The Organisation for Economic Co-operation and Development (OECD) has published a report this week recommending South Africa raise VAT, keep the current Covid-19 relief grants, and cut corporate tax.
It also recommended reductions to personal income tax deductions, which it found disproportionately benefited the wealthy.
“In parallel with fostering economic activity, the tax system could be made more progressive and efficient at raising the revenues needed to reduce the budget deficit and finance investments,” the OECD stated.“For example, the allowances and deductions in personal income tax that tend to benefit high earners could be reduced while wealth transfer taxes and estate […]
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