South Africa among 10 most heavily taxed countries in the world: IMF

Pedro Gonçalves
clock • 1 min read

South Africa is one of the 10 most heavily taxed countries in the world (tax-to-GDP ratio), according to the a report by the International Monetary Fund (IMF). Personal taxes have increased by 125% over the past decade. From 2017 to 2018, personal income tax accounted for R1.22-trillion in taxes collected by the national government and ranks as the country's number-one source of tax, accounting for 38% of all tax revenue. Just behind this is value added tax or VAT accounting for 24%, followed by company income tax, which accounts for 20%. Because of these excessive figures, South Afri...

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