Venture capital tax break: Here's how property investors killed the golden goose – SA tax expert

biznews.com

- biznews.com | 2 weeks ago

South Africans have been vocal about the abuse of taxpayers’ funds in the hands of politicians, with former president Jacob Zuma and his pals helping themselves to money through elaborate business deals.

Helping the villains has been the accounting fraternity, with the executives of KPMG growing wealth for themselves and the KPMG empire by leeching on the system. Elsewhere in the economy, clever accountants have been at work showing investors how to take advantage of tax perks designed to boost small business development and, in turn, nurture job creation to, instead, buy property.

They haven’t done anything illegal, but their actions explain why the government has had a re-think on a clause that had the intent of increasing the number of start-ups, but instead has helped property investors build portfolios.

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