DENNIS DAVIS: Fix the tax net holes
Instead of looking to increase the tax burden, SA should be looking at ways to recoup that which it is owed
Last week, that very astute financial journalist Claire Bisseker wrote a devastating analysis in the FM concerning the state of the economy (https://www.businesslive.co.za/fm/features/cover-story/2020-08-06-apocalypse-just-now-can-sas-economy-still-be-saved/), and the danger that we have passed the point where recovery is still possible.
Take but three indicators she cited: between 2009 and this year, economic growth averaged no more than 1.3%; the debt-to-GDP ratio in 2009 was 26%, compared with 81% for 2020/2021; and before Covid-19 hit the economy with a hammer blow, unemployment had reached 30%, with 16.3-million employed and 18-million on social grants...
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