In relation to the recent floods and the national disaster declared in various provinces, R695 million is available in this financial year for immediate relief. A further R1 billion will be available next year.
It will also mean achieving cost-savings from major rationalisation of state entities and programmes. As indicated by the President in the SONA, the National Treasury has already identified where large savings can be achieved. In this regard, during the upcoming financial year, the National Treasury will work with the Presidency on concrete proposals to achieve savings by rationalising or closing public entities.
• The child support grant rises from R480 to R510 on 1 October 2023, while the foster care grant increases from R1070 to R1130 over the same period. • The Financial Intelligence Centre is allocated an additional R 265.3 million to tackle organised and financial crime. The maximum rate of 5 per cent remains unchanged. Due to the difficult operating environment for the sugar industry from the impact of flooding and social unrest, the health promotion levy will remain unchanged for the following two fiscal years, to enable the industry to diversify or restructure. Government proposes an increase in the excise duties on alcohol and tobacco of 4.9 per cent, in line with expected inflation.
Our country is reaping the benefits of a more efficient and effective tax administration, that is building trust to increase voluntary compliance and boost revenue collections. • The construction of enabling bulk infrastructure, such as roads and water components for the Lufhereng Mixed-Use Development in Gauteng, begins in June 2023. It will support the development of 31,000 mixed housing units.
• Water and sanitation is planned to spend R132.5 billion over the next three years, mainly by the water boards. As we undertake infrastructure projects, we need to crack down on criminality in the construction sector. The extortion and intimidation of lawfully appointed contractors and the workers they employ cannot be tolerated. More broadly, part of addressing the persistent electricity supply shortage must involve implementing a just transition to a low carbon economy.
I am pleased to announce two tax measures to encourage businesses and individuals to invest in renewable energy and increase electricity generation. From 1 March 2023, businesses will be able to reduce their taxable income by 125 per cent of the cost of an investment in renewables. There will be no thresholds on the size of the projects that qualify, and the incentive will be available for two years to stimulate investment in the short term.
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