21 February 2013

South Africa: Sacci Expectations of the National Budget 2013

In a media statement released today, the CEO of the South African Chamber of Commerce and Industry, (SACCI) Mr Neren Rau, said:

"In acknowledging the challenges and constraints facing the country, SACCI believes that in the national budget the Minister of Finance must adopt a pragmatic approach towards the management of the South African public finances. SACCI trusts that he will send a positive signal to the world that South Africa is a stable and growing economy.

In particular, SACCI hopes that the Minister will:

Provide information on how the infrastructure projects will be funded.

Give details on the funding of the National Health Insurance Scheme which will be rolled out from this year and on the implementation of the youth employment incentive scheme.

Expound on the study into taxation that is being undertaken by National Treasury as announced by Hon President Zuma in his State of the Nation address last week.

Announce strategies to address the under-spending, overspending and misspending by government departments and municipalities and address concerns raised by the Auditor-General.

Reveal measures taken, and to be taken to provide support for and the cutting of red tape for SMEs.

Indicate the success or otherwise of provincial interventions by the National Treasury towards rebuilding of a conducive business environment and fiscal sustainability.

Provide information on how the public wage bill will be moderated so as achieve sustainable levels.

SACCI would like the Minister to engage with stakeholders on strategies to broaden the tax base so as to reduce the dependence on a relatively small number of tax-payers, given the call for levies to be placed on high income earners.

The Minister must provide both domestic and foreign investors with the reassurance of a responsible budget that supports economic stability."

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