scholarly journals Investigating a new wealth tax in South Africa: Lessons from international experience

2018 ◽  
Vol 11 (1) ◽  
Author(s):  
Jackie Arendse ◽  
Lilla Stack
Keyword(s):  
Economic Growth ◽  
South Africa ◽  
Budget Deficit ◽  
Tax Revenue ◽  
Wealth Transfer ◽  
The World ◽  
History Of ◽  
Small Base ◽  
Wealth Tax ◽  
Gift Tax

In recent years, there has been an increasing focus on new sources of taxation, including wealth tax. In South Africa, two phenomena have driven the focus on wealth tax. Firstly, the need for additional tax revenue to fund an ongoing and growing budget deficit, exacerbated by a prolonged period of low economic growth, rising government debt and a very small base of individual taxpayers. Secondly, the fact that South Africa has one of the most unequal societies in the world. The dual demands of increased tax revenue and economic inequality have converged around wealth tax as a possible panacea to both problems. Although South Africa has a long history of wealth transfer tax in the form of estate duty and donations tax, there has never been a tax on the net wealth holdings of individuals during their lifetime. Internationally, numerous countries have used wealth tax in various forms, including inheritance tax, gift tax, recurrent wealth tax and non-recurrent wealth tax. This study examines some of the international experiences with these three categories of wealth tax, seeking lessons and experiences that can inform the debate around the viability of a new wealth tax in South Africa.

scholarly journals Should 1974 be considered a watershed year in the economic history of the world?

1980 ◽  
Vol 11 (2) ◽  
pp. 45-49
Author(s):  
G. Jan Hupkes
Keyword(s):  
South Africa ◽  
Economic History ◽  
Free Market ◽  
Market Mechanism ◽  
Oil Consumption ◽  
Payments System ◽  
The World ◽  
History Of ◽  
Oil Crisis ◽  
Economic Future

The early 1970s marked a turning point in mankind's economic fortunes and the author takes 1974 as an 'artificial' vantage point from which to look back, but also forward. Several forces led to the shocks of the seventies: the breaking down in the discipline of the international payments system, rising inflation, the oil crisis, the West's loss of strategic military initiative to the East. The author outlines what ought to be done to improve the economic outlook for the 1980s: The international payments system must be placed on a more stable and disciplined footing, inflation must be controlled by balancing of national budgets, the energy crisis must be contained by reduction of oil consumption via the price mechanism. In South Africa the economic watershed year was 1976; two years later than that of the world economy in general. Since then a policy of strict financial discipline has led to a record surplus in balance of payments, which together with new emphasis on the importance of the free market mechanism and increasing energy self-sufficiency, promises a better economic future for South Africa than for many other countries.Die vroee 1970s was 'n keerpunt in die mensdom se ekonomiese lotgevalle en die skrywer neem 1974 as 'n 'kunsmatige' uitsigpunt vanwaar hy terug kyk, maar ook vorentoe. Verskeie magte het gelei tot die skokke van die sewentigs: die aftakeling van die dissipline van die internasionale betalingstelsel, stygende inflasie, die oliiekrisis, en die Weste se afstand van strategiese militere inisiatief aan die Ooste. Die skrywer dui aan wat gedoen moet word om die ekonomiese vooruitsigte vir die 1980s te verbeter: Die internasionale betalingstelsel moet op 'n meer stabiele en gedissiplineerde grondslag geplaas word, inflasie moet deur die balansering van nasionale begrotings beheer word, die energiekrisis moet via die prysmeganisme deur verminderde olieverbrulk beteuel word. In Suid-Afrika was die ekonomiese waterskeidingsjaar 1976; twee jaar later as die van die wereld-ekonomie in die algemeen. Sedertdien het 'n beleid van streng finansiele dissipline gelei tot 'n rekord surplus op die betalingsbalans, wat saam met nuwe klem op die belangrikheid van die vrye markmeganisme en toenemende energie-selfvoorsiening, 'n bater ekonomiese toekoms vir Suid-Afrika as vir baie ander lande beloof.

scholarly journals An Evaluative Study of Criminalistics: A Case of South African Counterfeiting and Knock-Off Menace

2021 ◽  
Vol 4 (2) ◽  
pp. 45-60
Author(s):  
Godfrey Thenga
Keyword(s):  
South Africa ◽  
South African ◽  
Human Life ◽  
Health Hazard ◽  
Capital Flight ◽  
Tax Revenue ◽  
African Countries ◽  
Counterfeit Goods ◽  
Evaluative Study ◽  
The World

