SARS has flagged a serious risk to South Africa’s tax base.
South Africa’s record-high unemployment rate points to a declining individual tax base and weakening revenue collection.
“It has become a serious constraint to revenue growth and will cause further strain on the government to increase spending on social benefits,” it said. “The continued high rate of unemployment and lack of business opportunities for two generations pose a great risk of future civil unrests, which negatively impact investor confidence and tax morale.”published by professional services firm PwC at the end of April shows that the country’s narrowly defined unemployment rate is expected to increase to 39.3% by 2030 from 35.3% at the end of last year.
“The solutions to South Africa’s unemployment conundrum are not easy – but the time to act is now. We need to choose the areas that will have the biggest impact on GDP and jobs growth and where big change is possible without necessarily needing big financial commitments.”
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