Chamber welcomes Budget’s strong business focus

Chamber welcomes Budget’s strong business focus

The Nelson Mandela Bay Business Chamber has welcomed the Budget’s strong focus on an enabling environment for business growth, especially for small business, and factors supporting job creation, including the infrastructure development programme that is government’s key intervention on creating employment and supporting economic growth. The Minister made several references to lowering the costs of […]

Tax Administration Bill approved

Tax Administration Bill approved

Finance Minister Pravin Gordhan today announced that the Tax Administration Bill had been approved by Parliament. According to Gordhan, the Bill incorporates the common administrative elements of current tax law into one piece of legislation, and makes further improvements in this area. Delivering the country’s budget in Parliament today, Gordhan said the Bill was expected […]

R9.5bn to boost business competitiveness

R9.5bn to boost business competitiveness

The Minister of Finance Pravin Gordhan has allocated R9.5 billion over the next three years to boost businesses through competitiveness incentives and investment in technology, enterprise development and agriculture. The bulk of this – R5.75bn – has been allocated to the Department of Trade and Industry as part of a manufacturing competitiveness enhancement programme which […]

Tax credit for medical-aid contributions – Gordhan

Tax credit for medical-aid contributions – Gordhan

The Minister of Finance Pravin Gordhan today announced the introduction of a tax credit on medical aid contributions. While revealing that R9.5 billion would be granted in personal tax relief, Gordhan said as of March 1 this year, a tax credit for medical-aid contributions will be introduced, at a rate of R230 a month for […]

Gordhan announces tax relief for small businesses

Gordhan announces tax relief for small businesses

Finance Minister Pravin Gordhan has announced tax relief for small businesses and a new small business financing agency is to help fund the sector. The tax-free threshold for small business corporations will be increased to R63 556, while the 10% rate is reduced to 7% – the threshold up to which this rate is applied […]

Proposals for better procedures for cross-border investments

Proposals for better procedures for cross-border investments

Significant financial and non-financial barriers are still holding South Africa back from becoming a gateway for investors into Africa, the Minister of Finance Pravin Gordhan revealed in his Budget Speech on Wednesday. Gordhan said the National Treasury would consult with interested parties to address blockages and would also release a new draft of its consultation […]

Massive increase in social spending, grants

Massive increase in social spending, grants

As government finds ways to grow an economy that may eventually produce much needed jobs, spending on social assistance will rise sharply in the next three years from R111.2 billion this year to a projected R129 billion in 2015. The increase will cater for an expected rise in the number of social grant beneficiaries from […]

Big spend on education

Big spend on education

South Africa’s spending on education continues to grow with Finance Minister Pravin Gordhan today announcing an allocation of R207 billion to the sector with projections that this may rise to up to R236 billion over the next three years. Delivering his Budget Speech in Parliament, Gordhan said provincial education spending was expected to grow by […]

Capital Gains Tax to increase, but thresholds raised

Capital Gains Tax to increase, but thresholds raised

Capital Gains Tax (CGT) for individuals and special trusts will be increased from 1 March- from 25% to 33.3%, while that for companies and other trusts from 50% to 66.6%. This was announced by the Minister of Finance Pravin Gordhan in his Budget Speech today. To mitigate the impact on middle-income earners, the various exclusion […]