Posts tagged with 'Tax'

 

Communism FAILS Again! Another ANC BEE Milk Farm Collective Ends in Disaster, Despite (or Because?) R43 Million of Our Taxes Being Given To Them!

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Hundreds of cows dying from neglect has been termed “a challenge” by the MEC for Agriculture in the Eastern Cape, Nonkqubela Pieters. What normal people would call animal abuse, the socialists (sociopaths?) call a challenge? It is becoming patently clear that Ramaphosa’s “our people” simply cannot, or do not want to farm, they just want the cash handouts and free stuff that comes with all these disastrous virtue seeking schemes. The milk farm financed by the state to the tune of R43 million, as a much publicised empowerment project for “our people”, has collapsed in the Eastern Cape, leaving most of the cows dead and not much going on besides the odd sickly cow wandering about.

SA-News has reported about many of these totally failed, lavishly funded state farms, which were intended to run on a socially engineered communist collective farm model – in other words where a f
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SA has a national debt of R3 trillion rand and tax deficit of R53 million

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Following the disappointing mid-term budget speech by Tito Mboweni, the Rand reached its lowest level in weeks. Eskom’s rescue plan has nowhere really figured in either Pravin Gordan’s submission or Mboweni’s budget reason.

The government’s financial situation is rapidly deteriorating with the national debt of R3 trillion and a tax deficit of R53 billion.

Moody’s is therefore expected to downgrade the country to negative from where it currently stands at stable.

However, there are fears that Moody’s will downgrade the country directly to junk status which will affect Government bonds as the Citigroup’s World Government Bond Index contains only investment-grade securities.

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While National Treasury and SARS scramble for money, a new focus has been placed on the revenue service’s plans to tax SA expats working abroad , who could face having 45% of their earnings over R1 million fed back to government

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South Africa’s expat tax is coming – and there’s only one way to legally avoid it.

Speaking on The Money Show this week, personal financial advisor at Galileo Capital, Warren Ingram said that even though the actual rules around the tax are yet to be finalised, they are planned to come into effect in March 2020.

The new legislation has many expats riled up, with much confusion and uncertainty around the new laws, and many believing that it will not apply to them or that it will be unenforceable.

It has also brought into question whether young South Africans who are working abroad for a short time are tax compliant.

According to Ingram, many South African expats who are working abroad are currently – unintentionally – flouting the country’s tax laws, and may already owe SARS money.

“One thing (expats) don’t do is tell SARS, ‘I am no longer a tax resident’ – this isn’t a process that happens automatically, wher
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