Attorney Michael de Broglio on: South Africa, Law, Politics, Attorneys, Sport, Photography, Technology, Gadgets, Media, Crime, Road Accidents Fund,
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It seems that the media was ecstatic that the tax bullet was ducked this year. In other words, the expected increases did not really happen, and as the media commented, there was no wealth tax on the wealthy which had been expected. I think the thing that they are forgetting is that there were indeed wealth taxes on the wealthy – they just never called it a wealth tax.
Firstly, they increased capital gains tax, which is something that largely only affects you if you are wealthy, because of the various exclusions and they increased transfer duty on all properties sold for more than R10 million. That of course is a wealth tax, because the only person who is going to be selling a house for more than R10 million is somebody who is wealthy in the first place!
I do think we are looking at years of increases unless we get Government salaries sorted out and the civil service reduced, but we were lucky to avoid it this year.
Posted by Michael de Broglio on Tuesday 22-Mar-16
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Comments
Melissa P said:
on Thursday 24-Mar-16 08:30 AM
With the prospects of SA maybe becoming a country of "Junk Status" the effect it has on the citizens might be much worse than we might think. We already pay tax and see no or very little improvements in the future of SA. At this stage I don't see the light at the end of this long and dark tunnel SA is in.
Joyce said:
on Wednesday 23-Mar-16 05:28 PM
let's hope for the best, that government salaries will be sorted out and the civil service get reduced
Helen said:
on Wednesday 23-Mar-16 04:51 PM
I would say the tax increase will happen but we will not be informed, the interest rate already increased twice this year, the price politic has changed so much that we hardly can afford the first need items. Tax increase is on its way.....
Ashleigh said:
on Wednesday 23-Mar-16 04:32 PM
We keep having to pay tax for every little thing but don't see any improvements on anything.
Brenda van den Bergh said:
on Wednesday 23-Mar-16 03:38 PM
I heard that South African debt is falling to "Junk Status" and that it is just a matter of time. So while we may have dodged a bullet this year in the tax increases, I think we need to start preparing for bombs that may be a bit harder to dodge.
So unless our Government come up with one fool proof, "free of corruption" plan to build our country up and get the Rand stronger again, we are heading for serious trouble!
Prishani said:
on Wednesday 23-Mar-16 03:11 PM
Tax is of course very necessary for the future of our country, but I think many South Africans will be more positive about paying tax if we actually saw the funds being used for something important and necessary!
Michelle said:
on Wednesday 23-Mar-16 02:52 PM
I cant see that there is anything done with our tax money. If only we saw results, maybe it would not be that big of an issue to pay our taxes.
nikita said:
on Wednesday 23-Mar-16 01:50 PM
Its sad to think that we work so hard just to pay so much to Tax and we don't seem to reap any rewards.
Zanell said:
on Wednesday 23-Mar-16 01:24 PM
Paying tax can be really painful if you earn a good salary. I wonder how bad the the tax increase will be next year but I am very happy that we could avoid it this year.
Thabitha said:
on Wednesday 23-Mar-16 12:12 PM
Firstly our government must sort its problem and their salaries we are living in difficult times now and it doesn't help if they are going to ignore the situation.
Alexis said:
on Wednesday 23-Mar-16 11:58 AM
They will as most say, get it somewhere. Wish that the tax money would actually go to something useful though instead of the pockets of the government.
Cornelie said:
on Wednesday 23-Mar-16 11:54 AM
If it was not increased this year it will most probably increased double next year they will make it up somewhere.
Jessica said:
on Wednesday 23-Mar-16 11:34 AM
Luckily I am not wealthy then I guess LOL. But then again with everything else happening such as E-tolls etc it makes me wonder what is happening with our hard earned money that we pay tax on.
Jolene said:
on Wednesday 23-Mar-16 10:58 AM
Well I guess there is pros not being very wealthy :)
Suzanne said:
on Wednesday 23-Mar-16 10:46 AM
We pay way too much tax as it is and it does not get allocated where it is needed most in SA.
