Maybe he referred to my second cousin, Gerald Koornhof. Maybe the newspapers were wrong. Nevertheless, the debates were overshadowed, unfortunately, by section 45. For a tax system to operate in a way that is credible, business and individuals need to be able to conduct their affairs with a reasonable degree of certainty regarding the tax consequences of their decisions. The way in which section 45 was introduced destroyed that credibility.
I echo the hon George's remarks about this issue. The outcome was good, but Treasury and the SA Revenue Service, Sars, dented their impeccable track record in the way this was introduced. A refrain that came from many of those who submitted comment was that the period from the initial release of the legislation to the deadline for the submission of representations was insufficient. During the public participation process, taxpayers and those who represent them had one single opportunity to present their perspectives. That is unfair.
The volume and the complexity of the proposed amendments warrant the request that we take a little more time on this - even Business Day echoes that today. There should be a rebuttal hearing before the committee after National Treasury has presented the response document. This will not only assist committee members but will allow for a more credible process. In addition, almost 80% of our time was spent on section 45. The huge load of other amendments were not highlighted in a suitable way.
The legislation includes a number of tax benefits and must be welcomed, especially against the background of a shrinking revenue base - something that has the ability to bite our economy hard. Maybe we must be prepared, hon Minister, that next year this legislation will be totally different and hitting hard with all-new categories of tax.
Maybe the Minister of Finance can take Oscar Wilde's advice and add a new tax category. Seeing many of those sitting here in this House today, I would like to quote Wilde: "Rich bachelors should be heavily taxed. It is not fair that some men should be happier than others." Cope shall support both pieces of legislation.