Following the budget speech, it is crucial to expand the South African tax base to address economic challenges. The informal economy and lack of tax knowledge among small businesses contribute to the weakening of the tax base.
Following February’s budget speech , it’s clear that the South Africa n tax base needs to be urgently expanded. The list of factors throttling the economy may look almost insurmountable. However, all of them would be eased if the South Africa n tax base was larger.Finance Minister Enoch Godongwana delivers the February budget speech . Image: @ParliamentofRSAtaxpayers. Likewise, at last count, South Africa ’s informal economy was booming.
Spaza shops and entrepreneurial ventures in the townships are not paying tax at all. This weakens the tax base further.If more small businesses knew their tax rights they would not work informally and shrink the South African tax base. Image: File Experts say South Africa doesn’t have debt problem; we have an income problem. And despite the fact we spend roughlycompanies were registered for SBC in 2022/23. Ironically, companies not registered to SBC are missing out on the benefits of paying less tax through the scheme. Moreover, better education from SARS on the different types of tax would benefit small business owner
South Africa Tax Base Budget Speech Informal Economy Small Businesses Tax Knowledge Economic Growth
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