South African cabinet considered a proposal to introduce a wealth tax when it discussed amendments to last week\u2019s postponed budget, Business Day reported, citing officials it didn\u2019t identify.<\/p>\n\n\n\n
The cabinet met on Monday to consider changes to the budget after Finance Minister Enoch Godongwana had to delay his annual announcement because of a disagreement over a proposed increase in value-added tax. <\/p>\n\n\n\n
Raising the rate of VAT would have helped to generate R191 billion of revenue through 2028.<\/p>\n\n\n\n
The National Treasury signaled last year that it\u2019s weighing whether to introduce a levy on wealth. It\u2019s working with the South African Revenue Service to determine levels of wealth that are declared to the tax authority, Business Day said.<\/p>\n\n\n\n
The Democratic Alliance, the second-largest party in South Africa\u2019s coalition government, will outline its proposals for the revised budget on Tuesday. <\/p>\n\n\n\n
Godongwana will present the government\u2019s new spending plan to lawmakers on March 12.<\/p>\n","protected":false},"excerpt":{"rendered":"
Cabinet is said to be considering a proposal to introduce a wealth tax in South Africa.<\/p>\n","protected":false},"author":59,"featured_media":752193,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[21583,17448,21100],"class_list":["post-814023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-budget-2025","tag-enoch-godongwana","tag-wealth-tax"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/814023","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\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=814023"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/814023\/revisions"}],"predecessor-version":[{"id":814024,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/814023\/revisions\/814024"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/752193"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=814023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=814023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=814023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}