More evidence that South Africans are trying to get their money out of the country

More evidence that South Africans are trying to get their money out of the country
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A wealth tax may be the quickest way to plug holes in government finances and pay for additional costs, including Covid-19 vaccines, but it is not sustainable, says Momentum Consult CEO Hannes van den Berg.

Van den Berg said that a wealth tax is a short-term tool to solve a long-term problem.

“It is a quick way to fill in the gaps left by mismanagement of public funds, but it is not a durable solution,” he said. ‚ÄúSouth Africa has a relatively well developed tax regime that resembles those of first world countries. The problem is our shrinking base of individual contributors. “

Tax statistics for 2020 show that there are 4,337,923 individual taxpayers in South Africa.

Van den Berg said that the taxpayer base is already paying a number of …

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