South African finance minister, Enoch Godongwana, has joined efforts to advocate for effective taxation of the world’s richest individuals. The G20 Ministerial Declaration on International Tax Cooperation recognizes that wealth disparity is a societal problem and a significant economic issue. G20 countries, including South Africa, are working together to formulate effective taxation strategies for individuals with assets over $30 million to reduce inequality and stimulate economic growth. Domestic reforms, such as South African Revenue Service’s initiatives, will also be implemented to ensure tax compliance among highwealth individuals and multinational corporations.