Counterfeit goods are a health hazard to human life, environment and business. More so as the goods destroy the viability of legitimate businesses across the world. Counterfeit goods are characterized as a threat to the financial viability of legitimate businesses and has a dire impact on the tax revenue of countries, necessitating its effective and efficient policing for the financial wellbeing of countries. If not well managed, counterfeit goods could lead to unemployment, disinvestment and capital flight in countries. The available evidence reveals that even though counterfeit goods has dire consequences for the economic wellbeing of countries, its penalties in most African countries are less severe in comparison to penalties for other crimes. The sight of counterfeit goods in many places, such as on busy street corners and transportation terminals in the Southern parts of Africa, attests to its prevalence in the continent. Especially in South Africa as the country has become a transit point for contrabands. Post 1994, South Africa opened its borders to the world of branded and protected goods and this enabled rogue people to trade in counterfeit goods. Effective policing is hindered by the use of sophisticated skills and expertise that leads to counterfeit goods resembling genuine goods. Moreover, in South Africa, the problem persists despite the promulgation of the Counterfeit Goods Act 37 of 1997, thus questioning the effectiveness of the policing strategies in use to quell the problem.

Constraints to Economic Growth in South Africa

2021 ◽  
pp. 110-134
Author(s):  
Kenneth Creamer
Keyword(s):  
Economic Growth ◽  
South Africa ◽  
Industrial Structure ◽  
Commodity Price ◽  
Structural Factors ◽  
Weak State ◽  
Policy Interventions ◽  
Macroeconomic Imbalances ◽  
History Of ◽  
The Impact

This chapter analyses the drivers and constraints on the rate of economic growth in South Africa from the 1950’s apartheid-era through to the democratic period post-1994. Key structural factors identified as impacting on the rate and composition of economic growth include the country’s history of racial injustice and exclusion, its industrial structure and linkages to the global commodity price cycle, the evolution of macroeconomic imbalances and related infrastructure investment failures, and the impact of weak state capacity and corruption. Thereafter, the chapter outlines a number of strategic policy interventions for overcoming constraints to inclusive economic growth in South Africa.

The Economic History of South Africa 1948–94

2021 ◽  
pp. 46-65
Author(s):  
Bill Freund ◽  
Vishnu Padayachee
Keyword(s):  
Economic Growth ◽  
South Africa ◽  
South African ◽  
Economic History ◽  
History Of ◽  
Anglo American ◽  
Relationship Of ◽  
Global And Local ◽  
The Impact ◽  
The Way

This chapter addresses the unfolding economic history of South Africa in the apartheid era (1948–94). The chapter is organized according to a periodization with 1971–73 as a marker of the break, and along specific thematic lines. These include a discussion of the way in which this history has been studied and through what theoretical lenses, before engaging with the main issues, including the impact of Afrikaner nationalism on economic growth, the way in which the minerals energy sector, which dominated early perspectives of South African economic history and perspectives, is impacted in this era of National Party rule. An analysis of the role of one major corporation (Anglo American Corporation) in shaping this economic history is followed by an assessment of the impact of the global and local crisis after c.1970 on the South African economy. An abiding theme is that of race and economic development and the way in which the impact of this key relationship of apartheid South Africa on economic growth has been studied.

scholarly journals A Review of Gregory Clark's A Farewell to Alms: A Brief Economic History of the World

2008 ◽  
Vol 46 (4) ◽  
pp. 946-973 ◽  
Author(s):  
Robert C Allen
Keyword(s):  
Economic Growth ◽  
Middle Class ◽  
Economic History ◽  
Industrial Revolution ◽  
Empirical Support ◽  
Living Standards ◽  
Preventive Check ◽  
The World ◽  
History Of

A Farewell to Alms advances striking claims about the economic history of the world. These include (1) the preindustrial world was in a Malthusian preventive check equilibrium, (2) living standards were unchanging and above subsistence for the last 100,000 years, (3) bad institutions were not the cause of economic backwardness, (4) successful economic growth was due to the spread of “middle class” values from the elite to the rest of society for “biological” reasons, (5) workers were the big gainers in the British Industrial Revolution, and (6) the absence of middle class values, for biological reasons, explains why most of the world is poor. The empirical support for these claims is examined, and all are questionable.

scholarly journals Soft Touch or Heavy Hand? Legislative Approaches for Preventing Invasions: Insights from Cacti in South Africa

2015 ◽  
Vol 8 (3) ◽  
pp. 307-316 ◽  
Author(s):  
Ana Novoa ◽  
Haylee Kaplan ◽  
Sabrina Kumschick ◽  
John R. U. Wilson ◽  
David M. Richardson
Keyword(s):  
South Africa ◽  
Invasive Species ◽  
South African ◽  
Economic Impacts ◽  
Legal Framework ◽  
Global Awareness ◽  
Significant Control ◽  
The World ◽  
History Of ◽  
The Cost

