’s Scorpio unit. Also making tax more controversial than usual has been the suggestion of a tax revolt by outgoing Western Cape premier Helen Zille and the corruption sagas involving allegations of tax fraud involving illegal cigarettes, not to mention citizen resentment of syphoning off of billions in citizens’ money in State Capture criminality.shows, for a number of countries, rich and poor, tax as a percentage of Gross Domestic Product, a measure of total economic output.
Part of the problem is our anaemic economic growth rate. Raising GDP would mean the country would automatically be ranked lower in these sorts of tables. Job-poor economic growth would not make a big enough actual difference, however. Unemployment arguably remains South Africa’s biggest economic problem and moving more economically active people into the formal economy could broaden the tax base and the economy.
The real problem is that that small number of wealthier but not really rich people who pay most income tax do not benefit as much as they would like. The truly wealthy have an army of tax consultants and, as the Panama Papers show, offshore tax havens to protect their wealth. In addition, the user-pays principle has, since days of apartheid, been used to move national road-building off the government’s balance sheet and this has not reversed under democracy. No wonder the tolling of previously untolled roads in the Gauteng Freeway Improvement Project sparked resistance and created the Organisation Undoing Tax Abuse to oppose paying e-tolls.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MAVERICK BUSINESS ANALYSIS: South Africa’s enterprise sector critically illThe parlous state of the enterprise sector in SA can be seen in dismal company income tax receipts over the past five years, which are declining and very heavily weighted in favour of large companies. The decline in profitability means 74% of all companies pay no tax at all and the vast majority of company tax receipts come from just 0.09% of SA’s corporates.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK ANALYSIS: US Federal Reserve and a new normal for global monetary policyBUSINESS MAVERICK ANALYSIS: US Federal Reserve and a new normal for global monetary policy By Sharon Wood
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK ANALYSIS: Lyft and Uber listings approach ‘peak venture capital’Over the next week, ride-hailing company Lyft will list on the Nasdaq exchange in New York, and it will break many records, including being the biggest money-losing startup. Later in 2019, Lyft’s larger rival Uber will re-break those records. The question is whether investors will, or should, go along for the ride.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: South Africa Names Ex-Alexander Forbes CEO to Rebuild Tax AgencSouth African President Cyril Ramaphosa appointed Edward Kieswetter, a former chief executive office of insurer Alexander Forbes Group Holdings Ltd., as the head of the nation’s tax agency.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: The curious duality of SA’s first business quarterThe Johannesburg Stock Exchange is up as the curtain closes on the first quarter of 2019, which will cheer the bruised bank accounts of SA’s investors. It’s been a rising quarter, but also, weirdly, a bit of a calamity. Welcome to the strange world of the JSE, circa 2019.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: U.K. Firms Least Likely to Invest in Eight Years as Brexit BitesInvestment intentions among U.K. firms slumped to the lowest in eight years, just one of the measures of economic health that weakened “considerably” amid recent Brexit turmoil, according to the British Chambers of Commerce.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Woes of Africa’s Biggest Fund Manager Move Lawyer to VerseAccusations of dubious investment decisions and poor leadership at Africa’s biggest money manager have been staples of a long-running inquiry into the company’s dealings. But never in the form of poetry.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Moody’s Hands S. Africa’s Ramaphosa Lifeline as Markets RallyIt was case of speaking softly and carrying a big stick. Moody’s Investors Service’s brief comment on South Africa’s credit rating sparked the rand’s strongest rally in five months on Monday and drove government bond yields to the lowest since May.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Tuesday April 2: Five Things You Need to Know to Start Your DayEurope is questioning Chinese trade in the wake of Xi’s visit, U.S. stocks rallied after stronger factory data out of China and the U.K. Parliament fails to find a Plan B for Brexit. Here are some of the things people in markets are talking about.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Steinhoff’s Unitrans Is Said to Be Worth Up to $280mSteinhoff is in talks to sell its logistics group Unitrans in another sign its disposals strategy is gathering pace
Source: dailymaverick - 🏆 3. / 84 Read more »