Was the Section 12J incentive pulled too quickly?

ALMOST 12 years ago, in July 2009, the government implemented an initiative it hoped would stimulate small-business development, boost the economy and create employment. Investors, comprising wealthy individuals, companies and trusts, would receive generous tax break for investing in venture capital companies (VCCs). The VCCs, in turn, would use the money to fund qualifying young businesses with high growth potential.

These investment schemes came to be known as Section 12J schemes, after the section of the Income Tax Act that provided