Chairperson, these amendments effectively put the Budget proposals into law; one of the most important of which relates to the repeal of tax on retirement funds. Long-term savings can now grow tax-free. So, this maximises savings for retirees. The ACDP notes that the retirement fund industry welcomes the changes.
In their view, Sars and the industry had insufficient systems and resources to administer the tax because it had been introduced as a temporary tax. Deputy Minister, is this not something that Sars and Treasury could consider? We appreciate, however, that the intention was to do away with the tax on growth and all that remains was the final tax upon withdrawal.
As far as the small business amnesty is concerned, in view of the overwhelming response, it makes sense to support the extension of the deadline. We as the ACDP also support the increases for PBOs. We trust that these steps will promote charitable giving to improve our society as a whole. The ACDP will support these Bills. Thank you.