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Mbeki Announces Billions In Tax Incentives For South African Industry,
by Robert Lee, Tax-News.com, London
Tuesday, February 12, 2008
South African President Thabo Mbeki has announced that the government will
invest billions more rand in tax breaks for the industrial sector, as part of
its strategy to diversify the South African economy.
In his State of the Nation address at the opening of Parliament last week,
Mbeki explained that the tax incentives would support the government's Industrial
Policy Action Plan finalised by the Department of Trade and Industry last year.
"In this regard, R2.3 billion has been budgeted for industrial policy
initiatives and a further R5 billion in tax incentives over three years will
support industrial policy," the President revealed.
Under the Action Plan, there will be fast track implementation of development
in four key sectors of the South African economy, namely capital equipment and
metals; automotive and components; chemicals and pharmaceuticals; and forestry,
pulp and paper.
It is thought that the extra tax breaks could boost the Industrial Development
Zones at Coega and East London, which had been arguing for more IDZ-related
tax breaks.
Mbeki went on to tell Parliament that at the macro-economic level, the government
will continue to "maintain a fiscal posture that supports continued economic
growth and development and reducing our external vulnerability".
Also, in what is being seen as another potential boost for inward investment,
the President mentioned plans for the establishment of a call centre, through
which the government and investors could track the process of environmental
impact assessments, land acquisition and infrastructure that “can at times
make or break investor decisions”.
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