South Africa
End of the road for Section 12J─── 10:45 Thu, 25 Feb 2021
Image: businesslive.co.zs
It’s the end of the road for the popular Section 12J tax incentive.
The incentive, which allows taxpayers to invest in start-up companies in lieu of paying income tax, will come to an end on June 30.
The 12J incentive has been popular with high net worth individuals as it enables them to possibly earn an income and have a holding in an asset from money they would have had to pay out in taxes.
A National Treasury assessment determined that the incentive did not sufficiently achieve its objective of developing small businesses, generating economic activity and creating jobs.
Moneyweb
