Mboweni Says S. Africa Income, Company Tax Unlikely to Rise

South African Finance Minister Tito Mboweni told selected clients of two of the country’s biggest banks that the National Treasury has no plans to boost income, corporate or value-added tax even as the coronavirus decimates the nation’s finances.

The Treasury is discussing the possibility of an inheritance tax and a so-called solidarity tax in a bid to raise additional finances, two people who listened to the calls with hundreds of clients of Standard Bank Group Ltd. and Absa Group Ltd. said. They asked not to be identified because the calls were private.