SINCE government wishes to address the low level of household savings in South Africa and SINCE government is desirous of allowing providers of financial products to market financial products in a manner that creates a partnership between government and those providers of financial products to encourage household savings, the following legislation has accepted:
Section 12T of the Income Tax, 1962, and regulations are enacted to enable providers of financial products to provide financial products that are simple to understand; that are offered in a transparent manner; carry fees and charges that are reasonable; and that are suitable for those persons who are not necessarily expert investors.
For the regulations on tax free investments see: http://www.gov.za/sites/www.gov.za/files/38509_rg10372_gon172_0.pdf
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