South African tax ruling may just be stay of execution, brokers warned

Stay of execution?


They say that in life, two things are certain – death and taxes. If that’s true, the equity derivatives market in South Africa has had an improbable stroke of luck. In June, regulators at the National Treasury and the South African Revenue Service (Sars) halted a threat to limit the broker exemption to a 0.25% securities transfer tax (STT) that applies to all equity transactions. The Johannesburg Stock Exchange (JSE) says this would have had a catastrophic effect on volumes and liquidity in both

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