Political parties are divided over plans by the government to introduce a new tax on SA's wealthiest citizens, even though it would help to stabilise debt and raise up to R40billion in the next few years. WealthTax
Cape Town - It appears that the government is planning to tax the super rich. The National Treasury confirmed in Parliament that Finance Minister Tito Mboweni will announce new taxes in his February budget and this would include the wealth tax.
Chief director in the National Treasury Edgar Sishi told the joint committees on finance this week that plans were afoot to tax the super rich. “The 2020 Supplementary Budget stated that there would be tax increases of R40bn over the next four years to help stabilise debt and that the specifics of the tax increases would be announced by the minister of finance in the 2021 Budget,” the documents says.
“We have no choice whether we like it or not, we have to get money somewhere to address problems in the country,” said Holomisa. However, he said they could also look at other areas like cutting wastage and allow national and provincial governments to run the finances of smaller municipalities without capacity.
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