{"id":172313,"date":"2017-04-26T07:51:37","date_gmt":"2017-04-26T05:51:37","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=172313"},"modified":"2017-04-26T07:51:37","modified_gmt":"2017-04-26T05:51:37","slug":"south-africas-richest-face-three-new-wealth-taxes-report","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/172313\/south-africas-richest-face-three-new-wealth-taxes-report\/","title":{"rendered":"South Africa&#8217;s richest face three new wealth taxes: report"},"content":{"rendered":"<p>Both the finance ministry and the\u00a0Davis Tax Committee this week have taken\u00a0steps to\u00a0formulate at least three new taxes\u00a0to improve the standard of living for South Africa&#8217;s poorest and\u00a0meet revenue targets amid sluggish economic growth.<\/p>\n<p>According to a report by <strong><a href=\"http:\/\/www.fin24.com\/Economy\/wealth-tax-game-of-hide-and-seek-looms-says-economist-20170425\" target=\"_blank\" rel=\"noopener noreferrer\">Fin24<\/a><\/strong>, the finance ministry has asked for an official study into the introduction of an annual wealth tax as a means for government to boost the standard of living of South Africa&#8217;s black majority.<\/p>\n<p>Speaking to Fin24 via text message, Judge Dennis Davis confirmed that the finance ministry&#8217;s study had been requested by ex-finance minister Pravin Gordhan before he was removed from the position.<\/p>\n<p>\u201cThe distribution of wealth in South Africa is highly unequal,\u201d said Davis.<\/p>\n<p>\u201cIt is well-established that economic inequality inhibits economic growth and undermines social, economic and political stability.\u201d<\/p>\n<p>The Davis Tax Committee, which is responsible for making tax recommendations to the National Treasury, also requested submissions from the public on the feasibility of a land tax and a national tax on the value of property, in a statement sent out on the same day.<\/p>\n<p>These new property and land taxes would be in addition to the current estate duty, transfer duty and a donations tax, said the Davis committee in a statement.\u00a0It will receive public comments until May 31 before holding hearings into the new taxes.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/banking\/172249\/the-biggest-types-of-credit-card-fraud-in-south-africa\/\" target=\"_blank\" rel=\"noopener noreferrer\">The biggest types of credit card fraud in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Both the finance ministry and the Davis Tax Committee this week have taken steps to formulate at least three new taxes to improve the standard of living for South Africa&#8217;s poorest and meet revenue targets amid sluggish economic growth.<\/p>\n","protected":false},"author":10,"featured_media":74538,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26],"class_list":["post-172313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/172313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=172313"}],"version-history":[{"count":10,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/172313\/revisions"}],"predecessor-version":[{"id":172335,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/172313\/revisions\/172335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/74538"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=172313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=172313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=172313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}