Government shelves its wealth tax

The much-debated tax is supposed to be levied on all residential properties worth more than US$250 000 owned by individuals under the age of 65.

THE government has deferred its plans to introduce a wealth tax on affluent citizens, until the necessary legal and administrative framework is in place. This comes after Finance minister Mthuli Ncube introduced a one percent wealth tax in his 2024 national Budget, saying at the time that the country’s tax system benefited the rich at…

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