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While the loss of taxpayers has been a growing problem for South Africa over the last decade, the Covid-19 crisis could prove to be a tipping point. For the first time since the current tax brackets were established six years ago, the country will see a drop in the number of top earners this fiscal year, data from Reuters shows. Revenue from the three highest brackets will fall by 8%, or around R22.6 billion according to previously unreported treasury forecasts.
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