Wealth managers reassure their clients after government's tax announcements

摘要

South Africa's rich list will not have to paymore tax on their income, donations, gifts,and trusts. When delivering his 2021 budgetspeech on 24 February, finance ministerTito Mboweni announced that hisgovernment had decided to not introducemeasures to increase taxation. As a pressrelease from wealth manager NFB said,there was a "collective sigh of relief". NFBand other South Africa financial advisorsquickly got to work to translate what thismeans for their clients. The financialservices provider and its main competitor,Stonehage Fleming, as well as the privatewealth management department offinancial services giant Sanlam, all issuedlengthy press releases in the hours and daysthat followed to reassure wealthy individualsand families about what tax they will or willnot need to pay.