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New financial emigration law will ‘deplete tax base’ – expert

Business News 3 days ago

Amendment a way to keep pensioners’ savings in the country and is against the spirit of removing exchange control – Prof Jannie Rossouw


22 Feb 2021
PREMIUM!
New financial emigration law will ‘deplete tax base’ – expert

The biggest danger of the financial emigration law amendment that comes into effect on 1 March is it could mean the total emigration of the country’s tax base. Between 500 000 and 600 000 taxpayers pay more than R750 000 ayear, which makes up 50% of personal tax and 20% of the country’s income. Professor Jannie Rossouw from the Wits Business School sounds this warning and says it is mainly young people with advanced skills who already work remotely for international companies who will emigrate. “They will just move to a new place and continue their work, which means that...

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