Economic Research Southern Africa (ERSA)’s Post

Civil Society Organisations continue to play a pivotal role in the progress towards tax policy reforms and must heighten efforts in shaping domestic resource mobilisation policies that promote a transparent and equitable tax system in Africa. Read more from the just concluded 2024 Tax Summer School 👉 tjna.me/4bDFOfV #TaxJusticeAfrica #AfricaAgainstIFFs Like, comment, share

Have you ever wondered how South Africa’s tax brackets work and what it means for your income? 🤔 Let’s break it down! South Africa uses a progressive tax system, which means the more you earn, the higher your tax rate. 📈 Here’s a quick rundown: 1️⃣ 𝗧𝗮𝘅 𝗕𝗿𝗮𝗰𝗸𝗲𝘁𝘀: Your income is divided into chunks, and each chunk is taxed at a different rate. For example, the first portion of your income might be taxed at 18%, the next portion at 26%, and so on. 💸 2️⃣ 𝗠𝗮𝗿𝗴𝗶𝗻𝗮𝗹 𝗧𝗮𝘅 𝗥𝗮𝘁𝗲: This is the rate you pay on the last rand you earn. So, if you’re in the 31% bracket, you pay 31% on income above a certain threshold, not on your entire income. 📊 3️⃣ 𝗥𝗲𝗯𝗮𝘁𝗲𝘀: Depending on your age, you get certain rebates that reduce your overall tax liability. 🎉 Why does this matter? Understanding your tax bracket helps you plan better, make informed financial decisions, and potentially save more! 💡 #tax #financialliteracy #incometax #

📢 Understanding Provisional Tax in South Africa Are you earning income outside of your monthly salary? If so, understanding provisional tax is crucial for managing your finances and staying compliant with SARS regulations. Our latest article offers a comprehensive guide as we head into the provisional season. Time is running out. Make sure you understand: ✅ Who needs to pay provisional tax ✅ The payment schedule and deadlines ✅ How to calculate your provisional tax ✅ The difference between IRP6 and IRP5 forms Don't let tax season catch you off guard! Dive into our detailed overview and ensure you're prepared. Stay ahead, stay compliant, and make informed financial decisions. 👉 Read the full article here: https://lnkd.in/dkB8Wsg9 #TaxSeason #ProvisionalTax #TaxCompliance #SARS #SouthAfricaTax #FinanceTips

The Institute for Economic Justice (IEJ) has suggested that the South African government should increase taxes, particularly for the wealthiest citizens, to fund a Basic Income Grant (BIG). The IEJ’s proposals include a 1% wealth tax on top-income earners, which could generate roughly R70 billion. However, critics argue that a narrow tax base could collapse if more taxpayers are burdened with higher taxes. #southafrica #taxation https://lnkd.in/duYAdnBq 

Tomorrow's Budget speech carries unprecedented weight as South Africa faces a challenging fiscal landscape. With the deficit rising and revenue collection declining, taxpayers brace for potential surprises. Could capital gains tax hikes or shifts in personal income tax be on the horizon? Join us as we unpack the implications in our Tax Budget Analysis Webinar this Thursday the 22nd of February 2024. Register here: https://bit.ly/492fxXv . . . #NationalBudgetSpeech2024 #TaxBudget #ThinkPKFThinkTax

THE ECONOMIC STABILIZATION BILLS - Employ more people, get tax relief. - ⁠Reduction in tax payable by Nigerians to a single digit. - ⁠Suspension of certain taxes by states. - ⁠Create level playing field for businesses. The Economic Stabilization Bills prepared by the Presidential Committee on Fiscal Policy and Tax Reforms has been approved by President Bola Ahmed Tinubu and these are the things you need to know.

Personal Income Tax (PIT) is a key source of revenue for governments around the world, including in South Africa, where it helps fund public services and address inequality. But how well do we understand how PIT operates and affects the economy? On 30 August, join the #SATIED policy dialogue to explore potential reforms to PIT that could make taxation fairer, improve compliance, and support economic growth. Whether you're a taxpayer, tax practitioner, or policymaker, this conversation is relevant to you. Register: https://go.unu.edu/H9GVJ

🍽️ Lunchtime Learning: Understanding Your Tax Bracket in Personal Income Tax When it comes to personal income tax, one term you’ll often hear is ‘tax bracket’. But what does it mean? 🤔 A tax bracket refers to the range of incomes taxed at a given rate. In a progressive tax system like South Africa’s, tax brackets are designed so that individuals with higher incomes pay a higher tax rate. This is done to ensure fairness and equity in the tax system. 💰 For example, if you earn R200,000 per year, you fall into a different tax bracket compared to someone who earns R500,000 per year. The person earning R500,000 will pay a higher rate of tax on their income. Understanding your tax bracket is crucial as it helps you plan your finances better. It allows you to estimate your tax liability and make informed decisions about investments, deductions, and credits. 📈 At Aonani Financial Services, we’re committed to helping you understand your tax bracket and how it impacts your personal income tax. Reach out to us for personalized advice and guidance. Together, let’s shed some beautiful light on your finances! 💡🌈 #TaxBracket #PersonalIncomeTax #AonaniFinancialServices #TaxAwareness #FinancialPlanning #Accounting #Payroll #Taxation #Compliance #Finance #SouthAfrica 

Unveiling the New Edition: Notes on South African Income Tax 2024 In our industry, the norm is often to remain composed and measured in our reactions. However, when the latest hardcopy of "Notes on South African Income Tax 2024" arrives, it's impossible not to share our excitement! 🎉 This comprehensive guide is essential for staying updated with the latest tax regulations and strategies in South Africa. It's more than just a book—it's an indispensable tool for professionals dedicated to excellence in the field of taxation. #silkefs #wealthcare

The UK government has just published its latest policy paper on non-domiciled taxation, introducing key changes that will take effect from April 2025: • The "Foreign Income and Gains regime" is replacing domicile, offering tax exemptions for the first four years of UK residence.  • UK settlors not in the FIG regime will now face income and capital gains tax on their trusts. • Non-UK income and capital gains can be brought to the UK at a reduced tax rate for a limited period. • Non-doms outside the FIG regime won't get income tax relief in the first year.  • Full IHT exposure will apply to those who have been UK residents for 10 years, remaining in scope for 10 years after departure. These changes will have a major impact on high-net-worth individuals. Stay informed and ahead of the curve. Follow Growbal for more insights on navigating the new tax landscape. 🌍💼 Source: Ocorian #TaxUpdate #UKTax #FinancialPlanning