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Ok. Got it3 May 2017
Please read the media release here calling for submissions re: a possible new wealth tax In summary, the Davis Tax Committee has announced the beginning of a consultation period to invite views on the desirability and feasibility of the following possible forms of wealth tax:
The deadline for written submissions is 31 May 2017. This will be followed by a workshop for oral submissions during June 2017.
The sequence of events that is likely to follow the submission and consultation process
After the consultation process, the Davis Tax Committee will then prepare a report on wealth taxes and present this to the Minister of Finance. If he chooses to implement any of the recommendations, the normal budgetary process should then follow. This includes an announcement, the drafting of legislation and the parliamentary approval process.
We will be providing feedback to the Davis Tax Committee
Nedbank will be providing feedback on the proposed possible wealth taxes via various channels to the Davis Tax Committee. Your wealth manager continues to remain your primary point of contact, but we are always here to provide support and specialist advice. We will continue to monitor developments in this regard. We will provide you with an update when further information is available.