On 14th November 2014, National Treasury published the draft notice and regulations required to allow the introduction of tax-free savings accounts, as of March 2015. These draft regulations describe the products that will qualify as ‘tax-free investments’ to be included in the tax-free savings accounts; the disclosure requirements in respect of those products; and the process for transferring amounts within a tax-free savings account to a different service provider.
The DCCI has developed an explanatory note which highlights:
- What are the objectives of the regulations?
- What do the regulations actually mean?
- Who can issue a financial instrument or policy in respect of tax-free investment?
- Important issues to consider.
The explanatory note is available on request from firstname.lastname@example.org
The deadline for comments on these regulations is 3rd December 2014. Comments may be submitted to email@example.com