Zuko Komisa

Finance Minister Enoch Godongwana has firmly reiterated the government’s stance that the current income tax system remains the most effective mechanism for revenue collection from high wealth individuals.
Responding to a parliamentary inquiry from MK Party MP Sanele Mwali, Minister Godongwana dismissed the notion of introducing a direct tax on personal fortunes.
He staunchly defended South Africa’s existing tax framework, highlighting that it already captures wealth through a variety of avenues, including estate duty, donations tax, capital gains tax, and levies on property and securities transfers.
Minister Godongwana pointed out that these existing wealth-related taxes collectively contributed R21.3 billion to the national fiscus in the 2024/25 financial year.
While this figure represents a slight decrease from the R22.6 billion collected in the previous year, and is marginally below the R22 billion recorded in 2021/22, the Minister emphasized that this 1.15% share of the total tax revenue compares favorably to the Organisation for Economic Co-operation and Development (OECD) average of just 0.5% for similar wealth-based taxes.
The Siz The World team and listeners held a heated debate about whether the wealthy should be taxed more or not.



