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Tax hikes likely in 2016

Friday, 04 December 2015   (0 Comments)
Posted by: Author: Ingé Lamprecht
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Author: Ingé Lamprecht (Moneyweb)

But increase in corporate tax rate improbable – PwC.

It is more likely than not that National Treasury will again introduce tax hikes in its February budget, but it is implausible that the corporate income tax rate will be raised in light of concerns around South Africa’s competitiveness.

Kyle Mandy, tax policy leader for PwC South Africa, says corporate tax is the most distortive from an economic perspective and the Davis Tax Committee has already indicated that it is not the best avenue to raise additional revenue..

The 10th edition of the World Bank Group and PwC’s Paying Taxes study ranks South Africa 20th out of 189 economies for ease of paying taxes, falling one place from last year. Mauritius, in the 13th position, was the best-ranked African country.

Mandy says in isolation, South Africa’s total tax rate (a measure of the burden of all taxes a company must pay in relation to its commercial profit) of 28.8% compares relatively well with other regions (see chart below).

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