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SA wealth tax: Is it feasible?

Economists say while there may be support for the idea, it may be quite difficult to implement in practice.

FILE: Yesterday Higher Education Minister Blade Nzimande said a wealth tax should be imposed to fund higher education. Picture: Christa Eybers/EWN.

JOHANNESBURG - Economists say that while there may be some support for the idea of a wealth tax, it would be quite difficult to implement in practice.

Yesterday, Higher Education Minister Blade Nzimande said a wealth tax should be imposed to fund higher education.

The issue also came up for debate at the party's National General Council held in Gauteng earlier this month.

Home Affairs Minister Malusi Gigaba has also supported the move in an article published on the ANC'S website.

But economist Xhanti Payi says implementing such a tax could be complicated.

"It would be very difficult, because we would have to audit almost all South Africans to find out how much money they have both here at home and abroad. So it's very, very difficult to be able say we can actually achieve it."

Nzimande said details of how government will cover the funding shortfall created by the freeze on university fee increases for 2016 will be made known this week.

Meanwhile, President Jacob Zuma said free education is possible but it can't happen overnight and requires enough funding.

LISTEN: Blade Nzimande: Hunt on for 2016 fee shortfall