sovereign wealth fund

Gvt suspends solidarity, wealth tax plans

Gvt suspends solidarity, wealth tax plans

Andrew Kathindi The solidarity wealth tax which was proposed over two years ago by then Finance Minister Calle Schlettwein has been dropped due to lack of support, the Agriculture, Water and Land Minister has revealed. In its place, a “proper” wealth tax was proposed before his change in portfolio; however that too was met with opposition and has since been put on the back burner due to COVID-19. Finance Ministry spokesperson Tonateni Shidhudhu said the wealth tax has been set aside to focus on other options. “The Wealth Tax and the Solidarity Tax were just ideas to augment the revenue…
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Govt to find sources for sovereign wealth fund

Govt to find sources for sovereign wealth fund

Andrew Kathindi The Finance ministry has indicated that it will soon begin the process of looking for sources of funding for the sovereign wealth fund proposed by Finance Minister, Iipumbu Shiimi. A sovereign wealth fund is a fund owned by the state tasked with managing a nation’s savings. It is typically composed of various investments. This comes as the Finance ministry submitted a proposal to cabinet for its establishment. This proposal was approved last month. Finance Ministry Spokesperson, Tonateni Shidhudhu, stated that the aim of the will be to strengthen the national responsiveness capacity to mitigate the negative impacts of…
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