The draft legislation previously reported as undergoing consideration by South Africa's National Assembly, has now been unanimously approved by the Assembly and is expected to complete its passage through Parliament before the end of this week.
The Revenue Laws Amendment Bill involves dramatic reforms including restructuring tax brackets, providing additional rebates for individual taxpayers and improving the way in which private company directors pay tax.
It also introduces strategic tax incentive measures to attract industrial investment to South Africa and to promote employment-generating projects in excess of R50 million, by allowing those investing in manufacturing and IT a tax deduction of up to 100 per cent.
Opposition Democratic Alliance finance spokesman, Ken Andrew, said it would have been better to lower tax rates across the board instead of awarding special preference to particular categories. Previously, tax holiday and incentive schemes had not proven popular in South Africa and he said his party adopted a wait-and-see approach to the tax reforms.
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