Over 50,000 South Africans Have Left the Tax System: What You Need to Know We break down the shocking statistics from SARS showing that over 51,500 taxpayers have ceased to be South African tax residents between 2017. We explain the difference between losing tax residency and citizenship, discuss how this is affecting the country's tax revenue (with one cohort showing a 75% drop in taxable income), and share important guidance on properly updating your tax status with SARS whether you're leaving
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The highest personal income tax bracket in South Africa stands at 45%. This means that the biggest individual contributors to our economy lose almost half of their earnings to tax in a country where corruption is rampant. This disincentivises the payment of tax in a country where the tax burden is also carried by the #middleclass because of the high rate of unemployment. #Foodforthought for #Mzansi. #Taxes #NationalTreasurySA | Change.org
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