Chairperson, the main focus of the Revenue Laws Amendment Bill is the broadening of the base for Secondary Tax on Companies, the amendments amount to a switch of STC from a company level tax to a shareholder level tax with the reduction of the rate from 12,5% to 10%.
As far as other amendments are concerned, the ACDP shares the view that our children in amateur sports need support so that they can develop into future stars. We therefore welcome the amendments that allow professional sporting organisations to obtain tax deductions for funding amateur sport development directly. This concession will play a significant role in developing amateur sport in our country.
We also support the amendment allowing for tax-free treatment of up to R3 000 additional death and injury benefits that certain employers provide in addition to the tax-free compensation under the Compensation for Occupational Injuries and Diseases Act. We note that our policemen and women who daily put their lives on the line to protect us would be major beneficiaries of this proposal.
The ACDP will consequently support these Bills. I thank you.