Managers of Wealth Africa

Treasury plans wealth tax to fix July budget

The push to make wealthy individuals pay higher tax rates gained momentum in 2018 but the idea was ultimately dropped.

Taxpayers risk Sh1.2trn burden from government court fights

Legal awards against the State highlight the heavy price taxpayers pay for unlawful decisions by officials.

1.6 million people are paying most of South Africa’s income tax

The firm noted that personal income taxes are collected from an increasingly small pool of taxpayers.

The South African Budget Speech 2021

Personal tax brackets and tax rebates will be adjusted in favour of the taxpayer

South Africa sets up high net worth tax unit

It ‘mirrors similar initiatives in US and a number of European territories’

Government investigating wealth tax for South Africa – what to expect

Government has not given clear guidance on who would be subject to a wealth tax, and the criteria for selection of these persons.

Retirement tax changes planned for South African expats

To overcome this, Treasury intends to tax a retirement fund member when they no longer qualify as a South African tax resident, Keswell said.

Fix the tax tribunal’s flaws

It is high time the Treasury, which appoints members of the tribunal, found ways of fixing the inefficiencies at the judicial body and abuse of its processes by some taxpayers.

Treasury tax deal to unlock Sh133bn from stalled cases

KRA Commissioner-General Githii Mburu last year told Parliament that the agency had witnessed a surge in taxpayers challenging notices for unpaid taxes at the TAT.

COVID-19 and regulatory uncertainty spur greater tax risk for organizations in 2021 and beyond, EY survey finds

Survey respondents say they anticipate a far more diverse tax risk environment spanning everything from scrutiny of routine business activity, to major, billion-dollar settlements in court.

Further evidence that South Africans are trying to get their money out the country

The tax statistics for 2020 show that there are 4,337,923 individual taxpayers in South Africa.

Is a corporate excess profits tax on the cards?

Rather than increase taxes for citizens – who have reached their taxation ceiling – an unprecedented solution may be in order.

Consulting freeze to ‘restore pride’ in KPMG auditing

Decision gets stamp of approval of Corruption Watch’s David Lewis, wo urges other audit firms to follow KPMG’s lead

South African High Earners’ Exodus May Limit Room for Tax Hikes

The small tax base is a symptom of South Africa’s extreme inequality, a legacy of the apartheid system of racial discrimination that disadvantaged the Black majority and ended in 1994.

Taxing the rich has a wealth of potential benefits

Raising the taxes paid by South Africa’s estimated 350 000 wealthiest individuals could deliver much-needed additional revenue to the state’s emptying coffers.

Tax-free savings in South Africa and how to get the best returns

Different investments will attract different taxes. Investors are also given some reprieve in the form of certain exclusions with regards to the different taxes that are payable.

KRA leveraging on technology to seal tax cheats, hit target

EGMS among key systems as the taxman continues to record high collections.

New SA tax law: a bold step for loop structures and exchange control

In line with the stated intention to modernise SA’s existing exchange control system, three tax laws were promulgated on January 20

South Africa tax collection could be R100 billion more than expected

The Treasury said in June, long before the country started ordering vaccines, that it plans to raise an additional R40 billion in taxes in the medium term.

The great wealth tax debate: How to fund a constitutional state

Have high-income earners been taxed more and more over the years and has a limit now been reached?