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Wealth tax for SA? Have your say now

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Judge Dennis Davis. (File, Netwerk24)
Judge Dennis Davis. (File, Netwerk24)

Cape Town – South Africans have until 31 May to submit written input on the desirability of introducing new forms of wealth tax, the Davis Tax Committee said in a statement issued on Tuesday. 

The Committee, established in 2013 by former finance minister Pravin Gordhan is looking into the feasibility of introducing additional wealth taxation, including a land tax, a national tax on the value of property – in addition to municipal rates – and an annual wealth tax. 

In the 2017 Budget Review, Gordhan announced a new top tax bracket for high income earners of 45% for taxable incomes above R1.5m. About 100 000 taxpayers will be affected by the new bracket.

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