Following counter-cyclical spending during the Great Recession, The long-term trend in South Africa has been to lower the government saw widening budget deficits due to tax rates on individuals and corporations, to provide low economic growth.7 The pursuit of debt stabilisation a myriad of tax breaks, and to under tax wealth and then prompted the government to slow expenditure earnings from natura. [...] In addition to lower statutory country average of approximately 15%.25 The effective rates, the use of the CIT rate to induce investment has tax rate on corporate income is around the median resulted in tax incentives of more than R15 billion in 2023.31 compared to 114 other countries. [...] The a liberalisation of the financial sector and the JSE.44 argument also fundamentally ignores the expenditure The results of this was an outflow of capital and the associated with raising revenue. [...] The medical tax credit is for taxpayers Tax breaks on retirement fund contributions who have medical aid - only 15.8% of the population as disproportionately benefit individuals at the upper end of 2022 and just 12% of the population above the income of the income distribution. [...] The proposal has been made for this to fund the valuable in South Africa given the size of the mining implementation of a universal basic income guarantee, sector in the economy.
- Pages
- 16
- Published in
- South Africa
