Chairperson, the MF applauds the tax relief that this Bill brings to working class South Africans and it will certainly serve to make a difference in the savings and expenditure of households.
The MF is most pleased with the repeal of tax on retirement funds. This means that our retirees may rest comfortably knowing that their savings for their old age have grown without any tax burden and they will have more funds to live a more comfortable retirement.
The number of applications for small business amnesty received by Sars is phenomenal. We are pleased that the Bill has in consideration of this, extended the amnesty deadline to 30 June 2007. In consideration of this, we need, however, to encourage small businesses to see that this amnesty is in their favour and they need to seize the opportunity.
The MF is pleased with accommodation made by the Bill regarding the public benefit organisations and corporate amalgamations. The MF will support the Bill.