South Africans are sick and tired of corruption and the fruitless spending by Government of their hard-earned taxes.
If corruption doesn’t stop “tax morality” may be under threat.
The greater the level of corruption, the higher the possibility of a tax revolt, according to Judge Dennis Davis.
Davis is tasked with reviewing the tax system.
In the unlikely event of a wholesale tax revolt, services would come to a standstill and credit ratings will get downgraded.
Government won’t be able to borrow, and the economy would collapse.
The Money Show’s Bruce Whitfield interviewed Head of Tax at Norton Rose South Africa Andrew Wellsted.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
If you want to avoid paying donations tax you need to have the foundation registered as a public benefit organisation.— Andrew Wellsted, Norton Rose South Africa
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