Here’s a pretty staggering statistic – 1% of the South African population pays 60% of the personal tax collected by SARS. That doesn’t bode well for our economy.
SARS is already expecting a shortfall in tax returns this fiscal year, and unfortunately that has some dire repercussions for the country.
The state of the South African economy is always a worry, and now we are waiting on our latest GDP figures amid rumours that we are heading into a recession.