SA’s richest have assets of about R400bn
Enoch Godongwana says other measures are more effective than wealth tax, which could result in high net worth individuals relocating
07 May 2025 - 09:55
UPDATED 07 May 2025 - 22:49
Initial data from the SA Revenue Service (Sars) indicates there are 2,850 individuals in SA with net assets of more than R50m, who have a total of R245bn in local assets and R150bn in foreign assets, finance minister Enoch Godongwana revealed in a reply to a parliamentary question about the possible introduction of a wealth tax.
This group paid R7bn in personal income tax (which is also on returns from foreign assets) and Godongwana said this revenue would be put at risk if these individuals decided to change tax residency because of a wealth tax...
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