Tax exemption for POSB

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It comes as shoppers in Australia have been hit with soaring prices for some fresh fruits and vegetables.

 

FINANCE minister Mthuli Ncube is pushing for the People’s Own Savings Bank (POSB) to be exempted from paying taxes.

The state-owned financial institution’s predecessor, the Post Office Savings Bank, had an income tax exemption status, “in view of its role to include the unbanked communities

and also encourage savings”.

“I, therefore, propose to extend the tax exemption to the POSB, which is a successor to the Post Office Savings Bank,” the minister said in his mid-term budget review statement last week

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