A lengthier recession awaits if we don't take drastic measures to save the economy in a Covid-19 world, writes Mbhazima Shilowa.
It's time SARS got serious about pushing for a more progressive income tax for high earners and a wealth tax for the ultra-high net worth individuals, says Sifiso Skenjana.
Despite significant efforts by the State to stimulate inclusive growth, the income gap between the rich and the poor has continued to widen in post-apartheid South Africa, says Ingrid Woolard.
It makes sense to reform and stimulate the economy to create growth rather than create negative sentiment by overburdening the wealthy and foreign investors, cautions an expert.
Wealthier South Africans could feel the pinch of a hidden wealth tax, with Finance Minister Malusi Gigaba announcing an increase in estate duty and higher excise taxes on luxury goods in his budget speech.
There’s a number of measures that SARS can use to increase contributions from the wealthy without introducing a wealth tax, says an expert.
Should the rich be taxed more? Let’s take a look at the various arguments both for and against this proposal.
The Davis Tax Committee invites South Africans to send their thoughts on the desirability of additional forms of wealth tax in the country.
Although higher taxes on corporates and the super-rich may be popular ideas, raising value-added tax may prove a much fairer and quicker way to increase revenue, says a tax expert.
President Jacob Zuma has signed into law several bills that will penalise wealthier investors, higher income salary-earners and trusts. Find out if they will affect you.
The money-washing business will not be eliminated until banks, law firms and other enablers are held accountable and pay for facilitating such illegal actions, says an expert.
They’re an eclectic bunch - some of the nation’s most privileged heirs alongside entrepreneurs who have made spectacular fortunes in real estate, finance and Silicon Valley. But collectively they’re united on the need to tax more of the richest Americans’ assets.
Government must consider the Davis Tax Committee's work holistically before making decisions about a possible wealth tax, says President Cyril Ramaphosa's economic advisor Trudi Makhaya.
The Davis Tax Committee says poor and middle class people should be protected from having to pay a wealth tax, and that more needs to be done to strengthen the estate duty system.
For all amounts over R3.5, there's going to be an estate duty of 12.20% up to a value of R30m. Tim Mertens, Chairperson on Sovereigh Trust discusses the wealth tax.
There is general discontent among high net worth individuals in SA who feel they are potentially being unfairly burdened by ever-increasing taxes, says an expert.
Experts say estate tax the most promising of the proposed three.
Increasing the VAT rate would make a bigger contribution to narrowing the tax gap than a raise in the wealth tax, says an expert.
As unwelcome as planned tax increases are at a time of general weakness in economic activity, they could have been substantially higher, says an economist.
A 'wealth tax' could significantly address two of SA’s triple challenges of joblessness, poverty and inequality – but it needs to be managed correctly, says an expert.
Matthew Lester is crunching the national budget numbers in earnest searching for a solution to free tertiary education.
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