The Chairperson, tax is a significant catalyst to the revenue of the state to be passed onto all citizens of the country in the form of fixed deliverables, basic services, internal protection, health services, economic development and social security.
The Taxation Laws Amendment Bill and Taxation Laws Second Amendment Bill are aimed at serving the socioeconomic security of the citizens of our country by amending its many tax-related Acts.
To safeguard the interest of the nation in our developmental state, the Minister of Finance should at all times do research on how the nation may have maximum benefits from taxation, both nationally and internationally. The Minister of Finance must fully acquaint himself with the tools of this trade of taxation to prevent unscrupulous individuals, companies and trusts that are using all the tricks in the book to avoid taxation.
The PAC welcomes these amendments that will also benefit the low-income individuals whose threshold of taxation has been determined to their favour. The tax rebates will come as a relief to deserving citizens of our country who work tirelessly to improve the economy during these economically challenging times.
Taxation rebates to business entities may, if taken advantage of by the incumbent, address issues of housing, medical care, educational bursaries, small business and agriculture. I thank you. The PAC supports the Bill. [Time expired.]