Rich people are leaving South Africa as the National Treasury downplays its effect and the South African Revenue Service (SARS) makes it harder to leave.
Wealthy South Africans are leaving the country in drags, and it’s costing the country billions., the minister of finance said that the phenomenon of ‘mobile higher-income earners’ is well-documented and has been assessed since 2018.
“While any loss in revenue is important to track and understand, it is useful to indicate the scale of the phenomenon relative to our revenue-raising capacity,” it said. “From a tax perspective, the objective is to ensure that the appropriate tax is paid for any assets that are transferred abroad. Some of the measures that had been in place have become outdated as a result of exchange control reforms,” said the minister.
Ceasing tax residency in South Africa and emigrating have the same effect, however – South Africa loses tax revenue.
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