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New tax laws put in suspension for 2 Years until 2018

Cabinet is set to postpone the new tax laws that were due to be implemented on 1 March.
The announcement made on the Thursday morning has been met with mixed reaction from Cosatu.
The trade union federation says while it welcomes the fact that government engaged enough to consider its objections, delaying the process does not amount to the changes it had hoped for.
Cosatu spokeperson, Sizwe Pamla, told eNCA that the two-year delay proposed by government did not meet its demands.
"This is just a right step in the right direction but a deal will only be concluded once they've come to us to say "we have found a ways expunge the annuasation and presevation aspects from the law," said Pamla.
"We do not have a problem with Cabinet's decision but we say to them, we did not ask for a postponement,"
Cosatu wants government to expunge terms that would prevent South African workers from withdrawing a lumpsum of the pension fund. 
At least one other union seems to agree.
Metalworkers' union Numsa says government must repeal planned changes to pension tax laws.
The union says pushing back the implementation of the new laws by two years isn't enough.
Numsa's Irvin Jim told eNCA; "We have served government ... We're demanding that they must go to court. And say to court, they want the court to agree with them that they will suspend the implementation. Because if the president has signed an act that says it will resume on the , there's no way that act could be put in suspension.
"All of this is illegal, is invalid. And because we're challenging it, they must come. We gave them until Friday, failing which we will go to court. And basically demand that the court must suspend this because it is invalid, the cat that government has passed," said Jim. 
The Tax Administration Amendment Bill -- signed into effect by President Jacob Zuma in January -- limits people who retire or resign to withdrawing only a third of their retirement savings and compels them to invest the balance in an annuity.

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