Latest news with #R19.4
IOL News
15-07-2025
- General
- IOL News
R19. 4 million Lotto win: a life-changing moment for an unemployed man
Man wins a whopping R19.4 million. Image: File AN UNEMPLOYED man has turned his dreams into reality by winning over R19.4 million in the Lotto Plus 2 jackpot - from draw number 2557 last Wednesday. He bought the ticket on his banking app with a R30 wager, using the Quick Pick selection method. The man attributes his luck to his persistence and belief that he would win one day. "I have always believed I would win one day, and now it has finally happened," he said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Despite his confidence in his eventual win, the multi-million jackpot win came as a surprise. 'I found out I had won through my bank and checked the results on the National Lottery app, and I was absolutely shocked." The winner said he was thrilled to share the news with his wife and was eager to transform his life and the lives of those around him. He expressed a desire to make an impact on his family's well-being, grateful that he could now provide for their every need. "I also plan on helping a former colleague who holds a special place in my heart." The winner said he intended on donating a portion of his winnings to charitable organisations. He also plans to invest some of his winnings, with the goal of creating a sustainable source of income that would allow him to enjoy life's simple pleasures, like the leisure walks he loved taking by the beach. Charmaine Mabuza, the CEO of Ithuba, the operator of the National Lottery, said: "It's inspiring to see a winner who is committed to transforming not only his own life but also the lives of those around him; his family, friends, and community. When managed wisely, a multi-million jackpot win can rewrite the future for many people." THE POST
IOL News
15-07-2025
- Lifestyle
- IOL News
R19. 4 million Lotto win: a life-changing moment for an unemployed man
Man wins a whopping R19.4 million. Image: File AN UNEMPLOYED man has turned his dreams into reality by winning over R19.4 million in the Lotto Plus 2 jackpot - from draw number 2557 last Wednesday. He bought the ticket on his banking app with a R30 wager, using the Quick Pick selection method. The man attributes his luck to his persistence and belief that he would win one day. "I have always believed I would win one day, and now it has finally happened," he said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Despite his confidence in his eventual win, the multi-million jackpot win came as a surprise. 'I found out I had won through my bank and checked the results on the National Lottery app, and I was absolutely shocked." The winner said he was thrilled to share the news with his wife and was eager to transform his life and the lives of those around him. He expressed a desire to make an impact on his family's well-being, grateful that he could now provide for their every need. "I also plan on helping a former colleague who holds a special place in my heart." The winner said he intended on donating a portion of his winnings to charitable organisations. He also plans to invest some of his winnings, with the goal of creating a sustainable source of income that would allow him to enjoy life's simple pleasures, like the leisure walks he loved taking by the beach. Charmaine Mabuza, the CEO of Ithuba, the operator of the National Lottery, said: "It's inspiring to see a winner who is committed to transforming not only his own life but also the lives of those around him; his family, friends, and community. When managed wisely, a multi-million jackpot win can rewrite the future for many people." THE POST
The Citizen
14-05-2025
- Business
- The Citizen
Minister of finance says no to wealth tax
The minister of finance must consider various ways of raising revenue to plug the hole in Budget 3.0, but a wealth tax is not one of them. Ahead of delivering the third attempt to get Budget 2025 passed, the minister of finance, Enoch Godongwana, said in parliament that he does not think a wealth tax is a good idea to find the money to make up the budget shortfall, as the wealthy people of the country already pay tax in many other ways. Sanele Mwali, an MP for the MK party, asked Godongwana in parliamentary questions if he has considered implementing a wealth tax as an alternative to increasing VAT, which disproportionately affects low-income households. Godongwana said in his reply that South Africa already has a multitude of instruments that tax wealth comprehensively through a combination of taxes on property (assets), which include estate duty, donations tax levied for any asset donations, all equity transfers taxed through a securities transfer tax and real estate transfers through transfer duty. 'In addition, all real estate (land and buildings) is taxed at local level through property rates and taxes,' he pointed out. ALSO READ: Budget 2025: Is wealth tax coming for South Africa's rich? Wealthy people already pay more tax in various ways According to the minister, the total annual tax revenue collected from the four national taxes on wealth, excluding the local property taxes, amounted to R22 billion in 2021/22, R22.6 billion in 2022/23, R19.4 billion in 2023/24 and R21.3 billion in 2024/25. 'This is a contribution of 1.15% to total tax revenue, which compares favourably to the Organisation for Economic Co-operation and Development (OECD) average of 0.5% for similar taxes. In addition, South Africa levies capital gains tax, which is essentially a tax on wealth gains. 