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Launch of tax-free savings accounts imminent

20 February 2015   (0 Comments)
Posted by: Author: Ingé Lamprecht
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Author: Ingé Lamprecht (Moneyweb)

Worth considering long-term benefits.

National Treasury this week dismissed rumours that the introduction of tax-free savings accounts would be delayed by one month.

With less than two weeks to go to the regulatory launch of these accounts, product providers are anxiously awaiting the publication of the final regulations before starting their marketing efforts.

Phumza Macanda, director for media management and communications at National Treasury, says talk that the introduction of tax-free savings accounts would be delayed is not true.

"We will publish the regulations soon,” Macanda says.

But why haven’t product providers started to advertise their products?

Rowan Burger, executive for the large corporate segment at Momentum, says providers are still scrambling to figure out exactly what the rules are as they do not want to advertise and make promises they can’t keep.

Although industry has a fairly good idea of what to expect following the release of draft regulations, the final regulations will only be published by the end of February.

Click here to read full article.

This article first appeared on moneyweb.co.za.


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