SA shedding skills and wealth
SA’s overall tax base is growing, and fared better during the pandemic than many feared. But the number of high-end taxpayers has stagnated over time, raising questions over SA’s long-run fiscal sustainability
10 March 2022 - 05:00
Buoyant tax base estimates for the coming fiscal year made by the National Treasury in the 2022 budget suggest SA’s overall tax base has recovered strongly from the pandemic — though it’s not yet entirely back to 2019 levels.
On the other hand, the number of high-income earners has dropped over the past seven years, bearing out reports of a relentless exodus of skills and talent. This has worrying implications for the robustness of future consumer spending and tax collection, for growth and fiscal sustainability...
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