Treasury takes a beating for tax amendments

- 22 June 2011

Anne Bennett, a partner at webber Wentzel, was quoted in an article in The Star Business Report that reported on the parliamentary finance committee hearing into proposed tax amendments.

The proceedings were mainly focused on the implications of the Treasury’s decision to suspend section 45 of the Income Tax Act for 18 months and the change of tax treatment of redeemable preference shares. Both have significant consequences for corporate restructuring, particularly BEE transactions.

Bennett queried why these proposals must be implemented without consultation and if an economic study had been performed to justify these changes.

The Star Business Report

Also in: Mercury Business Report, Pretoria News Business Report and on IOL