The National Treasury tends to be bastion of good governance, but sometimes it misses a beat. Last week, that beat was more like an entire missing bar in the music that is the start-up industry in SA.

The 2021 budget, unveiled last Wednesday, included the abolition of a tax break known as Section 12J, which offers a full tax rebate on investments made through venture capital (VC) companies to fund start-ups. However, the Budget Review issued by the Treasury underlined both a logical rationale for canning the incentive, and a short-sighted one...

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