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Gordhan concedes tax law changes will be costly

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Finance Minister Pravin Gordhan.
Finance Minister Pravin Gordhan.

Cape Town – Finance Minister Pravin Gordhan conceded that the last-minute proposal to amend the tax changes will be very costly for businesses and will need to be finalised quickly.
 
“There must be certainty for the industry and employers/employees for what will happen on and after 1 March 2016, as systems need to be changed which is very costly,” Gordhan said in a document dated February 16 and sent to industry members.

RELATED: Government backtracks on new tax changes

President Jacob Zuma’s government was forced to backpedal on provisions in the Tax Amendment Act that compel South Africans to put two-thirds of their provident fund savings in a retirement annuity.

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