Chair, the ANC believes that the 2012 tax proposals are meant to support a sustainable physical framework over the medium term, while facilitating economic growth and creating a more competitive economy. In meeting South Africa's developmental challenges, sufficient revenue is required to fund key expenditure priorities while ensuring that public debt and debt service costs are contained and avoiding the overburdening of taxpayers.
These reforms, in our view, will improve the fairness of the tax system and ensure that income from capital is taxed more appropriately. We further believe that government has considered all matters related to this particular matter and this will in no way affect our citizens in a negative way. We therefore support this amendment.
Bill accordingly agreed to in accordance with section 75 of the Constitution.