April 2016: Working for the Taxman in 2016

  • By:jdhill
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A local think tank measures the amount of time it takes for taxpayers to pay their income taxes. In 2016, it will take until 25 May (“Tax Freedom Day”) before taxpayers can earn for themselves – in other words from 1 January to 25 May (146 days) you effectively pay your taxes and from 26 May to 31 December your earnings are your own.Until the recent change in our tax laws, prescription of assessments (the expiry date of when SARS could still reassess a return submitted) in pra…

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