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Some perspective on taxes in South Africa

  • By Alan Knott-Craig
  • December 14, 2012

Having studied tax law (against my will), and having listened to many people complain of their taxes around the world, I thought I’d give some quick perspective for my fellow taxpayers in sunny South Africa:

 

  • Belgium has a 50% income tax rate in the highest bracket.

 

  • The USA has an “exit tax” for renouncing US citizenship of 45% of net assets.

 

  • Norway has a 25% sales tax (equivalent to VAT) and a capital gains tax of 28%.

 

  • France has a 1,8% annual wealth tax. You must pay 1,8% tax on your entire net asset value every year. Also, France is poised to raise the highest income tax rate to 75%.

 

Sometimes it feels our taxes are a tad high, especially when we look at service delivery, but if you want service delivery like the French then be prepared to pay much more tax.

 

PS: In terms of proposed new legislation, income and dividend tax in America are pegged to increase from 42% to 28% and from 19% to 48% respectively.

PPS: I would still love to get more bang for my tax buck!