United Democratic Movement (UDM) has reiterated its call for the rich to be heavily taxed more than the rest. President Cyril Ramaphosa faces tough challenges as the South African economy is in a technical recession.
Ramaphosa outlined his vision for the country’s future at the UN General Assembly in New York earlier this week.
UDM MP Nqabayomzi Kwankwa says corporate income tax should also be increased.
“Now, we are going through very difficult economic times what do we do? What is required is that the wealthy must contribute more to the fiscals. We’ve also even made an example past that corporate income tax should be increased to about 30% because we should all be making sacrifices as a big bulk or proportion of the tax rests on the shoulders of private individuals in SA; that needs to be corrected. Actually, the corporates end up paying about 17% and not the 28%. Those are people who should be taxed more so that we should be able to relieve those who are poor.”
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