South Africa is expected to hit Tax Freedom Day later than last year.
Tax freedom day – the day after South Africa as a whole has earned enough money to pay for government – is expected to be on 14 May this year, two days later than last year’s prediction.
Zietsman noted that, while the increase from 2022’s tax freedom day seems relatively modest, it is higher than the long-term upward trend of 1.12 extra days per year, over the last 23 years.each new generation can ‘look forward’ to an extra month working off the tax bill every yeaBy international standards, South Africa’s tax burden is extremely high, Zitsman said, adding that it is among the worst for economies at its income level.
“A far bigger factor, though, is the rampant corruption and criminality endemic to our state enterprises. Many of them need to be bailed out at considerable public expense on a regular basis,” he said. Zietsman also pointed to South Africa’s massive social spending budget as another pressure point for taxes.
Only 17.9% of South African taxpayers earn over R500,000 a year, but make up 52% of all taxable income in the country.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IMF slashes South Africa’s GDP growth forecast for 2023The IMF has revised South Africa’s GDP growth forecast for 2023.
Read more »
Best countries for South Africans to study and work in 2023This is a list of countries that allow international students to work while the study.
Read more »
Africa: Can Groundwater Act as a Catalyst for Sustainable Development in Africa's Borderlands?Blog - The Horn of Africa is facing a severe drought following the worst performing rains in 73 years and five successive failed rainy seasons. A sixth rainy season is forecast to also fail in April/May 2023. The frequency and severity of drought is increasing, making it harder for people to recover between shocks. The long-term outlook indicates continued drought risks for the region. The impact of the drought in the Horn of Africa has been severe: More than 36 million people are affected, with more than 20 mill
Read more »
Focus on Africa - East Africa’s electric vehicle transition - BBC SoundsBoda boda, okada and taxi-moto are just some of the names for motorbikes across Africa. Now they are starting to go electric. 🎧 noni_muchiri spoke to Ian Mbote from AmpersandMotor1, an EV company, to find out more about this fast growing industry.
Read more »