Crossing the Rubicon of wealth tax: A nation at peril

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The recent announcement of the possible implementation of a wealth tax – to be investigated by the Davis Tax Committee chaired by Judge Dennis Davis – has come as a shock to the South African public, although some economists had expected it.

AfriBusiness is drafting submissions on why South Africans cannot even afford to pay more tax – let alone a wealth tax. These will be submitted to the Davis Tax Committee. It is important that all South Africans take part in the investigation process to ensure that the voice of the tax-payer is heard.

“AfriBusiness will endeavour to halt the implementation of any legislation, regulations and/or policies that will directly impact the livelihood of South Africans, especially the small number of around 6,8 million citizens who actually pay taxes,” says Charles Castle, Manager at AfriBusiness.

Government should be held accountable for the vast amounts of money that have allegedly been stolen or misappropriated, especially over the past 10 years. It should decrease its expenses and the size of its Cabinet, as well as use its abundant resources to repay its enormous debt.