Liesl said:
on Wednesday 23-Mar-16 10:36 AM
I understand that our Country needs our taxes, but when I read articles where we are informed that South Africa's 35 ministers and 37 deputy ministers cost tax payers around R720 million per year or in exaggeration of political speak "almost a billion" and more controversially what other benefits and privileges our cabinet members are allowed to claim for not to even mention money wasted by our President, don't even get me started on JZ my blood boils and if I could I would prefer to not give them a cent.
Angelique P said:
on Wednesday 23-Mar-16 10:33 AM
The non-increase in personal income tax is good news. But taxpayers could be hit in other areas depending on their personal circumstances. By avoiding the increase in tax this year it will become more of a problem next year.
Mathilda said:
on Wednesday 23-Mar-16 10:33 AM
I think we pay enough taxes if our so called government can stop spending our tax on unnessasery stuff they wont have to increase tax
Brumilde said:
on Wednesday 23-Mar-16 10:03 AM
yes calling it something else does not mean it still didn't happen.
Sally said:
on Wednesday 23-Mar-16 09:36 AM
We pay enough towards the Government and they are not using the money wisely.
Charlotte Harding said:
on Wednesday 23-Mar-16 09:36 AM
I think South Africa is the only country where we pay so many taxes. What does the government do with all of these taxes? Speaking of wealthy tax.... some government officials are quite wealthy..... what about their taxes? I think the wrong people are being taxed. I think they should start taxing the government officials first before anybody else gets taxed.
Daniella said:
on Wednesday 23-Mar-16 09:33 AM
So happy that taxes haven't increased this year , but im waiting to see what might happen next year with tax.
Kaylee said:
on Wednesday 23-Mar-16 09:33 AM
Well Guptas, Bobroff, Belgium and RABS, at least there is something sort of positive about this. Mind you our economy is almost in junk status. Sigh, I'm cynical on the bigger picture here!
Tersia said:
on Wednesday 23-Mar-16 09:32 AM
I am very glad that it wasn't increased but I am sure at some stage they will increase it. It's sad that we work so hard for our money just for it to be taken away not just on tax but everything else that we are paying extra for to cover this or that or for someone else.
Daria said:
on Wednesday 23-Mar-16 09:19 AM
We give the government enough of our money as it is. To increase the tax will be very unfair to all.
Sandra said:
on Wednesday 23-Mar-16 09:18 AM
It's a good thing that taxes didnt increase, but it will at a later stage and I think this is ridiculous because we are already paying so much and prices went up for everything. The South African economy is in a turmoil, somewhere, something has to be improved
Natasha said:
on Wednesday 23-Mar-16 09:12 AM
I hope they don't increase tax.. its unfair we work for our money and tax just comes and takes it and then they don't even use it wisely
chanika said:
on Wednesday 23-Mar-16 09:00 AM
I think it's wrong to have any increase in taxes, we are paying enough and the Government is not using it wisely.
Sarah said:
on Wednesday 23-Mar-16 08:57 AM
I really hope the whole financial situation improves. I know this lady that earns a lot but after tax doesn't even get after her salary
Tamzyn said:
on Wednesday 23-Mar-16 08:12 AM
I agree with Jess, in that taxes have to come from somewhere. However, if we get Government salaries and spending under control (although highly unlikely), there would be less need to burden the wealthy with added CGT and tax increases in general.
Bianca said:
on Wednesday 23-Mar-16 08:07 AM
We were lucky to avoid these taxes this year but if the financial situation does not improve, there is no doubt that these taxes will be implemented for sure. I certainly hope that the government will stick to their promise to reduce government spending and large salary hikes, they need to look at the bigger picture which is the South African economy that is in shambles!
Jessica Apfel said:
on Tuesday 22-Mar-16 08:26 AM
We cannot be ignorant to our current financial climate and though (as you pointed out) the taxes may not be deemed that which we are accustomed to, the additional taxes will have to come from somewhere! All South Africans are encouraged to be cognizant of these changes and be mindful when it comes to money matters
Johannesburg based attorney specializing in personal injury matters including Road Accident Fund claims and medical negligence matters. My interests include golf, reading and the internet and the way it is constantly developing. I have a passion for life and a desire for less stress!
