Ms Thabethe (ANC) felt that the interest that accrued to the 1% held by the employer should not go to the employee but rather remain with the employer as collectively the interest would be high.
Ms Thabethe (ANC) was of the opinion that the word be included and should the need arise later, that it be amended. Mr. Moonsamy (ANC) concurred with the Chair's opinion that the interpretation of the word "meaningful" should be left to the Courts to interpret. Mr. Clelland (DP) disputed this ...
Ms Thabethe (ANC) said that on the motivation provided by Business South Africa, she was prepared to compromise and agree to this amendment. She urged other committee members to follow suit.
Ms Thabethe (ANC) commented that this definition could not easily be understood by the ordinary layperson. Mr Kettledas advised that the definition had been taken verbatim from the Tax Act and therefore could not be amended.
