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Govt tackles tax laws stalemate

Monday, 08 February 2016   (0 Comments)
Posted by: Author: IOL
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Author: IOL

Government is looking at ways to resolve the stalemate on the controversial new pension fund legislation, the presidency said on Sunday.

Minister in Presidency for Planning, Monitoring, and Evaluation Jeff Radebe met the leadership of the Congress of SA Trade Unions (Cosatu) on Saturday, "in line with his mandate from President Jacob Zuma to find an urgent solution to the Taxation Laws Amendment Act stalemate”, the presidency said in a statement.

Both government and Cosatu had agreed that a solution should be expedited to resolve the impasse.

"In this regard, the presidency is working with relevant government departments to find the quickest possible legal route to resolving the issues. It was also agreed that the affected parties should be given enough time to discuss the matter with a view to reaching consensus.”

Radebe "is satisfied that the discussions are going well thus far”, the presidency said.

Cosatu is planning a general strike to protest against the Taxation Law Amendment Act, which provides for people who retire or resign to withdraw only a third of their retirement savings and compels them to invest the balance in an annuity.

They will no longer be able to withdraw their entire accumulated pension savings.

Cosatu has accused government of secretly and unilaterally enacting the measure behind its members’ backs.

Other trade unions have also reacted strongly against the legislation and are planning their own protest action.

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