South Africa is considering lowering the threshold for its high-wealth tax unit, expanding the number of rich taxpayers it monitors to boost government revenue.
Taxpayers with gross assets of at least 75 million rand ($4.3 million) are among the nation’s richest and their affairs are handled by the South African Revenue Service’s High Wealth Individual unit. Their number, which includes founders and chief executives of listed companies, trusts and family offices, more than doubled to 4,084 taxpayers by the end of March 2024 — three years after the establishment of the unit.
Still, the figures fall short of private-sector data. ...
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