With the national budget speech coming up on 24 February 2021, this week on Kaya Drive’s Kids News, heard what tax is from various children’s perspective. After posing the question to a small group of kids, they shared some interesting asnwers about what they know about income tax.
Listen to the full episode here:
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What the kids said about income tax:
“I think taxes have something to do with the bank and money; why is it caledl tax? I don’t know.” – Lindo
“What I think and what I know about tax. Tax is an organization that takes people’s money andgivinggives it to the government. I think people pay tax at the banks.” – Mohale
“I think tax, sounds like Texas, a city in America. My second one is also that it sounds like a taxi.” – Tumi
“I don’t know what tax is, I’ve heard people talk about it on TV and Radio.” – Jama
“Taxes is an amount of money people and businesses have to pay the government for public usage.”- Lethabo
What’s the right answer?
Income tax is a form of tax imposed by governments on income generated by companies and individuals within South Africa. Taxpayers are required by law to file an annual income tax return in order to assess their tax obligations. The monies collected as taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens.
We will all be hearing how the government will be spending this money in the budget speech this week.
Dr Bheki Mfeka, economic advisor and Executive Director of SE Advisory, and Busisiwe Mdletshe, CEO of BTMT capital and group CEO of Netvest recently joined Gugulethu Mfuphi to share predictions on the direction Minister Tito Mboweni will take in his speech.
Listen to the conversation here: