Finance minister Tito Mboweni is shown in Parliament, Cape Town, ahead of his 2020 medium-term budget policy speech in this October 28 2020 file photo. Picture: SUNDAY TIMES/ESA ALEXANDER
Despite the president’s investment red carpet, the wider economy remains an investment dust bowl. And last month’s budget presented by finance minister Tito Mboweni lacked a basic understanding of how to dig the economy out of this dusty hole. When a batch of incentives schemes are due to expire the undertakers will be summoned and they will be laid to rest. There has been an outcry about one investment incentive in particular that supports venture capital, which is called Section 12J. It is due to close down on June 30 when a so-called sunset clause is triggered.
These are the businesses that need investment incentive support today, so that tomorrow they can produce the next generation of Elon Musks and Mark Shuttleworths — hopefully a generation that will remain in SA and use its talents to help drive our economy forward. In a normal world, the Treasury would be right. Some S12J projects involving the establishment of hotels, game lodges and similar property investments might not have looked entirely appropriate as community development schemes.
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