The ANC has revived its wealth tax proposal

[RudderVator]

Until they realise that the Wealth Tax targets largely ANC politicians and connected friends/ family that have stolen themselves into the top 5%, with the people they intended on taxing having left SA already

No those I have been told bank with “Sealy” so they are tax exempt…

 

[upup]

Until they realise that the Wealth Tax targets largely ANC politicians and connected friends/ family that have stolen themselves into the top 5%, with the people they intended on taxing having left SA already

Wrong, ACE and Zoempie got no money. Under the table money, inside the furniture, do not count.

 

[hj007]

This is not true. Anyone who has had to fill in a "Statement of Assets and Liabilities" in their tax return can tell you that SARS requires you to declare your assets at COST, not market value.

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Yeah thought this was a mistake too.

Perhaps they expect SARS to change it.. Ala Netherlands with an annual wealth tax on unrealized assets. Would suck, but definitely lead to more structuring of hiding asset values.

 

[r00igev@@r]

What about you pay back the money you stole ANC?

 

[2023]

Just keep lumping on the taxes and hidden taxes, it's becoming cheaper and cheaper to just not live here anymore...

 

[rvZA]

Richer people - well, screw that, we're emigrating.

Laffer curve yadda yadda.

Naturally. That goes without saying. If you have invested a lot of time and money in getting an education, qualification, experience and worked yourself up the ranks of a company, or even started your own company, made millions, even billions, there is no way you will want to suddenly share your business, wealth or money with the poor or a government. Naturally you will start looking at taking your money out of the country to another where it is safe from 60 million+ grabbing hands, and eventually leave yourself.

 

[RedViking]

Does this include ministers and politicians?

 

[rvZA]

Does this include ministers and politicians?

Naturally not. You should know better by now. You know.... "freedom fighters" and all....

 

[ConfusedR]

Yep. We shall call it the “Wealth derived from BEE and government tenders tax.”

Yeah.
Black Monopoly Capital

 

[ConfusedR]

They should tax Bank Phala Phala

 

[deweyzeph]

Yeah thought this was a mistake too.

Perhaps they expect SARS to change it.. Ala Netherlands with an annual wealth tax on unrealized assets. Would suck, but definitely lead to more structuring of hiding asset values.

The problem every tax authority has run into when trying to implement a wealth tax is the valuation of assets. Valuations of assets like shares in unlisted companies, property, art, etc are very subjective, and you can bet that if they tried to implement a wealth tax in South Africa, SARS would be tied up in court cases objecting to valuations for years and years to come.

 

[daveza]

Just checked my wallet, and the boat of wealth has long sailed.

Don't bother knocking.

 

[Blackhand]

The tax in SA is already insane and delivers none of the value you would expect from such an extortionate tax rate (healthcare, retirement, education, public transport, basic services etc.).

What we really should be doing is finding every way possible to LOWER tax. Claw money back from the politicans, get it back in the hands of the people and stimulate the economy.

Everything government currently does can be done with at least half the tax money but they are both extremely corrupt and extremely inefficient. This shouldn't be surprising, they have zero incentive to do otherwise.

It's delusional to think giving more money to politicians will somehow end up as a win for the people.

 

[am-user]

The tax in SA is already insane and delivers none of the value you would expect from such an extortionate tax rate (healthcare, retirement, education, public transport, basic services etc.).

What we really should be doing is finding every way possible to LOWER tax. Claw money back from the politicans, get it back in the hands of the people and stimulate the economy.

Everything government currently does can be done with at least half the tax money but they are both extremely corrupt and extremely inefficient. This shouldn't be surprising, they have zero incentive to do otherwise.

It's delusional to think giving more money to politicians will somehow end up as a win for the people.

Sounds like you want 'somebody' to think and do work. It will not happen. Easier to just talk and tax

 

[BBSA]

Boiled them slowly...

 

[hj007]

Just keep lumping on the taxes and hidden taxes, it's becoming cheaper and cheaper to just not live here anymore...

If you haven't yet built up assets then it makes sense to obtain them in a better tax location. The problem with moving once you have the assets is that in order to exit SA you have to pay the "exit" tax which just means you realise all your taxes at once instead...

 

[Swa]

How about the ANC stops stealing the money already there?

 

[Swa]

True. The best option for the ANC would be to raise VAT to 17 / 18 or 19%. This is the only way they will get the money, but then again, not even sure if this may be sufficient to cover such grant.

We should have a tiered VAT system. Basic goods and food requiring further preparation should be exempt. Luxury goods and thus purchased less often taxed higher.

 

[RonSwanson]

Wealth taxes are not a tax on income. They are a tax on the appreciation of assets bought with money that has already been taxed. In effect they are a form of capital gains tax, except they are a capital gains tax on assets that have not even been liquidated.

I have a suspicion that the "assets" will be the pension and provident funds, it's not the first time that they have looked with their greedy little snake eyes at these, also not the first time that they have played loose and fast with them, they want to expand the scope of the PIC meddlings.

In March 2022, BusinessTech reported that according to investors and tax experts at PSG and Allan Gray, the country is priming taxpayers to introduce a wealth tax.


Allan Gray tax manager Komil Gordhan said that SARS required assets to be declared at market value. This suggests the revenue service is trying to gauge how the value of these assets has changed and determine from where opportunities for tax revenue can come.

 

[TEXTILE GUY]

Tell what MAY work - is for the ANC to get over itself, stop the socialist and racist shidt, forget about nationalisation - open the economy to manufacturing, create jobs and the tax will sort itself out.