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Tax Expert Warns of Major Tax Base Shrinkage

SOUTH AFRICA
  • Tax expert warns high unemployment and shrinking tax base spells trouble into the Feb budget.
  • Notes 55.73% decline in adult population living in the upper three income bands (who pay 90% of income tax)
  • while ultra-poor individuals earning below the minimum wage increased 54%
  • says brain drain of individuals leaving the country has been exacerbated during lockdown
  • in a 3-yr period the income tax base has more or less halved-
  • Highlights wealth taxes, zero tolerance for deliquencies and rooting our company non-compliance as key focus areas for SA Revenue Services (SARS) in Feb
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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