The finance ministry has asked for a study into the introduction of an annual wealth tax as the government seeks to boost the standard of living of the black majority. The Davis Tax Committee, which makes 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 addition to existing charges, it said in an emailed statement on Tuesday. It will take comments until May 31 before holding hearings. The move comes two months after the government increased the top income tax bracket by 4 percentage points to 45% and as President Jacob Zuma called for “radical economic transformation” in his final year as leader of the ruling party. The ANC says the white minority still dominates ownership of the economy more than two decades after the end of apartheid. “The distribution of wealth in South Africa is highly unequal,” the committee, led by Judge Dennis Davis, said. “It is well establishe...
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