MPs push for wealth tax

LEGISLATORS have urged Finance minister Mthuli Ncube to introduce a wealth tax to increase the country’s revenue base and bolster social safety nets.

Contributing to debate on the Finance Bill in the National Assembly on Tuesday, chairperson of the Budget and Finance Committee, Matthew Nyashanu, said raising revenue through wealth tax would reduce dependency on donor and government-supplied food handouts.

A wealth tax is a tax on an entity’s holdings of assets that include cash, bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities and personal trusts.

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