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Gordhan pulls carpet as industry gears for T-Day

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Cape Town – The retirement industry is in overdrive to prepare itself for a last-minute proposal to suspend new tax laws relating to provident funds.

The industry has been working for months to change its information technology systems and has spent a great deal of money communicating the changes to clients, according to Arno Loots, head of umbrella fund solutions at Liberty Corporate.

T-Day, as it is known, is set to go live on March 1. However, Finance Minister Pravin Gordhan has proposed suspending rules applying to provident funds for two years.

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