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The political correctness of tax myths

Wednesday, 25 June 2014   (0 Comments)
Posted by: Author: Mike Schüssler
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Author: Mike Schüssler (Moneyweb)

Is South Africa being fairly compared?

There is a perception that South Africa has a low tax to gross domestic product (GDP) ratio.

A recent article stated that South Africa has an average tax rate of 25%, which ranks us at number 130 in the world.

Well according to the World Bank, South Africa has the seventh highest tax revenue to GDP ratio when social security taxes such as unemployment insurance and compulsory pensions are left out.

While the average top marginal tax rate in Europe is 47% and much higher than in South Africa, the actual revenue is often far less than South Africa as married couples with children get different rates or house payments are allowed to be taken off taxable income.

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Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

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