Sabato, 06 Febbraio 2016 11:12

News24.com | Presidency, Cosatu in bid to resolve tax law impasse

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Durban Minister in the Presidency Jeff Radebe has held talks with Cosatu leaders in an attempt to discuss the labour federation's unhappiness with the Taxation Laws Amendment Act.

“Both government

and Cosatu agreed that a solution should be expedited to resolve the impasse," Radebe's department said in a statement after the meeting on Saturday.

“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.”

From March 1, workers who had contributed to provident funds would no longer be able to cash in their entire retirement savings on resignation.

The 2015 Taxation Laws Amendment Act and the Tax Administration Laws Amendment Act would allow workers to cash in only a third of their savings. The remaining two-thirds had to be used to buy a retirement annuity and be paid out in monthly instalments.

The new rules would only apply to money saved after March 1, 2016. Provident fund members aged 55 or older on that date would be exempted from the regulations.

Cosatu said last month that by signing it into law, President Jacob Zuma had poisoned relations between the ANC-led government and workers.

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