Surprising tax relief welcomed

Johannesburg - While there was great uncertainty around whether there would be any tax relief, the significant relief granted to individuals by Finance Minister TrevorManuel in his National Budget is largely welcomed, Navin Ramparsad, head legal and compliance at Momentum Wealth said in a statement.

"This is combined with adjustments to the interest exemption and annual exclusion for CGT, which is aimed at promoting savings. These adjustments together with the interest rate cuts of last week will provide consumers with some relief in these difficult economic conditions," Ramparsad said.

"The adjustments to social grants may however be viewed as disappointing as there were expectations that this increase would behigher. As is customary 'sin taxes' have been increased," Ramparsad concluded.

- I-Net Bridge