Amendment to tax law will inhibit saving, investment body warns

An amendment to the Income Tax Act proposed by the Treasury would have a negative effect on saving in SA, the Association for Savings and Investment SA (Asisa) argued in parliament on Tuesday.

“It will undermine policy consistency, negatively differentiate SA from collective investment scheme taxation in other jurisdictions, encourage withdrawals in favour of less regulated saving and promote externalisation to foreign collective investment schemes,” Asisa deputy chairman Thabo Khojane said in a submission to parliament’s finance committee during public hearings on the draft Taxation Laws Amendment Bill.

Proceed to Source : BusinessLive

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