AbstractThe rate of transportation, introduction, dissemination, and spread of nonnative species is increasing despite growing global awareness of the extent and impact of biological invasions. Effective policies are needed to prevent an increase in the significant negative environmental and economic impacts caused by invasive species. Here we explore this issue in the context of the history of invasion and subsequent regulation of cacti introduced to South Africa. We consider seven approaches to restricting trade by banning the following: (1) species already invasive in the region, (2) species invasive anywhere in the world, (3) species invasive anywhere in the world with a climate similar to the target region, (4) genera containing invasive species, (5) growth forms associated with invasiveness, (6) cacti with seed characteristics associated with invasiveness, and (7) the whole family. We evaluate each approach on the basis of the availability and complexity of information required for implementation, including the cost of the research needed to acquire such information, the likely numbers of false positives and false negatives, the likely degree of public acceptance, and the costs of implementation. Following a consultative process, we provide recommendations for how to regulate nonnative cacti in South Africa. The simplest option would be to ban all cacti, but available evidence suggests that most species pose negligible risk of becoming invasive, making this option unreasonable. The other extreme—reactively regulating species once they are invasive—would incur significant control costs, likely result in significant environmental and economic impacts, and limit management goals (e.g., eradication might be unfeasible). We recommended an intermediate option—the banning of all genera containing invasive species. This recommendation has been partly incorporated in South African regulations. Our study emphasizes the importance of scientific research, a legal framework, and participation of stakeholders in assessments. This approach builds awareness, trust, and support, and ensures that all interests are reflected in final regulations, making them easier to implement and enforce.

South Africa and the International Community

1966 ◽  
Vol 18 (2) ◽  
pp. 297-313 ◽  
Author(s):  
Richard Dale
Keyword(s):  
South Africa ◽  
Nineteenth Century ◽  
South African ◽  
British Empire ◽  
Nobel Laureate ◽  
Western World ◽  
Founding Father ◽  
Boer War ◽  
The World ◽  
History Of

Ever since the discovery there of gold and diamonds in the last half of the nineteenth century, South Africa has engaged the rapt attention of the Western world. The saga of the Anglo-Boer War of 1899–1902, perhaps the last of the “gentlemen's wars,” and now the refurbished accounts of the gallant defense of Rorke's Drift in the AngloZulu War of 1879 have been fascinating material for both novelists and film scriptwriters. In addition, the history of South Africa is replete with titanic figures who rank with, or perhaps even above, those from the rest of the continent: the aggressive architect of empire, Cecil J. Rhodes; the redoubtable Zulu warrior, Chaka; the dour, stern-willed President of the South African Republic, “Oom” (Uncle) Paul Kruger; the world-renowned statesman and philosopher, Field Marshal Jan C. Smuts; the founding father of Indian independence, Mohandas K. Gandhi; the compassionate and courageous writer, Alan S. Paton; and the dignified, modest Zulu Nobel Laureate, Albert J. Luthuli. By any standard, South Africa and its leaders of all races have made far-reaching and impressive contributions to the continent, the British Empire, and the world at large.

scholarly journals Historical Aspect of Inflation in Pre and Post Covid-19 Pandemic in Pakistan

2021 ◽  
Vol 2 (2) ◽  
pp. 383-401
Author(s):  
Muhammad Asif Amjad ◽  
Nabila Asghar ◽  
Hafeez-ur-Rehman
Keyword(s):  
Economic Growth ◽  
Modern Technology ◽  
Historical Aspect ◽  
The World ◽  
High Inflation ◽  
Main Culprit ◽  
History Of ◽  
Entire History ◽  
The Impact ◽  
Double Digit

Covid-19 Pandemic proved to be very dangerous and catastrophic in the entire history of mankind. It affected every corner of the world within less than a year. It changed the lifestyle and paralyzed all modern technology and killed millions of people around the globe. This study presents the historical overview of major world pandemics and Covid-19 as well. It also examines the impact of Covid-19 pandemic on inflation and on other sectors of Pakistan's economy. The results reveal that covid-19 is the main culprit responsible for double digit inflation and slow economic growth in Pakistan. The present study explores that during 2020 high inflation was due to world lock down while in 2021 the main cause of inflation was persistent increase in oil prices, food shortage, political instability in Afghanistan and devaluation of Pakistan’s rupee. The results indicate that Covid-19 affects adversely every sector of Pakistan economy. The study suggests that government should pay proper attention to health of the general public and implement suitable policies to stabilize the economic growth.

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