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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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