Angelica _ann wrote:The 0.05% tax on transfers of over .5m is crazy. They need to put an upper limit.
One of the most retrogressive/dumb taxes in the history of taxation. Add the increased excise tax on mobile transactions/fintech and it boggles the mind as to what the bureaucrats wanted to achieve with this. FYI the robinhood tax applies to bank a/c transactions, unit trusts, interbank transfers, buying of land, shares, fx & bonds if done through any banking platform etc.
No upper limit needed, it needs to be scrapped. But I guess they will only realise their folly once damage is evident.
To add salt to injury KBA came up with a nonsensical proposal to stifle banking transactions of over 1m.
The main purpose of the stock market is to make fools of as many people as possible.