(in 2000 Rand). Taxes and transfers Taxation The top rate of personal income tax rate in South Africa is 45%; the corporate tax rate is 27%. Other taxes include a value-added tax and a capital gains tax, with the overall tax burden amounting to 23.4% of total domestic income. Social benefits South Africa has about three times as many recipients of social benefits as it has income tax-payers, an extremely high ratio by international standards. After 1994 resources have been rapidly reallocated to black households: while approximately 40% of aggregate social spending was directed to whites and 43% to blacks in the mid-1980s, by the late 1990s fully 80% of total social spending was assigned to blacks and less than 10% to whites. At present, blacks contribute some 50% of total government transfers, while receiving roughly 80%. The Unemployment Insurance Fund is financed out of premiums, contributions and benefits depend on earnings, and focuses on insuring workers against the risk of income loss. Social assistance grants Social assistance grants are non-contributory, income-tested benefits provided by the state to the poor, and are financed out of general tax revenues without any links between contributions and benefits. They are provided in the form of: grants for older persons; disability grants; war veterans grants; care dependency grants; foster child grants; child support grants; grant-in-aid; social relief of distress. The state old age pension, received by over 80% of the elderly, is a non-contributory pension and pays more than twice median per capita Black income, thus representing an important source of income for a third of all Black households in the country. It pays a maximum of R1,780 (as of July 2019) to people who reach pension age without access to private pensions. The child support grant provides R420 per month, per child (as of July 2019) for every child in the household younger than 18, and benefited 9.1 million children by April 2009. The war veterans grant is provided to former soldiers who fought in the Second World War or the Korean War, and pays a maximum amount of R1,800 per month (as of July 2019). Comparison with other emerging markets According to a December 2010 article by the South African Government Communication and Information System's now-defunct BuaNews news service, South Africa was said to compare well to other emerging markets on affordability and availability of capital, financial market sophistication, business tax rates