Finance minister said the wealthy in South Africa are already paying their dues.
Minister of Finance Enoch Godongwana said he does not think a wealth tax should be used to make up the budget shortfall.
Godongwana said the rich are already paying their dues in South Africa.
The minister also pointed out several countries where a wealth tax didn’t work.
“Research by the OECD on the effectiveness of wealth taxes found that a comprehensive income tax system, which also taxes capital gains, is more effective at generating revenue and redistributing wealth than taxes that specifically target the stock of wealth,” he said.
NOW READ: Minister of finance says no to wealth tax
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