WHILE no ‘solidarity tax’ was announced by Finance minister Tito Mboweni in his 2021 Budget Speech, National Treasury has indicated that it will assess the viability of a future wealth tax as it collects more data in the coming months.
“Following the recommendations of the Davis Tax Committee, SARS will focus on consolidating wealth data for taxpayers through third-party information,” Treasury said in its 2021 budget review.
“This will assist in broadening the tax base, improving tax compliance and assessing the feasibility of a wealth tax.”
From the comments made in the 2021 Budget Speech, it does not appear that South Africa will see the introduction of a wealth tax in 2022, said Roxanna Naidoo, attorney at Tax Consulting South Africa.
“However it is clear that government is actively assessing the viability of a wealth tax, which could very well be introduced in the near future,” she said.
“Government has
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