3 new taxes for SA's wealthy

The finance ministry and the Davis Tax Committee, responsible for making tax recommendations to National Treasury, have together taken steps to formulate no less than three new taxes aimed at the country’s wealthiest individuals. This in a bid to improve the standard of living for South Africa’s poorest, as well as meet revenue targets.

The Davis Tax Committee requested via a statement that submissions be made by the public regarding the feasibility of a land tax and a national tax on the value of property. These would be in addition to the current estate duty, transfer duty and a donations tax, the Davis committee said.

It will receive public comments until 31 May before holding hearings into the new taxes.