Cecil Kilpin | August 2022 Newsletter

By |2022-08-15T15:46:47+02:00August 15th, 2022|Business, Finance + Economics, Goverment, Newsletter, Tax|

Wealth Tax to fund Basic Income Grant (BIG)? There have recently been calls for a wealth tax to fund BIG. While it is readily acknowledged that South Africa is the most unequal society in the world, The implementation of a wealth tax is not that easily achieved. The Davis Tax Committee in its final reports recommended the following: Firstly, a comprehensive wealth tax cannot be successfully introduced until a comprehensive picture of wealth is obtained hence the recommendation for SARS to collect better information on wealth. Secondly, a significant amount of wealth is held in retirement funds. It is hardly progressive to tax workers savings as part of a wealth tax hence the need to obtain better information [...]