How SARS Quietly Collects Billions | SARS Bracket Creep Explained
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How SARS Quietly Collects Billions | SARS Bracket Creep Explained
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South Africans are facing a hidden tax increase known as bracket creep, where rising salaries push earners into higher tax brackets because the tax tables have not been adjusted for inflation.
In this Moneyweb Now interview, Tanya Tosen, Tax and Remuneration Specialist at Tax Consulting South Africa, explains how SARS is projected to collect an additional R19.5 billion this year (R18 billion from income tax and R1.5 billion from medical aid tax credits) without changing the official tax rates.
Key Highlights
What bracket creep is and why unadjusted tax tables create it
How higher salary increases can push you into a higher tax bracket
The impact on take-home pay and cost of living
Why both employees and freelancers must monitor their own tax compliance]
#SARS #BracketCreep #IncomeTax
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