South Africa’s Godongwana Says Wealth Tax Will Risk Revenue: N24

A tax on the rich could place 7 billion rand of income tax derived from 2,850 wealthy people at risk, News24 reports, citing a written reply to lawmakers by Finance Minister Enoch Godongwana.

• Tax base of high-net-worth individuals in South Africa is small and mobile, Godongwana says
• If wealthy South Africans relocate, it would also affect capital and investment flows negatively

To contact the reporter on this story:
Adelaide Changole in Johannesburg at achangole2@bloomberg.net

To contact the editors responsible for this story:
Rene Vollgraaff at rvollgraaff@bloomberg.net

Helen Nyambura

© 2025 Bloomberg L.P. All rights reserved. Used with permission. ...