Financial experts have warned that the South African Revenue Service’s (SARS) renewed focus on wealthy individuals in the country is priming taxpayers for the introduction of a wealth tax.
A post-budget review by National Treasury in February revealed plans by SARS to target wealthy taxpayers in the coming year as part of its broader disclosure of wealth programme.
Provisional taxpayers with business interests are already required to declare their assets, based on their cost, and liabilities in their tax returns each year. The experts speculate that the main factor driving the closer look at millionaire wealth is the government’s need for additional tax revenue to finance its social projects – such as the R350 social relief grant, which is likely to become a fixed basic income grant in the future.The latest wealth report from global property consultancy group Knight Frank shows that super-wealthy individuals are not sticking around to be taxed.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TransUnion South Africa battling to retrieve personal records after hack - South Africa TodayOn 17 March, ITWeb reported that credit bureau, TransUnion South Africa, is currently in an ongoing battle with a hacker group that is demanding a $15 million (R223 million) ransom over four terabytes of compromised data. The hacker group, going by the name N4aughtysecTU, which claims to hail from Brazil, is alleging it breached TransUnion […]
Read more »
South Africa getting an e-Licence — Mbalula’s digital driver’s licence plansTransport minister Fikile Mbalula said that South Africa could launch its electronic driver’s licence within the next three years.
Read more »
South Africa is getting a new state-owned company – what you should knowGovernment plans to establish a centralised shareholding company to help it control its existing state-owned enterprises, says president Cyril Ramaphosa.
Read more »
5 important things happening in South Africa todayBusinesses say they no longer need the courts to give them certainty over vaccine mandates, with enough CCMA rulings to go on; SA faces constant load shedding risks, but Eskom employees still make costly mistakes; public protector Busisiwe Mkhwebane has 10 days to explain why she should keep her job; and Ramaphosa draws criticism for nbl
Read more »
Here are the updated vaccination rules planned for workers in South AfricaThe Department of Employment and Labour has published a new code of practice to guide employers on measures that need to be taken in the workplace to contain Covid-19 infections, once the national state of disaster ends.
Read more »
The worst case scenario for petrol in South Africa: economistWhile some experts have warned that South Africa’s petrol prices could climb to as high as R40/litre on the back of Russia’s invasion of Ukraine, this is highly unlikely, says Efficient Group senior economist Dr Francois Stofberg.
Read more »