'Capital gains tax contributed an additional R15.6 billion to the fiscus during 2019/20 and R16.4 billion in 2020/21. Dividend tax and tax on interest are also taxes on the returns from wealth.' ALSO READ: Will South Africa's rich pay wealth tax or find ways to avoid it? Considerations regarding wealthy taxpayers and wealth tax Godongwana said that when evaluating the most comprehensive and efficient approach to wealth taxation, government must consider that: The tax base of high net worth individuals in South Africa is small and mobile. The initial data from South African Revenue Service [Sars] indicates that there are 2 850 individuals with net assets above R50 million who have a total of R245 billion in local assets and R150 billion in foreign assets. This group pays R7 billion in personal income tax (which is also on returns from foreign assets) and that revenue would be put at risk if they decided to change tax residency. Should this group decide to relocate, it would impact negatively on capital and investment flows, as they often have business interests which generate employment and contribute towards economic growth and capital formation locally. ALSO READ: Cosatu urges Sars to target wealthy tax dodgers International examples show wealth tax does not work The minister also pointed out that international examples show that several countries abandoned or significantly reduced the scope of their wealth taxes over the years, as they were ineffective. The reasons for abolishing the wealth taxes are the high cost of collection, administrative complexity, risk of capital flight and limited revenue gained from these taxes. Only four countries currently have what can be termed 'wealth taxes'. Godongwana said income tax is the most effective way to tax the wealthy, and it generates multiple times more revenue for the fiscus in a more efficient and cost-effective manner. ALSO READ: 1.5% of SA population pay 61% of income tax: Are we overtaxed? What the research shows about the effectiveness of a wealth tax 'Research by the OECD on the effectiveness of wealth taxes found that a comprehensive income tax system, which also taxes capital gains, is more effective at generating revenue and redistributing wealth than taxes that specifically target the stock of wealth. 'South Africa has a very comprehensive income tax system with progressive rates and high-income earners paying a top marginal tax rate of 45%. In line with international best practice, South Africa levies capital gains tax to make its income tax system even more progressive and comprehensive.' He also emphasised that wealth taxes discourage savings. 'South Africa has a low gross savings rate of only 13.7%, well below its peers. Introducing a wealth tax will discourage people from saving. 'Rather than save and add to South Africa's overall savings pool, which is critical for investment and economic activity, wealthy individuals will rather consume their income or take it offshore. This will damage South Africa's long-term development prospects.' ALSO READ: Many wealthy taxpayers are leaving SA due to increasingly high taxes What about increasing corporate tax? Mwali also wanted to know if Godongwana considered implementing progressive taxation measures, such as increasing corporate tax rates, to generate additional revenue and reduce income inequality. Godongwana explained that South Africa has multiple tax instruments, with three accounting for more than 80% of total tax revenue. 'Personal income tax contributes the largest share, followed by VAT and corporate income tax. 'Our tax system is broadly progressive, ensuring higher-income earners contribute more, but not all tax instruments share the same level of progressivity. The ability to raise revenue from increasing the corporate income tax rate will depend on how companies respond. 'Empirical evidence shows various ways companies use to reduce their taxable income in response to tax rate increases, such as disinvesting or reducing investment plans and shifting profits out of high-tax countries.' ALSO READ: Despite sharp decline in company tax, Sars collects R1.7 trillion Increasing corporate tax detrimental to economic growth He said that given that corporate tax rate increases are the most detrimental to economic growth, an increase can negatively affect revenue collection in the long run, which would reduce the government's ability to spend on redistribution programmes. 'South Africa's corporate income tax rate is already high when compared to most countries that have progressively lowered rates. This places greater pressure on Sars to police anti-avoidance measures. 'Alternative revenue-raising measures aimed at corporations are to broaden the corporate income tax base and enhance compliance. In this regard, South Africa has made progress in recent years through domestic reforms and international cooperation. 'The introduction of the global minimum tax will reduce the incentive for large multinational enterprises to shift profits and will bolster corporate tax collections from 2026/27.' ALSO READ: President assents to Global Minimum Tax Act for multinational companies Higher corporate tax will not reduce inequality Godongwana pointed out that attempts to raise revenue by increasing the corporate income tax rate will not necessarily reduce inequality, as workers and consumers will feel the burden of a rate increase, not just shareholders. He said in a study reviewing whether Canada should increase its corporate income tax rate, the researchers said 'while it is clear that people, not corporate entities, ultimately bear the burden of corporate taxes, a key question is which people? The answer to this question has important implications for the equity, or fairness, of the tax system.'
