There are likely to be new opportunities for you to save without paying tax if proposals put forward by National Treasury in one of two discussion documents are implemented. The document confirms that Treasury intends to scrap the current tax exemptions on interest income, but the good news is that regulated savings products will be introduced that offer savers significant tax advantages. The second discussion document sheds more light on Treasury’s proposals to increase the tax deductions on contributions made to retirement funds. Read Personal Finance for the details on how these proposals may affect you.
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Personal Finance is published every Saturday in the Pretoria News Weekend, the Saturday Star, The Independent on Saturday and the Weekend Argus.