FINANCIAL FUNDIS
T a x h av e n S :
IS THIS THE END?
Just ask HSBC who recently had their 'haven' accounts published by
the Sunday Times.
BY EDDIE SCHMIDT
T
ax, while as popular as One
Direction at a heavy metal
concert, is fundamental to
how society functions. Taken
from the earnings of citizens,
businesses, and corporations, tax is
used by the state to pay for services,
bureaucracy and general orderliness...at
least in theory anyway.
Locally, the SA Revenue Service (SARS)
reported that as of March 2014, South
Africa had 16.8 million taxpayers. A total
of 6.5 million of those were expected
to have submitted tax returns, with 5.2
million assessed. In 2013/14, R310.9
billion in personal income tax was
collected, equating to 34.5 percent of
state tax revenue for the financial year.
IMBO/ ISSUE 32/ '14
86