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Why did the  South African National Treasury  introduce a Tax Free Savings Accounts?
in Mathematics by Diamond (81,058 points) | 35 views

1 Answer

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To encourage and boost individual household (primarily among low- to middle-income earning South Africans) savings and the overall national savings rate. Tax Free Savings Accounts are envisaged to tackle financial vulnerability that low- to middle-income earning South Africans are exposed to due to low incomes, high cost of living and high household debt levels as well as low savings balance.

Increased savings enhance the resilience of participating households to income and expenditure shocks and reduce dependence on excessive consumer debt.

Consequentially, higher aggregate domestic savings will reduce the country's dependence on fluctuating foreign capital inflows, and facilitate funding of higher rates of investment which is crucial for higher economic growth and employment creation.
by Diamond (40,336 points)

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