South Africa

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They say the squeaky wheel gets the grease, and participants in South Africa's equity markets must have felt their squeaking had paid off in June, when the country's tax authorities not only halted plans to remove a tax exemption that broker members of the Johannesburg Stock Exchange have enjoyed ­ possibly giving rise to claims for back-taxes ­ but also decided to expand it.

Without the exemption, the market had cried, volumes and liquidity would suffer as participants were deterred from

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