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Wealthy taxpayers set to cough up R40bn

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Finance Minister Tito Mboweni says government will miss its tax collection target by R300 billion this year.     Picture: Kopano Tlape/GCIS
Finance Minister Tito Mboweni says government will miss its tax collection target by R300 billion this year. Picture: Kopano Tlape/GCIS

Treasury ponders viability of a wealth tax, and how it relates to property taxes and estate tax, to mitigate expected budget deficit of R709bn this financial year.

Once again, it will be wealthier taxpayers who will have dig deep into their pockets for the additional R40 billion in tax revenue that government wants to collect over the next four years to make its books look better.

And in South Africa, you could find yourself helping to foot the state’s bill if you pay municipal property taxes, sell assets that require capital gains tax to be paid, purchase a property and pay transfer costs and earn dividends that are taxable or receive an inheritance, say tax experts.

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