During the first half of 2023, South Africa’s four largest banks contributed over 5% of the total Corporate Income Tax revenue collected by the government.
A recent report published by PwC revealed that South Africa’s top four banks paid R18.6 billion in direct taxes during the first half of the current fiscal year – with individual payments ranging from just over R2 billion to R6.3 billion.According to the report, the combined headline earnings of these four banks rose by 16.8% to R55.8 billion in the first half of 2023.
According to Efficient Group’s data, the three most significant contributors to the government’s tax revenue are personal income tax , value-added tax , and Corporate Income Tax . Only 1.12% of taxpayers pay 30% of total personal income taxes in the country, while 19% pay a whopping 87% of total personal income taxes.A staggering 0.09% of corporate taxpayers pay 62.5% of total CIT, with 4.4% paying 95% of total corporate income taxes.
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.
Big pension problem for South African expatsSouth Africans living overseas need to confirm this with SARS – or face dire consequences.
Read more »
South Africa: Western Cape Schools and Districts Win Big At National Education Excellence Awardsitemprop=description content=Press Release - Western Cape schools and districts win big at National Education Excellence Awards
Read more »
The cities in South Africa where billionaires pay up to R100,000 per sqm for apartmentsBillionaires are paying the big bucks to stay in one of South Africa’s biggest cities.
Read more »
South Africa: Avian Influenza Outbreak Threatens Chicken Supply - South African News Briefs - October 9, 2023itemprop=description content=
Read more »
South Africa: Academy for Young Winemakers Aims to Diversify South Africa's Wine Industryitemprop=description content=One of the world's top 10 wine producers, South Africa owes some 9 percent of its GDP to the wine sector - but the industry remains dominated by the white minority. A training academy for young South Africans from disadvantaged backgrounds aims to change that.
Read more »
Explosions and death: South African in Israel recounts first moments of bloody warExplosions and death: South African in Israel recounts first moments of bloody war
Read more »