The article , “SA’s richest have assets of about R400bn” (May 8), refers.
The warning from our finance minister is absolutely spot on and should ring a bell with regard to other types of legislation.
In essence, the Employment Equity Amendment Act, with its harsh built-in fines, has caused many in the business community to echo the same sentiments as the finance minister.
In my daily discussions with owners of medium-sized businesses, they have all echoed the sentiment that should the targets set by the minister of employment & labour be implemented, they will seriously consider relocating their entire business abroad.
Not only will this affect income tax collection but it will certainly affect employment over the next few years.
Michael Bagraim, MP
DA employment & labour spokesperson
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