38,000 taxpayers have ended their tax residency in South Africa, costing the revenue collector a whopping R3 billion.
SARS says in 2023, approximately 1,700 millionaires changed their tax residency status, representing almost R5 billion in taxable income and almost R2 billion in assessed tax.
Firstsource Money executive director Redge Nkosi says there’s a variety of reasons why people move.
Tune into Newzroom Afrika DStv channel 405 for more.
My fellow South African taxpayers are 31 years late – they should have moved their assets on the eve of New South Africa and it’s cookie jar accounting
I too can’t wait to leave this brutal tax regime. As youth in this country, I feel like a financial slave
SARS is a bottomless pit. Imagine having to pay for private education, security, medical aid for the same services you are being overly taxed for. Our generation of youth is the most neglected and abused. I honestly won’t think twice to jump ship.
Honestly whats the point of paying such high taxes when there are no benefits, or evidence that taxes have been used effectively. Also btw to everyone saying “you wont see what taxes are used for because you live in good neighbourhoods etc. etc.” what exactly has government done in poor areas? the Johannesburg CBD (which I regularly commute through) is pretty bad and is getting worse, same goes for townships where some of my family stays in Johannesburg South.
Also high taxes arent just given to people earning millions, if get a salary where you earn say 45k per month you’ll get taxed pretty badly.
I can answer.
Have a look at the mismanagement and looting and bingo!!!!
That 38000 doesnt even generate their income from South Africa anyway.
Because if that income was generated here it will be taxed here.
This is not just your ordinary tax payers, these are high net worth people.
Redge Nkosi if government intervention is so desperately needed, name one globally known export product the ANC government has produced…?
Print money and hate the free market, it is the same old song.
Marx was an amateur that wrote and sold books for a living… a philosopher… meanwhile free market capitalism has created unemployment of 4%, South Africa, Namibia, Cuba and everyone else that uses Socialism and that places government ahead of the private sector has struggled.
Now they will increase middle class taxes whilst a lot are losing jobs n we are not concerned.