Thousands of taxpayers end their tax residency in South Africa
Thousands of taxpayers end their tax residency in South Africa
38,000 taxpayers have ended their tax residency in South Africa, costing the revenue collector a whopping R3 billion.
SARS says in 2023, approximately 1,700 millionaires changed their tax residency status, representing almost R5 billion in taxable income and almost R2 billion in assessed tax.
Firstsource Money executive director Redge Nkosi…
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Imagine the Gupta's are still laughing at us. Corruption,crime and illegal migrants are killing the country.
CORRUPTION IN SIZAKALA FOR PERMITS SITE MANAGERS WANTS HANDOUTS FOR A PERMIT WHILE ILLEGAL TRADERS PAY BRIBES
WHY MUST WE PAY TAX WHEN ANC LOST THE ELECTIONS AND MADE UTURN CYRIL RAMAPHOSA PAYING POLITICIANS TO CREATE GNU WE NEVER VOTE FOR GNU POLITICIANS PROSTITUTES IS A CARTEL VISTING MANDELA GRAVE IN ROBBEN ISLAND TELL THE PEOPLE THE TRUTH CYRIL RAMAPHOSA IS A KNIGHT FOR THE BRITISH CROWN
So glad we left that shithole..
Who can like to pay huge amounts of tax while politicians are busy looting, Guptas stole billions and leave the country.
By black and white i presume you exclude the other races right ? Or is that a bit too presumptuous?
They punish you for being Rich, and even more they punish you for making for than 500 but less than 1m and if your making more than 1m there are loop holes.
This is so simple to explain. The government does not give wealthy individuals any reason to invest here. The business environment is not conducive white people being able to build or sustain a viable business without having to hand it over to BEE. Their children can't get work. So, best option for white people is to leave.
This man is dismissing that this is a problem. He must be living in another country
Ask Trump if we can become the 51st state. Quickly, before Canada or Greenland go for it🤭😆🤣🤣🤣
“Lessen the taxes” 👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻 He understands 👍🏻
Law abiding, high income earners are tired of paying massive taxes to a government that despises them.
This guy is talking nonsensr about Europe
He must be reminded who build all the Cities and Suburbes and Infrastcture in Africa , it was not Blacks !
Im hoping ill also be able to leave with my kids in 5 years,,,this is a hopeless country,if u can't leave encourage ure children to leave,it will be a communist country in years
What planet does this woman live on, “ what is wrong?”, how long do you have crime, dud police, government corruption, over regulation, beee , education, government meddling in private sector NH1, Bella bill just more government interference 🤮🤮🤮🤮
Well what do you expect???
They're NEVER coming back! Thank the ANC.
People are not leaving because of tax they are leaving because there is no future left in S.A. because of the incompetent corrupt ANC. It's also not millionaires who are leaving there are others also leaving. Normal working class people leave as well. S.A. is not only losing tax payers but more importantly the skills that leave with these people. No amount of BEEE is going to fix this country.
Unsatisfied millionaires and billionaires means that they don't find enough corruption. Good for South Africa that they move away.
It is advisable not to aim for getting rich in South Africa. One day, those 2,000-plus millionaires will share their stories, and you'll see the main issue isn’t crime or corruption but tax. It’s not because they try to avoid paying it, but because, as soon as you’re labelled a millionaire, drive a nice car, or enjoy a bit of luxury (which you deserve), things take a turn.
Your competitors, enemies, or even neighbors—those who feel you’re not supporting their cause or are simply jealous—may report you anonymously to SARS, accusing you of tax evasion or some other made-up crime. This leads to you being flagged for an audit.
During the audit, SARS can make up absurd claims just to pressure you into paying. And if you settle the payment quickly or in one installment, it’s another red flag for them: “He probably has more; let’s find other ways to drain him dry.”
In short, the real problem is jealousy among peers and greed from the authorities.
I agree that SA is over taxed… but this was a bad interview – it wasn’t telling us anything new. I guess that’s a reflection of the questions posed.
The expert’s ideas on how to grow the economy are nonsense: an interventionist government is the reason why we have high taxes, along with the likes of Canada, UK, Germany, many US states. More government intervention will lead to even more taxes – think NHI.
Countries that are thriving have minimal government and low/no personal income taxes e.g. UAE and Switzerland. Argentina is deregulating and has a balanced budget for the first time in over 100 years – the government continues to deregulate and cut the size of government and fairly soon they’ll be recording growth rates upwards of 5%.
The solution to growing an economy isn’t rocket science
Maybe just maybe the minority getting over taxed to uphold a government that puts it in their pocket to buy lux cars and holidays. hmmmmm 🤔
Why does Newzroom Afrika always get such shit analysts, this guy said nothing.
He is just dancing around the answer! South Africa is a Tax trap, with no results!
This must be the dumbest corrupt communist anc politicians & President that the world have ever seen, sars got too much power, they even steal old pensioners pension, like the 2 pot system, that i called theft of taxpayers money ,to make the communist machine running, history has shown blacks know how to run a country into the ground, they do not know anything about economics, 90% of anc communist politicians have fake degrees, so they become corrupt politicians to run their businesses only! Zero integrity & zero responsibility.
I don’t mind paying my tax. But, when I know that money goes into the pocket of a gravy train passenger instead of service delivery, I can also make the choice to earn my money elsewhere.
Corruption must be tackled. Other issues are Poor education. Bad leadership. Bloated uselessness government. Latent theft by political and other officials and connected persons. Etc etc… SA had golden opportunity to succeed which was squandered by the ANC. Zuma biggest culprit who sank SA. Stop blaming others overseas for SA failure. We make our own poor decisions. Try understand how Japan succeeded, and how Zimbabwe failed. Learn from history or else you will make the same mistakes.
Still a good speaker and able to provide good insights into what works
As a high end tax payer and a minority citizen. The majority vote system means I have no say in how my tax input is used
Political leaders feel and don't care whether they leave or stay they (politicians) have looted enough for themselves
Simple BEE
Yet the uneducated SA masses still vote for communists like the ANC, MK and EFF, and then they wonder why they are suffering. As long as we vote for public thieves, SA will never move forward