South African structurers struggle to meet demand for tax efficiency

Changes to the capital gains tax regime in South Africa are skewing returns and could pose increasing problems for product structurers, warn market participants

Brett Duncan, Standard Bank

Ongoing changes to the tax regime in South Africa could hurt the development of the country's markets in structured products, exchange-traded-funds (ETFs) and exchange-traded-notes (ETNs), according to industry participants. The February increase in capital gains tax from 10% to 13.3%, for instance, will skew after-tax returns on all capital-gains structured products.

"Significant regulatory changes are taking place that have the potential to influence the landscape of structured products and

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