Online Reporter
A grouping of civil society organisations, trade unionists and activists is calling on the South African government to take action to “tax the rich” and tackle corporate tax abuse.
The South African Tax Justice Working Group is represented by organisations such as Cosatu, Oxfam, and the Institute for Economic Justice (IEJ). It made the call ahead of the G20 Finance Track meeting currently underway at the Zimbali Resort on KZN’s North Coast.
“This week, as finance ministers of the G20 gather in KwaZulu-Natal, we call on the South African government to match its global commitments with bold domestic action to … stop tax abuse by multinational corporations,” it stated.
The taxation of high-net-worth individuals has become a growing focus in international policy discussions.
A study commissioned by the G20 and led by economist Gabriel Zucman estimates that a 2 percent tax on the wealth of the world’s 3 000 wealthiest billionaires could generate between US$200 billion (R3,6 trillion) and US$250 billion (R4,5 trillion) annually.
The issue gained further traction at the G20 Summit in Rio de Janeiro, Brazil, in November 2024. Early in July this year, Spain and Brazil launched a joint initiative to promote higher global taxation of the ultra-wealthy.
The proposal was formally introduced at the United Nations 4th International Conference on Financing for Development, held in Sevilla, Spain, and is expected to shape upcoming negotiations on international tax cooperation. — Moneyweb
