The government receives revenue from you through income tax, VAT, capital gains tax, duties on fuel, alcohol and tobacco, and customs, estate and transfer duties, among others. Although tax evasion is illegal, it is perfectly legal – and indeed encouraged – to reduce your tax bill by taking advantage of incentives such as deductions for retirement fund contributions.
The May 2022 edition of our free digital magazine IOL MONEY focuses on the taxes you pay and legitimate ways of reducing your tax bill. After all, the only thing worse than paying tax is paying more tax than necessary.