its our phucking faults that its their own friends who did the stealing but now we are punished for it, yet again.

Love this place

at least they have the land like Zimbabwe

 

[SaiyanZ]

If they tax us more there will be people like me who will just quit working altogether and just live off savings. Why work 40+ hours a week when the government takes half and you get nothing back... Tax revenue will drop even with higher tax rates as less people will be contributing to the economy once many stop working.

Also more tax means less money to spend so less VAT paid and less boosting of businesses revenue/profits. So businesses also pay less tax.

 

[surface]

If they tax us more there will be people like me who will just quit working altogether and just live off savings. Why work 40+ hours a week when the government takes half and you get nothing back... Tax revenue will drop even with higher tax rates as less people will be contributing to the economy once many stop working.

Also more tax means less money to spend so less VAT paid and less boosting of businesses revenue/profits. So businesses also pay less tax.

I am pretty sure you will keep on working. Although I would like to reach a level like you when government takes 50% of tax.

 

[SaiyanZ]

I am pretty sure you will keep on working. Although I would like to reach a level like you when government takes 50% of tax.

You got to add things like VAT and fuel levies. Here's some calcs with just PAYE, VAT and fuel levies. That's excluding all the other little things like the various licenses and sin taxes.

What is the real tax rate in SA?

Income tax is just the start; hidden taxes must also be considered in budgets.

www.moneyweb.co.za

In conclusion, PAYE we pay is the tip of the proverbial iceberg and in reality, we are almost certainly paying upwards of 45% if we fall into the first three tax brackets.

Yeah many things are unavoidable so we have to pay even if not working.

 

[surface]

You got to add things like VAT and fuel levies. Here's some calcs with just PAYE, VAT and fuel levies. That's excluding all the other little things like the various licenses and sin taxes.

sure. I thought when you said "Why work 40+ hours a week when the government takes half and you get nothing back.. ", you were talking about PAYE tax only. But, isn't it like this in most third world countries though?

 

[hj007]

If they tax us more there will be people like me who will just quit working altogether and just live off savings. Why work 40+ hours a week when the government takes half and you get nothing back... Tax revenue will drop even with higher tax rates as less people will be contributing to the economy once many stop working.

Also more tax means less money to spend so less VAT paid and less boosting of businesses revenue/profits. So businesses also pay less tax.

Yeah did that already. Too much tax. Working 60hours+ a week severe diminishing returns.

 

[Swa]

You see that cow? It's dry. The R52bn deficit was the extent of any tax increases. It can't be increased any more. You can increase taxes but it will NOT increase tax revenue. It will be the opposite and the deficit will only get larger each year. We have reached the bottom of the spiral and I'm so waiting for the day when the world bank takes over and they have to get rid of +100,000 unnecessary soe employees.

 

[pb41]

Possibility of a large tax levy coming in February to finance the shortfall. What fun (NOT).

Tito may be lining up SA for a large tax levy next year - BizNews.com

With the double whammy of a R53bn revenue shortfall and R23bn in overspending, higher taxes are a certainty in February's Budget Speech.

www.biznews.com