Tag: tax burden

Estimated Tax Freedom Day (TFD) – the day after the country has earned enough money to pay for government – will be on May 14 this year. That is 2 days later than last year’s prediction. The prediction is based on the intended level of tax collection for central government mentioned in the Budget Speech.

South Africa’s tax laws were designed for a high-income society – a result of a long history of the country accommodating a small, wealthy economy, and a large, poor one. But for a country with tens of millions being either unemployed or receiving very little income, being one of the world’s highest-taxed states does not make sense, particularly when small business growth is so crucially important to our economic future.