Many South Africans are not aware of the ins and outs of Tax Freedom Day, and may be surprised how many days of the year they are essentially “working for the government”.
When it comes to tax season, there’s a lot of grumbling from tax payers about where their money is going and just how much of their time is spent ‘working for the government.’ In this great explanatory infographic, you’ll learn just where you’re paying tax, how much, and where it’s going. But before you get too frustrated, did you know SA has one of the world’s worst rankings on the GINI index?
What this means to you and me is that South Africa has the least equitable split between rich and poor, and stands to reason why we’d have higher tax days than some first world countries.
The below information will be helpful to all businesses but especially to young entrepreneurs.