The growth of South Africa’s tax base pales in comparison to the growth of tax revenue collected, which even far outstrips inflation.
Tax revenue collected by the government has doubled over the past decade, beating out inflation and South Africa’s personal income tax base.by Daily Investor, South Africa’s personal income tax base is expanding slowly while the government is collecting more revenue from personal income tax.
Mollagee noted only a small percentage of South Africans are responsible for paying over 90% of all personal income tax and criticized the 2024 Budget for failing to address the shrinking tax base and the challenge of generating more revenue from fewer people. The lack of adjustment of tax tables and tax deduction limits for inflation results in a phenomenon called ‘bracket creep’.
The South African government is facing the challenge of generating more revenue from a stagnant tax base. According to data provided by SARS, South Africa has lost around 9,350 US-dollar millionaires in the last ten years.
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