Finance Minister Mthuli Ncube Pushes For Tax Exemption For POSB

Finance and Economic Development Minister, Professor Mthuli Ncube is pushing for the People’s Own Savings Bank (POSB) to be exempted from paying taxes.

The state-owned financial institution’s predecessor, the Post Office Savings Bank, had an income tax exemption status.

In the 2022 Mid-term Budget Review issued recently, Ncube also said the government had suspended an export tax on exports of un-beneficiated platinum. Reads part of the 2022 Mid-term Budget Review document seen by Pindula News:

Tax Exemption for POSB

Mr. Speaker Sir, Honorable Members will recall that the Post Office Savings Bank was granted income tax exemption status
in 1997, in view of its role to include the unbanked communities and also encourage savings.

I, therefore, propose to extend the tax exemption to the People’s Own Savings Bank, which is a successor to the Post Office Savings Bank.

Ncube also announced the suspension of export tax on un-beneficiated platinum. He said:

Export Tax on Un-Beneficiated Platinum

In consideration of the work in progress to establish a platinum beneficiation plant, Government suspended export tax on exports of matte.

He proposed to align this policy decision to the Value Added Tax Act, with effect from 1 January 2022.

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