The latest episode of “Money, Markets and Masterminds” discusses the negative impacts of government tax policies on South Africa’s economy, focusing on increasing tax burdens and compliance issues. Keith Engel emphasizes the need for reform and offers insights on potential solutions to improve the tax system.
In the latest episode of “Money, Markets and Masterminds,” hosted by Citywire South Africa, Keith Engel, CEO of the South African Institute of Taxation, addresses the detrimental effects of government tax policies on the South African economy. The discussion raises concerns about the complexity of tax regulations and whether the nation has surpassed the optimum point on the Laffer Curve, leading to adverse economic repercussions.
The episode examines significant issues such as increasing value-added tax, escalating income tax burdens, and a notable number of non-compliant taxpayers. Engel questions whether the government is effectively collecting taxes or merely exacerbating economic challenges through inefficiencies and compliance failures.
Furthermore, Engel highlights the dangers of imposing excessive tax burdens on businesses, arguing that there is a pressing need for reform within South Africa’s tax system. With practical solutions and insightful recommendations, the episode emphasizes the urgency of implementing changes to safeguard the economy.
In conclusion, the podcast by Citywire South Africa sheds light on critical issues facing the South African tax system. Keith Engel’s insights reveal the potential risks of excessive taxation and complexity that threaten businesses and the economy. By identifying loopholes and compliance issues, Engel advocates for essential reforms to enhance tax efficiency and promote economic stability before it is too late.
Original Source: citywire.com
