South Africa Moots Wealth Tax in Budget Discussions, BD Reports

South African cabinet considered a proposal to introduce a wealth tax when it discussed amendments to last week’s postponed budget, Business Day reported, citing officials it didn’t identify.

The cabinet met on Monday to consider changes to the budget after Finance Minister Enoch Godongwana had to delay his annual announcement because of a disagreement over a proposed increase in value-added tax. Raising the rate of VAT would have helped to generate 191 billion rand ($10.4 billion) of revenue through 2028.

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